ASC 842 accounting standards are challenging companies like yours as significant time is required to plan and prepare. Given the hours needed to apply the standard and the level of complexity involved, it’s time consuming to gather lease data and select and implement technology solutions.
And like most companies, you’re likely investigating the best software that meets your needs and coordinates with the current enterprise resource planning (ERP) or financial reporting systems. RSM’s technical accounting consultants understand the technical complexities of the accounting standards and can apply those requirements to help select the necessary, best fit technology for your organization.
For optimum cost-effectiveness, consider RSM’s Lease Accounting software powered by LeaseQuery, a simple, economical online lease accounting tool that supports your implementation of the new standards under ASC 842 and IFRS 16. This lease accounting software will help you manage your lease portfolio more efficiently, as the tool seamlessly performs accounting calculations for you.
LeaseQuery offers these additional features:
Detailed amortization schedules: Generate amortization schedules for real estate or equipment leases
Complete library of journal entries: Create and download journal entries required for period close
Access to disclosure reports: View disclosure reports for the FASB and IASB standards
This chart helps you further evaluate the functions most beneficial to your organization.