LeaseAccelerator’s enterprise lease accounting solution caters to all categories of leases ranging from real estate, fleet, IT, material handling, and other equipment at the asset-level. The solution enables organizations to automate key accounting activities such as initial lease classification, monthly close, invoice-to-pay cycle, and quarterly disclosure reporting. Its ability to easily integrate and synchronize journal entries with existing ERP systems such as SAP and Oracle ensures that all debit and credit details are stored in a lease accounting sub-ledger.
Our goal is to help customers smoothly and quickly align with the new lease accounting standard to mitigate the risk of material weaknesses and financial statements
In 2010, a global power leader, Cummins Inc. was methodically improving its processes to achieve operational excellence and financial reporting compliance. However, owing to its reliance on spreadsheets for lease management, the company had little visibility over their decentralized equipment leasing portfolio. Given the responsibility to address the issue, LeaseAccelerator was swift in understanding the challenges and deploying its enterprise lease accounting software for Cummins. Soon, Cummins was able to save 6-8 percent through competitive capital sourcing and 10-12 percent by reducing end of term fees. They can now comprehensively manage their lease portfolio, establish policies and controls, increase visibility, and attain a competitive edge.
Looking ahead, LeaseAccelerator is planning to continue its international expansion within Europe and Asia to a broader set of countries in the year 2019 and 2020. The company will also continue to invest aggressively in new product functionality including support for budgeting, planning and forecasting as well as complex lease accounting scenarios required for joint ventures, mergers and acquisitions. Additionally, it also plans to introduce support for the GASB 87 lease accounting standard widely used by higher education institutions, healthcare providers, and non-profit organizations.