LeaseAccelerator announced that more than 50 Oracle-centric companies have selected its SaaS application to comply with the new IFRS 16 and ASC 842 standards. LeaseAccelerator offers a global lease accounting engine and dedicated subledger that can be easily integrated with Oracle’s ERP platforms, including Oracle E-Business Suite, PeopleSoft, JD Edwards and their new Fusion applications.

LeaseAccelerator’s Enterprise Lease Accounting solution for Oracle enables companies to not only comply by the deadlines, but to build a long-term, sustainable approach to lease accounting under the new standards. LeaseAccelerator was designed to enable companies to automate the record-to-report process for lease accounting. Automation not only reduces the number of incremental headcount required for lease accounting, but it reduces the time-to-close and lowers audit risk.

“Most lease accounting software providers are focused on offering the minimum viable product needed for compliance for day one,” said Mike Ramsey, Vice President of Global Solutions for LeaseAccelerator. “But the bigger challenge is achieving long-term, sustainable compliance on day two and beyond. Companies need to think about how to automate time consuming processes such as tracking modifications to lease contracts, making end of term recordations, and ensuring completeness of the lease portfolio.”

LeaseAccelerator is a certified Oracle Gold Level Partner and member of the Oracle Partner Network. The Enterprise Lease Accounting application is built upon Oracle technologies including Java and Oracle Database and runs in the Oracle Cloud.

Armanino Joins Global Alliance Program

LeaseAccelerator also announced Armanino LLP has joined its global alliance program. Armanino is one of the top 25 largest independent accounting and business consulting firms in the U.S. Following its success supporting the adoption of the new revenue recognition standards, Armanino has built a practice to assist clients with assessment, strategy and implementation of the new ASC 842 lease accounting standards.

The alliance enables Armanino to offer its clients that have elected LeaseAccelerator’s Enterprise Lease Accounting solution with services such as:

• Future state design – Assessment of a company’s current policies and controls, data and systems, people and processes in order to design a future-state model that automates the time-consuming aspects of the record-to-report process for lease accounting;
• Data collection – Identification of data required to perform accounting under the new standards as well as abstraction of the necessary data from leasing contracts, invoices and purchase orders; and
• Software implementation – Upload of leasing data and master data into LeaseAccelerator’s application as well as configuration of accounting policy elections and practical expedients for the ASC 842 standards.

“Armanino believes the impact of the new lease accounting standard will be just as significant, if not more, than the new revenue recognition standard for many of our clients,” said Tom Mescall, Partner-in-Charge of Consulting with Armanino. “Our partnership with LeaseAccelerator will further enable us to assist our clients to not only comply with day one adoption but also by helping to automate accounting and reporting for future periods resulting in on-going time and effort savings.

“We believe the days of accounting for leases in a spreadsheet are over. Many of our clients are experiencing tremendous growth and expansion and need a lease software solution that helps drive efficiency, reduces risk, and allows for scalability given an ever-increasing number of both real estate and equipment leases,” Mescall said.

“With the January 1, 2020 private company compliance deadline fast approaching, our customers are seeking service providers that can not only advise on the technical accounting issues with ASC 842, but also assist with data collection, system and future state design,” said Tyler Mills, Vice President of Alliances for LeaseAccelerator. “Combining Armanino’s accounting and business consulting with our best-in-class technology will enable companies to smoothly make the necessary changes to systems, processes, and controls required for the new standard.”

LeaseAccelerator’s Global Alliance program enables professional services and outsourcing providers specializing in finance, accounting and real estate to assist their clients with implementation of the new ASC 842 and IFRS 16 standards. By leveraging LeaseAccelerator’s Enterprise Lease Accounting application, alliance members can offer an expanded set of consulting, implementation and managed services to clients seeking assistance in transitioning their accounting and financial reporting processes.