Lease Accounting Software ASC 842 – IFRS 16 – GASB 87
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Lease Software Comparison Guide
Comparing lease accounting software solutions? Supplement the reviews and pricing info with our free comparison guide for IFRS 16 and ASC 842 software. It includes 15 must-ask questions for vendors along with a detailed list of the top functionalities that businesses need for compliance with the new lease accounting standards. Or, if you’re reporting under GASB, be sure to get a copy of our free GASB 87 RFP template.
LeaseQuery: Cloud-Based Software for
ASC 842, IFRS 16, and GASB 87
LeaseQuery is software for the current and new lease accounting standards, addressing and improving lease accounting for organizations reporting under FASB, IFRS, and GASB. From reporting to journal entries, the software provides everything you need for compliance.
Built by accountants for accountants, LeaseQuery doesn’t just provide lease tracking and management – it’s built with all the complexities of lease accounting in mind. At LeaseQuery, our goals are to:
Ensure our clients’ compliance with the new standards
Reduce accounting errors
Improve efficiency
Compliance with FASB, IFRS, and GASB Leasing Standards
FASB recently delayed their effective date for private companies, and one reason for the delay was that many lease accounting software vendors are taking longer than expected to develop their compliance solutions. Don’t get stuck in a contract with a vendor who’s still working out the kinks in their system when it comes time for reporting.
LeaseQuery is already compliant with the new lease accounting standards.
Choose from the options below to learn more about the system’s features for each one.
ASC 842
IFRS 16
GASB 87
How to Find the Best Lease Accounting Software for Your Business
Between juggling your budget and convincing key stakeholders, finding the right product for your organization is no easy task. The new lease accounting standards are complex, making it crucial for you to choose the system with the functionality necessary for your compliance.
Here are the key factors to evaluate when assessing your software options:
Consider more than just cost
Occasionally, procurement teams and senior leaders will push for the most inexpensive option, but the cheapest solution may not have all the functionalities you need for long-term compliance. Here are a few other factors to consider:
- How difficult is the setup?
- Can you customize reporting?
- Does it offer a custom calendar and support for 13-period accounting?
- See more on our features page:
Find software built specifically
for lease accounting
With the new standards coming into effect, companies have two primary needs related to their leases:
- A lease accounting solution that will ensure compliance with the new regulations
- A centralized repository where anyone in the company can access lease documents
What to Look for When Comparing Lease Accounting Solutions
One thing accountants should keep in mind is the automation and functionalities your software will need to support internal controls. The software you choose for your business should automate complex lease calculations and alerts for all important dates.
Beyond automation, here are two more key components to look for regarding internal controls:
Section 404 of the Sarbanes-Oxley Act
Public companies must comply with the Sarbanes-Oxley (SOX) Act, a 2002 regulation that improves the accuracy and reliability of corporate disclosures. Section 404 of the SOX Act requires management and external auditors to report on the adequacy of a company’s internal control over financial reporting. Providers should be aware of Section 404 of the SOX Act and able to show you how their lease accounting system’s built-in functionalities reinforce your internal controls.
Internal control functionalities
SOC reports
System and Organization Controls (SOC) reports – issued by a third-party CPA – address a software company’s ability to provide controls applicable to your internal controls over financial reporting. Each of the three types of SOC reports focuses on different aspects of a company’s controls (e.g., financial and non-financial), and various levels of scrutiny from the third-party issuer. SOC Type 1 and SOC Type 2 are the most relevant reports for lease accounting software.
Your provider should be able to present a letter of verification from the firm that performed the SOC report itself to ensure their software is coded and functioning properly so errors aren’t created in the system.
SOX vs. SOC – What’s the difference?
- SOX Section 404-compliant functionalities help you prevent errors
- SOC reports outline whether or not a software program is designed and operating effectively to prevent system errors
Reading Lease Accounting Software Reviews
The best way to assess any technology before investing time and money into it is by hearing from those who have used it. Over two-thirds of B2B buyers say reviews are a “very important” consideration in the buying process.
When trying to decide how much weight a solution’s reviews carry, be sure to look for how many of those reviews were made by people who understand lease accounting specifically.
Persuading your stakeholders
with the right reviews
To help internal stakeholders understand the value of using a product that’s been reviewed by your peers, remind them how often they are asked for audited financials when entering new business relationships or renewing contracts. By selecting a solution that has been reviewed by other like-minded accountants, you are better able to judge the seller’s trustworthiness and whether or not you should buy the software.
Augment reviews with
feedback from your peers
Go beyond online reviews and reach out to your peers to find out which solutions they’re using. A one-on-one conversation allows you to ask them questions you may not see in a review.
With the lease accounting effective dates approaching, many companies are getting into the software business without taking the time to consider all the functionalities for compliance. Having a keen eye for detail will help you make the right choice.
Read the reviews on these comparison sites
Want to see for yourself? Take a look at the reviews on these websites:
