September 2022 Accounting Tech Summit Recap
LeaseQuery recently hosted a successful summit highlighting current challenges and frequently asked questions regarding technology and the accounting industry. At the free virtual event, over 728 attendees heard accounting and finance thought leaders discuss their personal experiences with accounting technology and provide tips for implementing lease accounting software.
ICYMI: Highlights
During the summit, speakers from LeaseQuery, Net at Work, Sage Fixed Assets, Global Fixed Assets, and RSM provided insight into how software benefits your transition process, discussed day 2 lease accounting challenges, and explored key features and functionalities available in software.
Below, we highlighted essential insights from the summit. For more information, watch our September 2022 Accounting Tech Summit Recap.
Kelly Hummel- Director of Client Transformation, Net at Work
“Efficiency is a huge reason why people use these solutions. Automating journal entries reduces the risk of errors. IEC published last winter that companies that adopt next gen solutions typically are 14% more efficient than those who do not.”
“Digital solutions improve productivity and allow your teams to spend time focusing on strategic solutions that your business wants to accomplish instead of daily data entry.”
Angie Chase – Director of Global Fixed Assets & CAR/CIP App Lead, Precision Cast Corporation
“Without these awesome solutions, things got lost. They weren’t accounted for and leases were then capitalized differently and vice versa. They didn’t make it on the books or off the books. It caused a lot of problems.”
“I strongly recommend with fixed assets and leases to track them, especially the more you grow and the more machinery and equipment you have, the more leaseholds you have. Get an integrated solution, however that looks for you. If it’s not seamless, work with IT. There’s always a way to transport data back and forth.”
David Blackistone – Director, RSM
“We recommend that you’re ready for the auditor one to two months in advance so you’re not learning your software system or scrambling. We want you to be in a steady state so that when the auditors do show up, you have the reports ready and you’re familiar with the software system…You’re really running out of time if you want to get this done by the end of 2022 or early 2023 and want to be in that steady state when your auditors come knocking on your door in March and April.”
“The transition is straightforward, but it does take time. This is not a two-week effort.”
Wesley Williams – Accounting Manager, LeaseQuery
“The first thing you want to identify when looking for a tool is having proper separation of duties. One person enters a lease, one person edits a lease, and then a separate person reviews and approves it. You’ll want to set up a proper workflow internally to make sure the appropriate people are doing that review.”
“When auditors come in, it’s really important to have an audit trail detailing all the changes that were made and making sure we can see who is making and approving those changes. Ensure confidence those changes were made appropriately.”
“It’s important to find a tool that can create insights and efficiencies around handling changes to your lease portfolio. Even if you’re not an organization with multiple changes every month, it’s so important to feel comfortable when you do change. Even if it’s once a year, it can have massive financial complications if it’s not done correctly.”
Summary
Attendees of the 2022 Accounting Tech Summit ended the day with a better understanding of technology in the accounting industry and how it benefits the process of adopting the new standards.
