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Critical Lease Accounting Software Considerations

Posted by Amber Bigler Newman

9/21/17 1:19 PM

Many organizations are getting serious about selecting a lease management technology platform that can support the new FASB and IASB lease accounting mandates. If you are like most people, you probably don't choose a lease accounting solution every day, so we thought it would be helpful to offer some of the most important things to keep in mind when considering your options.

1. Find a vendor that is actively implementing customers of your size and in your industry.

We suggest asking any vendor you consider whether they are actively implementing clients under the new standards today. Many vendors are claiming that they have a solution, but what they really mean is that they will have a solution by the deadline date. Ask each solution provider to tell you about their customers who are actively engaged in implementation and insist on a demonstration.

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Topics: FASB, Lease Accounting

Lease Accounting Software Checklist – 9 Critical Questions

Posted by Amber Bigler Newman

8/29/17 7:30 PM

Most people don’t evaluate lease accounting software every day. In fact, many people who have never thought much about lease accounting technology are being compelled by the new FASB and IFRS mandates to start looking for a solution that can get them to compliance on time. To help, we’ve compiled a list of the most important questions to ask any vendor you consider. You can find one with all the right answers.

1- Has the solution been validated by CPA’s and financial reporting experts?

As one major retail client of ours said, “I can’t afford to get this even 1% wrong.” While the screens that you see in a lease accounting solution aren’t terribly complex (at least they shouldn’t be) the calculations that happen behind the scenes are extremely complicated. That’s why you want to insist on a solution with vetted calculations. Better yet, if the system is recommended by some of the big accounting firms.

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Topics: Real Estate Accounting, FASB, Lease Accounting