FASB 842 compliance is hard.

Picking a lease management system can be even harder.

We get it.

Most of the companies offering this software today present similar features in different user interfaces.

And since everyone is clamoring to get the lease standards implemented pronto, many companies - who have little-to-no experience with this industry - have jumped on the lease management software bandwagon.

And they’ll do and say anything to get as many new clients as they can.

In fact, we’ve heard so many cautionary tales from customers and prospects about the shady tactics of these irrefutable lease management systems, we put together a list of the top 3 lies we’ve heard them tell over and over again.

Use them to ask the right questions and choose the best lease management software for your business.

Change, it is a-coming.

We’re talking about the looming deadline for public companies to make FASB ASC 842 changes. And private companies aren’t off the hook… they have just one short year to roll out their implementation.

Either way, you’ll be challenged with complexity and encounter roadblocks and unforeseen challenges when it comes to the accounting standards changes.

Truth is, the new FASB 842 requirements will force you to manage lease and accounting data in a much different fashion.

As we’ve worked with our clients to complete implementation, we’ve come across 7 misconceptions that could prove costly, if not managed appropriately.

Complicated. Serious risk. Arduous.

These words fill online treatises from financial powerhouses advising about FASB 842 compliance.

The experts agree... the entire implementation process for the new lease accounting standard is most emphatically easier said than done.

It’s true.

We’ve worked with clients over the past year to get ready for the new rules. And there’s no doubt getting starting sooner rather than later - whether you have a January 1st or a 2020 deadline - is your best bet for success.

In fact, we’ve discovered 6 points of failure that - if not handled properly - can be fatal to the on-time delivery of a final solution.

The clock is running down.

If you're a public company - with 6 to 9 months to implement FASB ASC 842 before the January 1st deadline - you've got a lot of work to do... and not a lot of time to do it in.

And if you're a private company with a little over a year to implement the mandate... time's still not on your side.

One thing is for sure...

Very few people are ready. In fact, PwC's accounting survey tells the shocking story that only 1% of companies are ready. 34% are still early in the assessment phase. 83% of all companies are less than 50% complete with the project. And one-third are unsure or doubtful they will meet the effective date.

So basically, that means everyone's scrambling to meet the deadline.

It's no shocker...

You know what the FASB ASC 842 lease accounting standard is.

After all, it's been out in the wild for some time now. Comprehensive articles have been written about it by experts in the financial field. And public companies have to implement it by January 1.

So of course you know what's required. Right?

If you're like the majority of public and private companies in the United States, the nitty gritty of FASB 842 is a bit of a mystery. 

With that in mind, we're putting our expertise to good use by revealing the truth behind the accounting standards change no one's talking about.

The FASB ASC 842 accounting standards changes bring virtually all leases out of the footnotes and into the bright shining light of financial statements.

What this means is a 360 degree shift from the way things have always been done.

Corporate balance sheets will now host trillions of dollars worth of new assets and liabilities. This will provide a practical expedient for lessors, as it gets rid of the headache of separating lease components from non-lease components in certain contracts.

And although there’s a lot of good coming out of the new standards … there’s also an ugly side to the changes that shouldn’t be ignored.