The tables have turned when it comes to lease accounting software.
It’s standard business practice that vendors fight to win the business of potential clients. But in the present market, the opposite is becoming more and more true. Lease accounting software companies are in more demand than ever.
And it’s all due to the new lease accounting standards.
Many private companies have underestimated the time and resources it takes to implement FASB ASC 842 and its sister regulations, IFRS 16 and GASB 87. In fact, only 9% of companies are worried about finding a technology vendor to handle the changes.
And that means when they finally do start the vetting process, there will be a run on the market.
Private companies looking to implement the new lease accounting standards in 2021 should choose now or risk being waitlisted by lease accounting software providers.