When shopping for a new technology solution, there are a variety of types available for different business models. An enterprise-level software solution addresses a higher level of complexity and takes expertise to implement. This is applicable to many enterprise-level software solutions, including the lease accounting software solutions enterprises are currently integrating to meet the ASC 842 compliance requirements.

While enterprise software may offer sophisticated functionality out of the box, enterprises typically demand some level of customization to meet their specific needs, such as integrating into existing software solutions or meeting certain security criteria. Because of the large scale of the projects, the resources necessary, the high level of sophistication and the amount of risk associated with the project should it go wrong, enterprises typically leverage the know-how of third-party consultants for project implementation. 

Lease services more important than ever with ASC 842 compliance for private companies

With the year-end deadline for ASC 842 compliance quickly approaching, the demand for lease services is strong. Enterprises can achieve confidence in the quality and accuracy of critical lease data by leveraging CoStar’s in-house team of attorneys, paralegals and lease administration professionals to help provide management solutions for key financial and legal information. With the new standards, enterprises need to examine lease management practices and address data gaps due to incomplete or inconsistent lease information, and get a handle on real estate and equipment lease data by:

• Making correct calculations for financial reporting
• Ensuring lease terms are accurate and current
• Fulfilling aspects of Sarbanes-Oxley
• Verifying correct payments are made or received
• Avoiding missing critical dates that result in costly mistakes