The easiest and fastest way to comply with FASB 842, GASB 87, and IFRS 16 lease accounting standards(LeaseAccelerator)
LeaseAccelerator, the leader in the Lease Lifecycle Automation (LLA) software market, announced the addition of EZLease, an automated lease calculator for rapid, low-cost compliance.
Read More: A Quick Review on Some of The Biggest Global Fintech Mergers & Acquisitions
EZLease is the only lease accounting software on the market today that supports the requirements of lessees and lessors for all standards in one fully-integrated application. EZLease reduces the cost of manually generating lease accounting journal entries by automating complicated and labor-intensive calculations and processes. With EZLease, lessees and lessors can manage lease data at the asset, contract or portfolio level with full data validation and over 15 standard reports. The application allows users to upload GL data easily to Sage Intacct, Infor, Microsoft Dynamics, QuickBooks, Xero, NetSuite, and other accounting applications using a simple export.
Read More: Hummingbird Raises $8.2M To Automate Financial Compliance Technology
“Upon implementing ASC 842 for our 64 leases, we had Excel spreadsheets built for compliance. These spreadsheets initially worked, but as more changes went into the leases, each spreadsheet became more complex and likely to have errors. Within a few days of purchasing EZLease, we were up and running. We can now make changes more easily and be confident that they are reflected correctly in the financials. This was especially valuable for the temporary abatements and lease changes we dealt with during the COVID-19 shutdown,” said Brad Chapman, CFO of Vintage Stock, Inc.
“EZLease already has a large global user community of satisfied, referenceable customers spanning universities, hospitals, government agencies, public and private companies,” said Michael Keeler, CEO of LeaseAccelerator. “GASB lessees and lessors don’t have to wait on promises of future features as everything they need for compliance is within the product today.”
Read More: Thimble Launches Certificate Manager to Improve Oversight of Vendor Insurance Policies
