Investment in a new lease accounting software system provides long-term benefits, generating significant efficiencies and cost savings over time. However, data transfer into the new software system can be a headache. When shopping for the best partner/provider of lease accounting software, take the opportunity to evaluate the ETL support available from each vendor.
Fast, Accurate Data Transfer with CoStar’s ETL Tool
CoStar’s three step process:
- Extract: The process of extracting locations, leases and financials from the existing lease management system
- Transfer: Ensuring data is mapped correctly to the new system; define and scrub data fields, transfer to MS Excel
- Load: The process of data migration to the CoStar solution, establishes locations, leases and financials
Why high-quality lease accounting implementation tools and services are important
Now more than ever it’s important for companies to get a handle on lease data of all types to make correct calculations for financial reporting, comply with new ASC 842 and IFRS 16 lease accounting guidance, ensure lease terms are accurate, avoid missing critical dates and continue to fulfill aspects of Sarbanes-Oxley. These challenges can be solved by taking the leap and implementing a proven lease accounting software solution with professional implementation support services such as:
- Data validation
- Lease abstracting
- Document imaging
- Due diligence support
- Best practices workshops
The ROI in lease implementation: A success story
CoStar helped a Fortune 500 healthcare provider review approximately 2,700 leases and correct more than 1,400 data discrepancies, resulting in saving the customer millions of dollars in overpayments.
When evaluating lease accounting software implementation services, ensure they can provide a dedicated project manager to optimize consistency and collaboration during the process. Depending upon the scope of work, the larger project team may implement their services on-site or off-site, but implementation talent should be sourced domestically, not offshore. CoStar’s highly training in-house team is led by industry veterans with more than 20 years of experience and operate out of the company’s headquarters in Atlanta.