Even though meeting lease compliance requirements is something you have the skills to do, finding sufficient time to learn the new lease accounting standards and implement them accurately can be an issue. Technology can help you simplify lease accounting.
Given enough time, you could perform the necessary accounting calculations for the leases across your organization. Here’s the challenge: Your role already involves a deluge of tasks and deadlines as you provide regular financial reporting, forecasting, and budgeting.
That’s why, when you implement lease accounting standards, it’s important to keep things organized and efficient. Accurate lease accounting software could be the time-saver you are looking for.
As you consider a lease accounting software solution, look for one that's intuitive to use. You don’t need to be figuring out whether a spreadsheet is the latest version, or trying to keep up with aggregation. Avoid complicated software that overflows with complex features you might not need.
Think for a moment about how many leases you have, and consider the frequent calculations and schedules you will need to create:
Are you confident that you have enough time to confirm these are error-free? One error can cause hours of recalculation and rework. Lease accounting software can save you the headaches and extra work of performing these types of calculations manually.
Lease accounting software that will calculate with accuracy and at scale can give you the confidence to focus on other higher-value tasks. As you look ahead, consider how your organizational growth might affect your lease portfolio and how the software can support you further down the line.
Do you have capacity to work through compliance manuals, looking up specific scenarios like how to adjust the right-of-use asset and lease liability on a lease modification?
You don’t need to spend hours double-checking calculations when smart software can do the calculations for you.
Just because you can comply with the new lease accounting standards by yourself doesn’t mean it’s the best use of your time and skills. Allow accurate, intuitive software to be your guide and simplify your compliance needs.