The timeline for FASB ASC 842 implementation is a whopping 3 - 6 months long.
That’s about 123 days.
For public companies with fiscal years ending in mid-2019 or private companies with fiscal years starting in January 2020, the time to start the implementation process is now.
Given the financial reporting demands of the new mandate, it’s clear you’ll need to find a software provider to help you through the changes sooner rather than later. And it’s important you find the right solution based on the unique complexity of your leases and your organization.
If you look online, all providers seem to say the same thing.
And while it’s somewhat comforting there’s no killer feature or massive gap, there is a major difference from vendor to vendor.
Not all suppliers’ experience, capabilities, and support are the same.
As we’ve come to learn, some suppliers present very well, but after contracts are signed, things are uncovered that weren’t disclosed in the sales process.
At AMTdirect, we’ve been handling lease administration and accounting for 20 years. It’s safe to say, we don’t have anything to hide. So we’re calling out some of the potential “buyer beware” scenarios in an attempt to help you make a wise choice.
Here are the 5 surprising implementation secrets providers aren’t telling you in the sales process.