It’s pretty basic economics…
When there’s high demand for a product or service in the market, the price goes up. And the amount of providers able to offer that high-demand product or service goes down.
This is especially true when the product or service isn’t offered by many vendors in the first place. And it’s exactly what’s happening with lease accounting vendors right now.
The truth is, there’s a shortage of companies that offer lease accounting software.
When you consider the fact that most public companies are ramping up for year two of reporting, and private companies have only a little over a year to meet their compliance deadline, it should come as no shock that there aren’t enough solutions in the market today to support the growing needs of U.S. companies.
Even in the best of circumstances, there would be a squeeze.
And with complexities galore and stringent audits, implementing the FASB ASC 842 deadline by January 1, 2021 certainly does not present the brightest of futures.
Because this shortage is so significant and not many experts in the industry are talking about it, we’re covering it in depth. Use this information to light a fire under your own compliance efforts.