LeaseCrunch Enhances Lease Accounting Platform with Lessor Accounting for Operating Leases Under ASC 842 & IFRS 16
LeaseCrunch has expanded its lease accounting software to include lessor accounting for operating leases under ASC 842 and IFRS 16, enabling users to manage both lessee and lessor accounting within a single platform featuring automated journal entries, enhanced reporting, multi-standard compliance, centralized documentation, efficient audit preparation, and flexible accounting adjustments.
The introduction of this feature marks an expansion of LeaseCrunch’s capabilities, allowing users to manage both lessee and lessor accounting within a single, streamlined platform.
LeaseCrunch LLC, a leading provider of lease accounting software, announced a new feature that supports lessor accounting for operating leases under ASC 842 and IFRS 16. This enhancement is designed to meet the evolving needs of CPA firms’ clients and organizations as they navigate the complexities of lease management, particularly in response to the rise in subleasing.
The introduction of this feature marks an expansion of LeaseCrunch’s capabilities, allowing users to manage both lessee and lessor accounting within a single, streamlined platform. By simplifying these processes, LeaseCrunch is empowering its users to maintain compliance and efficiency in their lease management.
Key Features of the New Lessor Accounting Functionality
- Automated Journal Entries: Leverage your own GL account numbers and allocations to automate journal entries, reducing manual work and minimizing errors.
- Enhanced Reporting Capabilities: Automate footnote generation and gain accurate, robust reporting consistent with existing lessee accounting features.
- Multi-Standard Support: Seamlessly manage leases under both FASB and IFRS standards, ensuring global compliance.
- Centralized Lease Documentation: Keep all lease documents in a single, secure repository for easy access and streamlined management.
- Efficient Audit Preparation: Simplify audit processes with well-organized and comprehensive lease data, making audits faster and more accurate.
- Flexibility in Accounting: Easily manage catch-up entries for changes in collectibility, providing the adaptability needed in today’s dynamic leasing environment.
Miguel Perez, chief product officer at LeaseCrunch, stated: "This release is a pivotal moment in our ongoing mission to simplify lease accounting for our users. Our clients have faced challenges with subleasing, and this new feature directly addresses those needs. By integrating lessor accounting for operating leases, we're providing a more robust solution that enhances efficiency and ensures compliance."
The new lessor accounting feature is immediately available to all LeaseCrunch customers as part of the platform’s latest update.