“We’ve seen hundreds of large companies transition to ASC 842 and IFRS 16 over the past few months and controllers realize that they cannot successfully perform lease accounting without also having strong lease administration capabilities in place.”
LAS VEGAS (PRWEB) March 19, 2019
LeaseAccelerator, the pioneer of the Enterprise Lease Accounting software category, announced today that over 60 SAP-centric companies have selected its SaaS application to manage and account for their portfolio of leases and assets. LeaseAccelerator offers a global lease accounting engine and lease management application that can be easily integrated with SAP’s general ledger, accounts payable, and real estate applications.
“We’ve seen hundreds of large companies transition to ASC 842 and IFRS 16 over the past few months and controllers realize that they cannot successfully perform lease accounting without also having strong lease administration capabilities in place,” said Mike Ramsey, vice president of global solutions for LeaseAccelerator. “Without the ability to automate the tracking of new leases, contract modifications, and end-of-term decisions, controllers cannot ensure the accuracy, completeness, or timeliness of their accounting and financial reporting,” noted Ramsey.
LeaseAccelerator’s SAP Lease Accounting Solution offers a lower total cost of ownership (TCO) for accounting teams by reducing the level of manual effort and spreadsheets required for the record-to-report process:
- Automated tracking of changes to lease contracts, updates to variable rent and end of term decisions ensures potential modifications and reassessments triggers are always identified.
- Financial controls such as centralized policy management, automated end-user attestations, process-wide audit trails, and lease versus buy analysis ensure auditability of management’s attestations about the accounting.
- Roll forward reporting and SAP general ledger integration reduce the number of reconciliations and the time required to perform monthly close.
Additionally, LeaseAccelerator offers lower TCO for IT organizations by reducing the level of maintenance required throughout the lifecycle:
- Multi-tenant cloud environment frees IT teams from burdensome tasks such as database administration, system health monitoring and environment configuration.
- Managed upgrades ensure all clients get accelerated access to the latest product enhancements without having to reprioritize resources.
- Automated validation testing ensures the accuracy of accounting after new releases to reduce the level of regression testing required by IT teams.
LeaseAccelerator is a sponsor and presenter at the Financials 2019 conference in Las Vegas this week organized by SAPinsider. Registered attendees can listen to LeaseAccelerator’s experts present at various sessions including The New Close – How ASC 842 will Impact your Month End and Lease Accounting – What Success Looks Like.
For more information about LeaseAccelerator’s solution for SAP Lease Accounting visit:
LeaseAccelerator offers the market-leading software-as-a-service (SaaS) solution for Enterprise Lease Accounting, enabling compliance with the current and new ASC 842 and IFRS 16 standards. Using LeaseAccelerator’s proprietary Global Lease Accounting Engine, customers can apply the new standards to all types of leases, including real estate, fleet, IT and other equipment at an asset level as specified by FASB and IASB. On average, LeaseAccelerator’s Sourcing and Management applications generate savings of 17 percent with smarter procurement and end-of-term management, delivering both compliance and ROI. Learn more at http://www.leaseaccelerator.com/.