PowerPlan, a lease accounting software firm, has announced a strategic technology partnership with LEVERTON, an AI-based document and data abstraction platform. The partnership, which involves the product integration of PowerPlan and LEVERTON, allows users to streamline management of all leases, including the automatic extraction and structuring of data from lease asset documents.

This comes at a crucial time as public companies are rushing to meet IASB’s and FASB’s new lease accounting standards (IFRS16 and US GAAP ASC842) deadline of Jan. 1, 2019, officials said. With many corporations uncovering a number of leases up to five times greater than they originally expected, it’s key to be able to find and manage leases quickly according to the new standards.

LEVERTON gives organizations the ability to gather and centralize their data in over 30 languages and PowerPlan simplifies holistic lease management and adoption planning.

“The integration will save users time and money, in addition to ensuring that they uncover all of the data in their leases that need to be reported for GAAP, IFRS or FERC financials,” said Brent Burns, Chief Operating Officer of PowerPlan. Together, LEVERTON and PowerPlan help organizations support faster compliance with the lease standards.

“Both PowerPlan and LEVERTON are committed to helping global companies solve their lease accounting challenges efficiently and strategically. We are pleased to introduce the partnerships to our markets and joint customers who have already benefitted immensely from this integration,” said Abhinav “Abe” Somani, CEO of LEVERTON. The integration is now available worldwide.