AMTdirect's software solution and RSM's middle market insights provide a seamless path to compliance with new lease accounting, reporting requirements.
The new FASB ASC 842 and IFRS 16 lease accounting mandates constitute a significant challenge for mid-sized organizations. They require a level of scrutiny on real estate and equipment leases that has never been seen before. While most retailers already have all of the data necessary for compliance in a digital system, most other organizations may be starting from scratch when it comes to lease compliance.
Excel is one of the most popular software applications on the planet for good reasons. It’s extremely flexible. It’s cheap. Pretty much everyone knows how to use it to one extent or another, and it’s a great file format for uploading or downloading data from all sorts of other applications. What’s not to love?
In fact, in theory, you could use Excel for managing your entire business. It could be your CRM, your HR system, your inventory control solution, or your POS. It probably isn’t though. Why? Because these tasks are so important and so specialized that it makes sense to use applications that are designed for exactly that purpose. Doing so reduces risk, ensures consistency, and lets you take advantage of custom features that uniquely fit the task at hand.
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This is a guest post by Nicole Hitner. Nicole is a Content Strategist at Exago, Inc., producers of embedded business intelligence for software companies. She manages the company’s content marketing, writes for their blog, and hosts their podcast, Data Talks. We're grateful for her contribution.