LeaseCrunch receives SOC 1 Type II & SOC 2 Type II Report Certification

LeaseCrunch, a cloud-based lease accounting software company, has successfully completed System and Organization Controls (SOC) 1 and SOC 2 reports, as verified by business advisory services firm Marcum LLP.

According to Ane Ohm, Co-Founder and CEO, "The successful completion of our SOC 1 Type II and SOC 2 Type II reports provide LeaseCrunch customers with the confidence that their financial reporting is accurate and that LeaseCrunch’s internal controls and safeguards to protect their data are consistent with the industry standards and best practices. Ensuring we provide clients with accurate financial reporting and calculations, and maintaining the most stringent internal processes is a top priority for us. We are and will remain committed to software excellence."

SOC 1 engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting. These are specifically intended to meet the needs of entities that use service organizations (user entities) and the CPAs that audit the user entities’ financial statements (user auditors), in evaluating the effect of the controls at the service organization on the user entities’ financial statements.

SOC 2 engagements are performed in accordance with the AICPA’s AT-C 205, Reporting on Controls at a Service Organization, and are based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy.

LeaseCrunch is designed for CPA firms and is positioned as the easiest lease accounting solution on the market, reducing the time it takes clients to prepare for an audit and the time it takes CPA firms to perform the audit. It maintains accuracy even as lease inputs change. With LeaseCrunch’s step-by-step wizards, automated calculations, and quantitative footnote disclosures, firms can be confident their clients are complying with the requirements of the new lease standard.