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AMTdirect Insights Blog

AMTdirect Insights Blog

13 Must-Read Articles for Lease Accounting Compliance

Posted on 6/17/19 12:02 PM by Taft Tucker in Lease Accounting

The journey into FASB ASC 842 compliance has been filled with unexpected curves and surprises for both public and private companies in the last few years.

There are countless changes to be made, terms that’ve been redefined, and added expenses to take into account.

We want to help you stay as informed as possible about the entire scope of FASB ASC 842 implementation and other lease accounting updates. We’d recommend stalking the most trusted resources on this topic.

You can start by bookmarking these 13.

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How Postponing FASB 842 Implementation Might Hurt Your Profits

Posted on 2/7/19 2:22 PM by The Team at AMTdirect in FASB, in Lease Accounting

Waiting to start FASB 842 implementation is like waiting to do your taxes.

Hunky-dory in the beginning...

...but potentially costly, time-consuming and painful in the end.

Just ask any public company that had to do it last year: The longer you wait, the more expensive - in dollars and days - implementation will be.

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3 Big Lies Lease Management Software Companies Tell

Posted on 10/19/18 7:19 AM by Taft Tucker in Lease Administration, in Technology, in Lease Accounting

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.

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The 6 Fatal Points of FASB 842 Implementation Failure

Posted on 9/22/18 3:58 PM by Taft Tucker in Lease Accounting

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.

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The Truth Behind FASB 842 Implementation No One's Talking About

Posted on 8/8/18 8:06 PM by Taft Tucker in FASB, in Lease Accounting

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.

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11 Reasons Excel Won’t Work for FASB 842

Posted on 5/10/18 2:41 PM by Taft Tucker in FASB, in Lease Accounting

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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