Enter LeaseAccelerator, a pure play lease accounting software provider that has it all covered. Having performed lease accounting and management for over a decade, LeaseAccelerator is the first of its kind cloud-based SaaS application that automates every step in the leasing lifecycle. It tracks all the assets under the new regulations and generates reliable leasing data, in no time, for financial disclosures. “We are on a mission to optimize lease accounting for enterprises. While other software vendors have recently jumped onto the bandwagon to offer lease accounting, our experience in R&D, customer support, and product strategy, developed over the years makes us the go-to solution provider,” notes Michael Keeler, CEO, LeaseAccelerator.
Pure Play Enterprise Lease Accounting
LeaseAccelerator’s proprietary Enterprise Lease Accounting application is built from the ground up to account for all categories of leases including real estate, fleet, IT, material handling and other equipment at the asset-level. With the application, organizations can automate the record-to-report cycle for the new ASC 842 and IFRS 16 standards including the initial lease classification, the monthly close process, and the invoice-to-pay cycle. “The new standards require businesses to generate journal entries at the asset level.
Our goal is not just to help companies comply with the new ASC 842 and IFRS 16 standards, but to launch a whole new category of software in enterprise lease accounting
A highlight of LeaseAccelerator's proficiency can be witnessed from their engagement with Cummins, a Fortune 500 corporation that leases a wide range of materials from aircraft to networking gear. Relying heavily on manual processes, Cummins was struggling with a fragmented and outdated enterprise software environment that failed to offer a single view of their entire equipment leasing portfolio. “While the company had leases spread globally, they couldn’t measure the economic performance of their asset portfolio and suffered a substantial loss,” mentions Keeler. LeaseAccelerator was engaged to address the challenge and their Enterprise Lease accounting application went live in just a week, after which, Cummins achieved a complete, centralized leasing database operating at the global scale. Soon, the client began identifying opportunities for cost savings that helped them tackle evergreen leases comprehensively, allowing Cummins to meet their goals in just nine months. With LeaseAccelarator’s intuitive technology, Cummins executed around 9,000 lease contracts with an original equipment value approaching $800 million, all the while reducing the cost of equipment leases and improving their competitive edge.
To maintain the highest standards in enterprise leasing processes, LeaseAccelerator partners with the big four accounting firms and business process outsourcing (BPO) providers.
"Agility and responsiveness are at the heart of our culture"
Following a continuous cycle of client engagement, the development team at LeaseAccelerator holds offsite meetings every six weeks to update the product roadmap with new features and enhancements. “Our product management team understands real-world requirements and gathers input from customers, customer advisory boards, and big accounting firms on a regular basis to ensure that our software can fulfill relevant needs concerning innovation, pricing, and structure,” explains Keeler. As LeaseAccelerator manages all of the underlying data center infrastructure and upgrade cycles, accounting organizations need not ally with other vendors to secure resources.
Adept, Agile, and Ambitious
Customer success is the bedrock of LeaseAccelerator's approach and they adopt an agile development framework to bring new features to market quickly and stay up-to-date with changing needs. “Agility and responsiveness are at the heart of our culture. With new use cases emerging in lease accounting on a daily basis, success demands that we react quickly,” adds Keeler. One unique aspect of LeaseAccelerator is that their product team works in tandem with the customer experience team and as a result, product managers consider not only the features and functions of the software but also the entire customer experience from the initial sales and onboarding processes to billing and technical support. “Our product team comprises leasing experts that speak the language of finance and accounting,” says Keeler. Above all, the workforce at LeaseAccelerator includes finance experts such as CPAs, CMAs, and CGMAs who have been veteran lease accountants and financial controllers in Fortune 500 firms, bringing in-depth knowledge of accounting that augments the company's value proposition.
In the next 18 months, LeaseAccelerator plans to help companies meet the deadlines for IFRS 16 and ASC 842, and over time enable the clients to optimize their enterprise lease accounting posture. Besides compliance expertise, the company plans to increase visibility and productivity in all aspects of leasing at a reduced cost. Continuously forging stronger relations with clients and partners, LeaseAccelerator is most likely to double the size of their team in the next 12 months, and also chart their footprint in Europe. “We are poised to be the most important accounting system that any company would need in 2018,” ends Keeler.