Many middle market companies are discovering their existing lease management software does not have the capabilities to fully accommodate new accounting standards. Given the time commitment required to implement this new standard and the level of complexity involved, companies should be gathering data, abstracting leases and selecting and implementing technology solutions to avoid challenges down the road.
Turn to digitally savvy accounting professionals at RSM to help advise, select and implement technical resources to help you achieve compliance. LeaseQuery is a cloud-based, lease accounting solution that simplifies accounting for leased assets including real estate property, equipment, and vehicles.
Built by accountants specifically for accountants to use for lease accounting, LeaseQuery offers a suite of features and functions to help you comply with not only ASC 842, but IFRS 16, GASB 87, and GASB 96 as well.
Among the features LeaseQuery offers are:
Operational tools: Role-based access, locked journal entries, central repository, and alert notifications
Data integrity: Data entry validation, lease change history, and duplicate prevention
Accounting intelligence: Right-of-use asset and lease liability calculation, practical expedient application, and useful life charts
International considerations: Options for IFRS transition method, multicurrency, and translation
Advanced reporting: Disclosure reports for all compliance standards
RSM professionals can help guide your organization through every step of the process and provide ongoing training and support. We understand having a reliable software implementation is crucial to lease accounting compliance and your success.