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How to Prepare for Changes in Lease Accounting Standards as New Compliance Deadlines Approach.
In our efforts to continuously bring our customers the best solutions in the market, Blytheco has entered a new partnership with LeaseQuery, the market leader for lease accounting. With the deadlines for the new lease accounting standards fast approaching (or already passed), we know you are working hard to transition and maintain compliance. LeaseQuery is focused on simplifying lease accounting complexities and demystifying the lease accounting process.
Implementing the new lease accounting rules requires a lot of time and resources to reach proper compliance. For organizations that have completed the process, 67% of them confirmed experiencing major difficulty. To ease the pain of transition, save time and resources, and ensure compliance, you need software designed specifically for lease accounting. Not only that, but you also need a vendor that understands best practices for lease accounting and serves as a major thought leader in the space. That is why Blytheco chose to partner with LeaseQuery.
Lease Accounting Software Simplifies Complex Accounting
LeaseQuery’s cloud-based and CPA-approved accounting solutions help more than 25,000 accountants and finance professionals simplify the complexities of transitioning to and complying with the new mandatory lease accounting standards, ASC 842, GASB 87 and IFRS 16. The software empowers its users to minimize risk, increase efficiency, and unlock key financial insights across the organization.
Benefits of LeaseQuery’s industry-leading software:
- Faster month-end and year-end close process
- SOC Report and AUP Engagement issued by a Big 4 public accounting firm
- Savings and insights from your lease contracts
- Critical date reminders
- Accurate AP reports
- Central repository with easy document retrieval
- Journal entries available in one click
- Consolidated disclosure and compliance reports
- Audit trail and lease change reporting
- Role-based access
Integrated for Success
LeaseQuery is the only integrated and certified lease accounting vendor for Sage Intacct, Sage X3, and Acumatica, making it the best option for compliance with the new lease accounting standards. Additionally, LeaseQuery integrates with Sage 100, creating a seamless connection between subledger and general ledger.
Some benefits of LeaseQuery’s integration with your existing ERP:
- Automate journal entries to the general ledger
- Automate accounts payable processes for leased assets
- Maximize a user’s time spent in their ERP, improving user experience and efficiency
- Eliminate human error by using the integration to post journal entries
- Push lease accounting data into ERP to ease the lease accounting transition and simplify long-term management of a business’ leased asset portfolio
- Streamline workflow to create time for additional projects
What is Lease Accounting? Does it Affect My Business?
Lease accounting is the method by which organizations account for their leasing contracts - whether lessors or lessees. The reporting standards for lease accounting are maintained by the Financial Accounting Standards Board (FASB) in the United States, the International Accounting Standards Board (IASB) internationally, and the Governmental Accounting Standards Board (GASB) for state and local entities in the United States.
The new standards apply to public and private companies that issue US GAAP financial statements only. Mom-and-pop businesses will not be affected by the new lease accounting regulations.
A change to lease accounting may impact the accounting, legal, purchasing, facilities, IT, financial reporting, FP&A, tax, and treasury departments. LeaseQuery’s software helps promote refined collaboration for teams across the organization.
The new lease accounting standards refer to ASC 842, IFRS 16, and GASB 87. Simply put, these rules require all leases to be recorded as assets and liabilities on the balance sheet.
Learn more about LeaseQuery: https://www.blytheco.com/products/leasequery/