Case Study: ProNexus Consulting
ProNexus Consulting identified the inefficiency and inaccuracy of using manual spreadsheets for lease portfolio management and pursued a more efficient, reliable lease accounting solution.
Case Study: ProNexus Consulting
ProNexus recognized that relying on manual spreadsheets for managing even a small lease portfolio would be both time-consuming and prone to inaccuracies, both now and in the future. To address these challenges, they sought a more efficient and reliable solution for lease accounting.
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In the News: FASB Releases 2022 GAAP Taxonomy
The Financial Accounting Standards Board (FASB) released its 2022 GAAP Taxonomy update, introducing new reporting elements such as credit losses excluding accrued interest, reinsurance contracts, pledged assets, debt obligations with recourse, changes in reporting entity, balance sheet offsetting, and financial statement location clarifications, while also deprecating obsolete guidance, refining labels, and modifying references to enhance clarity and usability for accounting and financial reporting.
ProNexus Selects LeaseCrunch® as Lease Accounting Solution to Clients
LeaseCrunch®, a cloud-based lease accounting software designed by former CPA auditors to help implement ASC 842 and IFRS 16 standards, has been selected by ProNexus, a non-attest finance and accounting firm with 12 offices in New York and Michigan, to provide lease accounting solutions including calculation of Right of Use assets and liabilities, amortization tables, journal entries, and disclosures for their clients.
Lease Accounting Software: What to Look For
The article advises CPA firms to choose lease accounting software that ensures compliance with complex new lease standards (FASB ASC 842 and IASB IFRS 16), offers features like automated journal entries, customizable amortization schedules, flexible reporting, and scalability to accommodate diverse client needs and industries, while cautioning against the risks of using spreadsheets for lease management.
Accounting Today names LeaseCrunch® as a top new product of 2019
Accounting Today named LeaseCrunch®, a lease accounting software developed by former CPA auditors and designed as an "audit in a box," as a top new product of 2019 for its customizable, user-friendly interface that simplifies compliance with new lease accounting standards, supports both CPA-led and client-managed bookkeeping, and includes features like audit guidance wizards, FASB and IFRS templates, and automated disclosures to efficiently handle complex lease portfolios.
Accounting for ASC 842 in Your Cash Flow Statement
The article explains that under ASC 842, leases are recorded on the balance sheet as right-of-use (ROU) assets and lease liabilities without immediate cash flow impact, with operating lease payments classified as operating activities and finance lease principal payments as financing activities on the cash flow statement, while initial recognition of ROU assets and lease liabilities are disclosed as non-cash investing and financing activities, and lease cash incentives from lessors to lessees are also considered in the presentation.
About Crunchafi
Crunchafi, formed in 2024 from the merger of LeaseCrunch and Finagraph, provides intuitive software solutions that help over 750 CPA firms and 27,000 companies streamline complex lease accounting, automate real-time financial data collection and analysis, improve workflow efficiency, and strengthen client relationships, earning a 4.8-star rating on G2 and partnering with 10 alliances to support accounting and financial professionals worldwide.