Why use a lease accounting system instead of Excel?
A lease accounting system offers a number of advantages over using Excel, including:
Increased accuracy and reliability:
Lease accounting systems provide a more accurate and reliable way to track and report lease data, as they are designed to capture and record all of the necessary lease information and calculations.
Lease accounting systems automate many of the processes associated with lease accounting, such as tracking lease payments, generating lease schedules, calculating lease liabilities, and creating journal entries. This reduces the time and effort it takes to manage all of the lease accounting processes.
Lease accounting systems are designed to ensure compliance with relevant regulations and standards, ASC 842 and IFRS 16. This provides an extra layer of assurance that all leases are being managed and reported properly.
Lease accounting systems provide greater visibility into the entire lease portfolio, enabling companies to better understand the financial implications of each lease. This increased visibility into the whole lease portfolio gives decision makers the insight they need to make the right decisions.
We Can Help
If you are interested in learning more, please visit our Black Owl Lease Accounting webpage or contact iSP3.
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