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LeaseCrunch Launches LeaseCrunch Verify

LeaseCrunch has launched LeaseCrunch Verify, a cloud-based application that streamlines lease accounting audits for CPA firms by allowing centralized client account management, direct client lease data entry, automated amortization schedule exports, and quick identification of common input errors to reduce audit time and improve accuracy.

LeaseCrunch, a cloud-based lease accounting software company, announced the launch of LeaseCrunch Verify, an application designed to help CPA firms reduce the time and expense involved in auditing their clients’ lease accounting.

LeaseCrunch Verify enables CPA firms to manage all client accounts from a single dashboard and quickly enter and test a sample size of their leases. Firms can also add the selected sample of leases to their “Prepared By Client” list and invite clients to enter the leases directly in their own secure account.

With LeaseCrunch Verify, firms can export the Amortization Schedule to audit:

  • Lease asset at the beginning and end of the year
  • Short-term and long-term lease liability at the beginning and end of the year
  • Amortization expense
  • Interest expense
  • Variable expenses
  • Modification or re-measurement calculations for revised leases

Using the LeaseCrunch Verify Automated Amortization Schedules, firms can quickly assess whether incorrect client inputs will require an adjusting entry. Common inputs that require analysis include:

  • Client entered a generic discount rate
  • Client didn’t include an option (e.g., renewal, termination, purchase)
  • For lease assets that will be purchased at the end of the lease, client used the Lease Asset life equal to the term
  • Client forgot to combine lease and non-lease components for a given lease
  • Client forgot to include a payment/receipt as required by the applicable standard

According to LeaseCrunch CEO Ane Ohm, “Auditing clients’ lease accounting is time-consuming and complex. In addition, verifying inputs from lease contracts into clients’ lease accounting tools and auditing the accuracy of the calculations can take hours and sometimes even days. LeaseCrunch Verify reduces the hours required to audit the lease standard, giving CPA firms better economies of scale.”

About LeaseCrunch:

LeaseCrunch is a comprehensive, cloud-based lease accounting software solution that helps organizations implement the new lease accounting standards, including ASC 842, GASB 87, GASB 96, and IFRS 16. LeaseCrunch aims to significantly reduce the time needed to transition, account for, and maintain leases.