simpLEASE Capabilities

Lease Accounting Software Built by Accountants for Accountants


 

simpLEASE Capabilities

  • Automate the process of inputting the key terms of lease agreements.
  • Calculate present and future values of the asset/liability, generating the necessary amortization schedules.
  • Determine whether it is a finance (capital) lease versus an operating lease.
  • Easily determine if your contract is a lease that needs to be capitalized.
  • Generate standard reports, such as lease listing, amortization schedules, roll-forward of liability balance and future payment schedules for operating leases.
  • Generates amortization schedules for finance and operating leases, in accordance with Lease Accounting Standard Update 2016-02.
  • Guides the user through user-friendly wizards, asking questions to assist with the appropriate treatment of each lease.
  • Helps efficiently manage and inventory finance and operating leases, both new and existing.
  • Includes services to assist with transitioning existing finance and operating leases to the new solution.
  • 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).
  • Manage ongoing lease details, such as changes to existing lease terms, lease terminations, etc.

simpLEASE Resources

 

 

About simpLEASE

Nearly every company or organization utilizes lease contracts as part of its day-to-day operations. (ASC) 842 will dramatically alter how companies identify leases on their annual financial statements. For some organizations, this will mean analyzing hundreds – even thousands – of individual lease contacts – a time-consuming and laborious process.

simpLEASE is a software program that provides easy-to-understand guidance to analyze each individual lease. The program was developed in conjunction with the accountants at Schneider Downs, one of the nation’s 60 largest public accounting firms. Schneider Downs has been tracking and anticipating the changes to lease accounting standards for years, and has worked extensively to understand the specifics and intricacies of the standards. Thus, simpLEASE is not only easy to use, but also serves as an extremely insightful and intuitive tool to provide accurate analysis for all lease computations.

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