As middle market companies prepare to meet new ASC 842 accounting standards deadlines, they’re discovering the leasing accounting standards are bringing a wide range of implications to many areas within their organizations. Technology solutions can provide not only ASC 842 accounting compliance, but also lease administration capabilities to manage your lease portfolio. Many middle market companies with more than a few leases are leaning on affordable technology solutions to drive significant benefits within these areas: journal entries, disclosure content, risk reduction, and Day Two activities.
Our technology consulting professionals and our technical accounting capabilities allow us to provide services to help you through the entire scope of meeting the new standard, from selecting the right solution through implementation and post-go-live support.
While some companies are attempting to evaluate proper software solutions by themselves, many are turning to the technical accounting and technology consultants at RSM for thoughtful fit gap analyses. Generally, a fit gap analysis determines both fits and gaps in functionality when comparing an organization’s operating or business requirements to the system’s capabilities.
During the fit gap analysis, RSM assists companies with the following:
- Gaining an understanding of business and accounting requirements
- Evaluating the business and accounting requirements vs. vendor marketplace
- Presenting best fit vendor(s) and documenting support of decision making
- Preparing demo scripts and coordinating demos
RSM has cultivated strategic relationships with several key cloud-based lease accounting software providers and has analyzed the capabilities of these tools in meeting ASC 842 requirements and other lease administrative tasks.