Ensure compliance with ASC 842 and other accounting standards using LeaseQuery’s advanced lease accounting software for streamlined lease management.

Introduction

Navigating the complexities of lease accounting has never been more critical for businesses striving to maintain compliance and financial transparency. With the introduction of ASC 842, organizations are required to adopt more rigorous standards for lease reporting, making ASC 842 compliance software an essential tool. LeaseQuery’s comprehensive lease accounting software not only ensures adherence to ASC 842 but also supports other international standards, streamlining lease management and enhancing operational efficiency.

The Importance of ASC 842 Compliance

ASC 842 represents a significant shift in lease accounting, requiring businesses to recognize lease assets and liabilities on their balance sheets. This change enhances the transparency of financial statements but also demands robust systems to manage and report lease data accurately. Failure to comply can result in financial discrepancies and regulatory penalties, underscoring the need for reliable compliance solutions.

Key Features of Comprehensive Lease Accounting Software

Lease Accounting

LeaseQuery simplifies the intricate process of lease accounting by automating the generation of error-free amortization schedules, journal entries, and disclosure reports. This ensures that your financial records are accurate and compliant with ASC 842 and other relevant standards such as IFRS 16, GASB 87, and SFFAS 54.

Compliance

Staying compliant with multiple accounting standards can be daunting. LeaseQuery provides built-in compliance for ASC 842, IFRS 16, GASB 87, GASB 96, SFFAS 54, and FRS 102. This multi-standard support allows businesses to manage leases across different regions and regulatory environments seamlessly.

Dashboard

A centralized dashboard offers a comprehensive view of your lease portfolio, enabling you to monitor payments, track critical dates, and receive alerts for expiring leases and upcoming due dates. This real-time oversight facilitates proactive lease management and reduces the risk of missed obligations.

Streamlined Lease Management with LeaseQuery

LeaseQuery’s software integrates all your lease information into a single, cloud-based subledger that can be effortlessly connected with any ERP system. This integration minimizes data redundancies and enhances the accuracy of financial reporting. Additionally, AI-assisted lease data entry and bulk upload capabilities streamline the migration and management of lease data, saving significant time and resources.

Robust Data Security and Reporting

Data security is paramount in lease accounting. LeaseQuery employs SSL encryption, firewall protections, and managed hosting through AWS to ensure your data remains secure. Furthermore, the software offers over 100 standard reports, including complex reporting for roll-forwards and historical analysis, as well as budgeting and forecasting tools that support informed financial decision-making.

User Experience and Support

Designed by accountants for accountants, LeaseQuery offers a user-friendly interface complemented by extensive support resources. Clients have access to dedicated customer success professionals, daily office hours staffed by certified lease accounting analysts, and a 24/7 knowledge base. On-demand training webinars and a comprehensive customer center ensure that users can maximize the software’s potential with ease.

Integration and Automation

LeaseQuery’s ability to integrate with any general ledger, including NetSuite, Sage, QuickBooks, and more, provides flexibility and ensures seamless data flow across your financial systems. Automation features, such as AI-assisted lease entry and duplicate entry prevention, enhance operational efficiency and reduce the likelihood of human error.

Conclusion

Implementing ASC 842 compliance software like LeaseQuery is indispensable for businesses aiming to maintain accurate and compliant lease accounting practices. By leveraging advanced features, robust security, and comprehensive support, LeaseQuery not only simplifies compliance but also enhances overall lease management.

Ready to transform your lease accounting processes? Visit 2020 Innovation today to learn more and get started with our advanced solutions.

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