Manufacturing Lease Accounting Software Solution

Ensure full compliance with FASB ASC 842 and IFRS 16

Manufacturing Lease Accounting Software Solution

Ensure full compliance with FASB ASC 842 and IFRS 16

Non-Compliance Risks Manufacturers Face

The risk of non-compliance is high for manufacturers with leased assets ranging from warehouses to equipment.

Get step-by-step guidance on what you need to do.

Non-Compliance Risks Manufacturers Face

The risk of non-compliance is high for manufacturers with leased assets ranging from warehouses to equipment.

Get step-by-step guidance on what you need to do.

We Ensure You Comply Fully with FASB ASC 842 & IFRS 16

Understanding the New Lease Accounting Standards

The new lease accounting standards require you to show the full extent of your lease obligations on your books. In other words, what used to be in the footnotes of your financial statements now needs to be on your balance sheet as a liability.

The new lease accounting standards require you to show the full extent of your lease obligations on your books. In other words, what used to be in the footnotes of your financial statements now needs to be on your balance sheet as a liability.

Leases that were accounted for as operating leases may need to be reclassified as finance (capital) leases. Service, maintenance, and outsourcing contracts could contain embedded leases that you need to record.

And if you don’t choose the right solutions – in terms of software and expertise – you may have to restate your financials.

And if you don’t choose the right solutions – in terms of software and expertise – you may have to restate your financials.

What questions should you be asking?

You need to re-examine all your leases to ensure that you’re in compliance with FASB ASC 842 and IFRS 16. That re-examination starts with asking the right questions.

Does your electricity contract state that your power will come from a specific plant? Have you determined if that contract contains an embedded lease?

Do your forklift leases include maintenance? Do you know how to bifurcate those leases to identify the lease and non-lease components?

Have you examined your warehousing contracts to determine if they contain embedded leases?

To Comply, You Need the Right Functionality, Flexibility, and Expertise

A manageable solution to lease accounting complexity

It doesn’t matter how complex the nuances of your leases are. LeaseQuery enables you to account for and manage them with ease.

  • Get expert advisement from accountants specialized in lease accounting.
  • Access journal entries, tasks, critical dates, and reports at a glance.
  • Pull all reports and disclosures required by regulators and auditors.
  • Rest assured that your data is safe – we follow industry standard encryption protocols and our SOC testing is being performed by a Big Four firm.
  • Integrate with your ERP or general ledger software.

LeaseQuery Ensures You Comply—
in January 2019 and Beyond

LeaseQuery offers you the functionality, flexibility, and expertise that enables you to adequately account for all your leases under FASB 842. From the moment you start implementation, you’ll be supported by accountants who specialize in lease accounting.

Our Clients Explain Our Lease Accounting Solutions Best

"It took a time-sucking, life-sucking process and turned it into the click of a button"

Trista — Controller at National Healthcare Organization

"LeaseQuery is years ahead of our external auditors in terms of lease knowledge and financial reporting, saving our company time, money, and resources."

Sarah M. - Tupelo Honey Hospitality Corporation

"We are able to instantly pull up all of the details on any given lease with only a couple of clicks. "

Missy W. - Scotland Wright Associates

 

"The time and productivity savings cannot even be put into words for a team with such stretched bandwidth like ours."

Trista L. – PT Solutions

 

"This is a breath of fresh air for an occupation that’s usually treated with bored stares, long sighs and slow blinks...I was actually liking lease accounting for the first time in eight years."

Anna K. – Publicly Traded Insurance Company

 

Talk to One of Our Expert Lease Accountants Today.

Unlike other software vendors, we aren't former real estate professionals trying to learn accounting on your dime. We're accountants just like you.

Sign up for a demo today and let us prove it.

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