If leasing is your business, then you will want to know that there is software out there that will take care of all your leasing data, including transactions, and your compliance to accounting standards.
Finance managers and auditors welcome software packages that help with compliance, accuracy, and clarity in terms of data. The reports produced by the software will take everything into account, guiding users to enter data in the right columns and within the required deadlines. Accounting standards do not make this optional but compulsory and required by law.
You can become compliant with LeaseAccelerator so do be sure to research lease accounting software if this is something that has an impact on your business.
We shall therefore explore further just what LeaseAccelerator has to offer those businesses who are heavily involved with leasing assets.
What Is Lease Accounting Software?
In general, lease accounting software is a new category for the financial applications that have been developed. These are applications that will automate the record-to-report processes for businesses. This is in respect of ASC 842 (new), IFRS 16, GASB 87, and SFFA 54. These are all accounting standards that businesses involved in leases will need to know about and comply with, using software, or however else they attempt compliance.
There is no doubt that when software automates it will help with accounting standards compliance. Businesses no longer need to fear the letters and numbers of these standards because they can know their software will take care of the compliance they need. It is like having another set of eyes advising all the other workers to comply with the standard and much time and effort can be saved as a result. It is a risky strategy to not allow this specific software to be your aid. We all need guidance where compliance is concerned and it is good that the software available does it well.
Why Do We Need Lease Accounting Software?
The recording of accurate data concerning leases has become more important than ever because of how much more visible these transactions need to be on financial statements. Leases now, for instance, will need to be classified in a certain way and appear on the balance sheet to show investors. All eyes will be on companies to get this right. Investors cannot be misled and the accounting standards are to ensure this is the case.
What Is LeaseAccelerator and What Are Its Advantages?
LeaseAccelerator will provide a business with reports of lease data that are comprehensive, clear, and relevant. This will then mean that everyone within the finance department can see whether their leases are displaying correctly. It is the collective responsibility of lease accounting and general accounting departments to ensure that leasing data is up to date, accurate in terms of its figures, and correctly placed on balance sheets.
Who Owns LeaseAccelerator?
LeaseAccelerator is headed by Michael Keeler, who is its CEO. Since 2003, he has been the driving force behind the development of its software and brought his vision to every enterprise needing to comply with the existing and new accounting standards. The success of LeaseAcceleator has ensured other businesses are heading in the right direction concerning compliance with their lease data when using the software.
The Customer Service LeaseAccelerator Provides
Every business using LeaseAccelerator will be assigned their very own Customer Success Manager. This will help ensure that users of the software have their issues promptly answered. It keeps everyone in touch with what is expected concerning the important accounting standards that are required to be followed with every lease transaction. Not one of these can be wrong if compliance is to be maintained. A combination of good software and customer service will achieve this.
It is good as a business to have LeaseAccelerator on your side so that you can always comply with the lease accounting standards. The software available now can make all aspects of accounting easier.