Change is inevitable and can be challenging. The new accounting standard for leases represents a major change for nearly all organizations, but it doesn’t need to be disruptive. Schneider Downs Technology Advisors has developed a web-based software solution, simpLEASE AccountingSM, that can simplify your transition to the new standard. The program was produced with insights from our own accounting professionals, ensuring that it will be current and easy for our clients to implement. We’re simplifying lease accounting so you can focus on the next big change on the horizon.
- Guides the user through user-friendly wizards, asking questions to assist with the appropriate treatment of each lease.
- Generates amortization schedules for finance and operating leases, in accordance with Lease Accounting Standard Update 2016-02.
- Interfaces with accounting systems to automate the process of posting requisite journal entries.
- Interfaces with fixed asset software to automate the process of creating the right-of-use assets (ROU).
- Includes features and services to assist with transitioning existing finance and operating leases to the new solution.
- Helps efficiently manage and inventory finance and operating leases, both new and existing.
This web application can be branded to your organization and accessed through a secure portal. It helps you:
- Automate the process of inputting the key terms of lease agreements.
- Easily determine if your contract is a lease that needs to be capitalized.
- Determine whether it is a finance (capital) lease versus an operating lease.
- Calculate present and future values of the asset/liability, generating the necessary amortization schedules.
- Generate standard reports, such as lease listing, amortization schedules, roll-forward of liability balance and future payment schedules for operating leases.
- Manage ongoing lease details, such as changes to existing lease terms, lease terminations, etc.