Today, nearly all private companies (98%) have started the transition to ASC 842. As you prepare for your year-end audit, you may find yourself struggling to maintain accuracy within your lease agreements and embedded leases.
Without accessibility and visibility into your lease portfolio, your business is at risk of misreporting company lease information, potentially increasing both years of adoption and ongoing audit fees. Alternatively, a lease accounting solution tailored and implemented to your specific needs can reduce the time, cost, and effort your accounting and finance teams need to ensure your business is ASC 842 compliant.
- Identify how to keep up with lease modifications and terminations, as well as data abstraction and validation
- Recognize new requirements and educate staff, as well as maintain processes, policies, and controls
- Determine if you’re ready for your year-end audit