LeaseAccelerator and Ernst & Young LLP (EY) Announce 2021 World wide Lease Accounting Survey results

RESTON, Va., March 18, 2021 /PRNewswire/ —¬†LeaseAccelerator, the chief in Lease Lifecycle Automation application, announced now the effects of the 2021 World Lease Accounting Survey done with EY. While lease accounting benchmarks for community organizations have been all-around given that 2019, the results show that there is even now a significant opportunity to push ROI from the investments that were being made in adopting the criteria. Public and non-public organizations who travel towards integration and the automation of their core lease accounting procedures can see dramatic advancements in efficiency.

The survey exposed quite a few issues:

  • In excess of 50 {f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of respondents (51{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}) claimed they have far more than 250 leases but nonetheless never have lease accounting integrated with their ERP devices, demanding handbook do the job.
  • 35{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} are nonetheless using spreadsheets to take care of lease accounting.
  • Additional than half (58{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}) said they do not have a centralized Lease vs. Acquire course of action.
  • 42{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} said that they terminate much less than 70{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of their leases on time and overpay.

These gaps generate audit threat and accounting expenditures, suppressing the ROI predicted from leasing and compliance investments. The report involves tips for corporations at all stages of adoption of ASC 842, IFRS 16 and GASB 87, with suggestions to make lease accounting additional productive. The study can enable businesses benchmark the maturity of their leasing approach, appraise outsourcing or managed products and services for lease accounting procedures, and determine methods to use lease lifecycle automation as a catalyst to improve their procedures.

“In this study, lease accountants identified critical unresolved accounting troubles and stated useful ways to increase their lease administration this calendar year,” claimed Michael Keeler, CEO at LeaseAccelerator. “It is really distinct that organizations in all phases of adoption can be extra efficient and integrated to minimize their over-all chance and price tag and drive a bigger ROI.”

To get the comprehensive report, stop by: https://take a look at.leaseaccelerator.com/world-lease-accounting-study/. &#13

About LeaseAccelerator:
LeaseAccelerator presents Lease Lifecycle Automation computer software that guarantees long-term compliance, improves operational efficiency, and frees up funds move. Countless numbers of buyers count on our protected Program-as-a-Service (SaaS) platform to handle 700,000 true estate and equipment leases valued at $200 billion. LeaseAccelerator offers a platform for growth with asset-amount accounting, reporting and governance in-application aid and an integrated, aggressive leasing marketplace fueled by a world wide network of additional than 500 lessors. Understand much more at: https://www.leaseaccelerator.com/.

 

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Resource LeaseAccelerator, Inc.