Compliance under FASB ASC 842 is not all gloom and doom.
Although, if you’re in the throes of implementing the new lease accounting standards, it can feel like a perpetual dark cloud hanging over you with no hope of ever seeing sunny skies again.
While it’s true that preparing for compliance--the monumental tasks of gathering leases, analyzing them, creating policies, evaluating lease accounting software providers, training staff, abstracting and migrating data and then testing—is challenging, the new lease accounting changes present a golden opportunity for strategically optimizing your finance and lease accounting practices.
And that’s best accomplished through the tool of automation.
Despite the deferred deadline, compliance is not a choice. Any business with even one lease over 12 months in duration must report under the new requirements. So, if you’ve ever considered an automated solution for either lease management or lease accounting, there’s no better time to dive in.