Share this
10 Key Questions to Assess Lease Accounting Software Solutions
by Matt Waters, CPA on June 9, 2017
10 Key Questions to Assess Lease Accounting Software Solutions
For companies evaluating potential software solutions for compliance with the new ASC 842 and IFRS 16 lease accounting standards, there are some key things to look for in order to understand the functionality and the true value the solution brings. First off, it is important to make sure any potential solution has the full technical accounting capabilities needed to manage and report on all types of leased assets. Other technology considerations include security audits for SOX compliance, integration capabilities with other corporate systems and the long term costs associated with upgrades and new required capabilities.
Beyond the technical capabilities of the software, it is important to look at the company behind the software. Since the official announcement of the new standards, many vendors have started selling software that is not fully developed or has barely been tested. The smarter choice is to select a system with a proven track record of helping large organizations comply with existing FASB and IASB standards while preparing to meet requirements of the new guidance for years. Additionally, a company with stable financials is ideal so that the selected software system will be operational for years to come.
The 10 most essential questions to ask lease accounting software vendors are:
1. Can your solution produce standard accounting reports and custom ad hoc reports?
2. Does your system provide audit trails and tracking of all data changes?
3. Is your system officially recommended by any notable accounting firms?
4. Is your platform backed by a financially stable organization for long-term data management?
5. Is your platform proven, with more than 5 years of FASB and IASB compliant functionality?
6. Can your system manage and report on real estate, equipment and other leased assets?
7. Is your software delivered in a cloud-based, SaaS (software-as-a-service) format?
8. Will software updates and future versions be provided free of additional upgrade costs?
9. Does your platform complete an annual SSAE 18 audit for Sarbanes-Oxley compliance?
10. Does your system readily integrate with existing ERP and IWMS systems?
CoStar’s lease accounting software solutions meet all these requirements and more. To schedule a full demonstration and learn more, contact us today.
Share this
- ASC 842 (81)
- Lease Accounting Software (74)
- Accounting Teams (39)
- Lease Administration Software (25)
- Retail Tenants (15)
- Commercial Real Estate (12)
- Lease Management (11)
- Market Data and Analytics (7)
- Real Estate Teams (7)
- ESG (5)
- Success Stories (5)
- News and Media Coverage (4)
- Transaction Management Software (2)
- Customer Success (1)
- Office Tenants (1)
- November 2024 (2)
- October 2024 (4)
- September 2024 (2)
- August 2024 (5)
- July 2024 (3)
- June 2024 (3)
- May 2024 (4)
- April 2024 (1)
- February 2024 (1)
- December 2023 (4)
- November 2023 (6)
- October 2023 (4)
- September 2023 (2)
- August 2023 (2)
- July 2023 (3)
- May 2023 (2)
- March 2023 (1)
- February 2023 (3)
- January 2023 (1)
- December 2022 (3)
- November 2022 (4)
- October 2022 (4)
- September 2022 (1)
- August 2022 (4)
- June 2022 (1)
- May 2022 (4)
- April 2022 (8)
- March 2022 (3)
- February 2022 (1)
- January 2022 (2)
- November 2021 (2)
- October 2021 (2)
- September 2021 (3)
- August 2021 (15)
- July 2021 (3)
- June 2021 (1)
- May 2021 (1)
- April 2021 (3)
- March 2021 (1)
- January 2021 (1)
- December 2020 (3)
- November 2020 (1)
- October 2020 (2)
- September 2020 (2)
- August 2020 (3)
- July 2020 (2)
- June 2020 (3)
- May 2020 (1)
- April 2020 (1)
- March 2020 (1)
- February 2020 (1)
- December 2019 (1)
- October 2019 (1)
- September 2019 (2)
- August 2019 (3)
- July 2019 (2)
- April 2019 (69)
- October 2018 (1)
- August 2018 (1)
- July 2018 (1)
- June 2018 (1)
- May 2018 (1)
- April 2018 (2)
- March 2018 (3)
- February 2018 (2)
- December 2017 (1)
- August 2017 (3)
- June 2017 (2)
- May 2017 (2)
- April 2017 (1)
- March 2017 (2)
- January 2017 (2)
- November 2016 (2)
- July 2016 (1)
- June 2016 (1)
- July 2015 (1)
- March 2015 (1)
- June 2014 (1)
- April 2014 (11)
- October 2011 (1)
You May Also Like
These Related Stories