About the Report
This is the first analyst report to provide a comprehensive evaluation of the combined lease accounting and lease administration capabilities of more than a dozen software providers.
The COVID pandemic fundamentally changed the relationship many businesses have with their leased assets – particularly real estate. Depending on the industry, some organizations scaled up, others significantly scaled back, and many found themselves locked into contracts for assets they cannot use.
The lease accounting standards introduced further complexity. While the transition dates for IFRS 16 and ASC 842 for public companies came before COVID, the effective date for private companies and GASB 87 came soon after, requiring entities to accurately represent their leases on the balance sheet and introducing unprecedented complexity.
Now more than ever, businesses need software that can provide better visibility, easier modifications, streamlined payment management and automated journal entries. Without the right internal controls in place, businesses open themselves up to the very real risk of regulatory scrutiny and costly fines or audits.
