With the vast majority of responsibility for implementing the upcoming new lease accounting standards falling on U.S. CPA firms, help is on the way with LeaseCrunch, lease accounting software developed by former CPA firm auditors to help CPA firms manage their clients’ new lease obligations.

“CPAs will be very busy in getting their clients prepared for lease accounting changes,” said Ane Ohm, co-founder and CEO of LeaseCrunch, a CPA and former Big 4 auditor. “One survey reported that 78 percent of businesses hold leases, which means millions of U.S. businesses will be impacted. LeaseCrunch is the perfect answer for CPA firms.”

LeaseCrunch is essentially an “audit in a box” for lease accounting, reducing the time it takes clients to prepare for an audit and reduces the time it takes CPA firms to perform the audit, the company said.

“We knew that each company’s desire for their CPA’s involvement would vary significantly, from accounting outsourcing to DIY clients,” Ohm said. “To accommodate the spectrum, our single interface allows the CPA firm to either act in a bookkeeping capacity or easily invite and hand off the bookkeeping role to their clients. LeaseCrunch is designed to accommodate the needs for companies with large, complex portfolios, while still being a cost-effective solution for companies with as few as 1-5 leases, who most likely have an office lease material enough requiring full implementation.”

LeaseCrunch provides the software solution and the CPA firm provides the implementation, enhancing client relationships by providing essential features and innovative solutions through a simple interface. Tools and features that save your firm time and money including electronic audit trails, automated quantitative footnote disclosures, leasing wizards for classification and lease term, simplified policy election templates, custom reporting, journal entry exports and amortization schedules. Clients have full control of whether the firm can access their lease portfolio for implementation or audit.

LeaseCrunch key features include:

• Branded for your firm;
• Simplified policy elections - identify required policy elections in minutes with templates for both FASB and IFRS, provide pre-selections based on expedience and include guidance that walks clients through all selections;
• Wizards to drive integrity - wizards assist users on key variables required by auditors, including the five classification criteria and subjective decisions about early termination and renewal options;
• Automated footnote disclosures- automated quantitative disclosures simplify the complex footnote requirements of the new lease standard;
• Comprehensive reporting - Create custom reports to meet any specific needs for your firm or your clients; and
• Generate journal entries - export engine provides customizable and error-free exports, so users can easily update ERP and other accounting systems.