Today many large companies are challenged with ASC 842 and IFRS 16 compliance by year-end. Among the complex decision-making necessary is selecting a proven, compliant lease accounting software solution that leverages the investment made in the existing SAP system plus Day 2 functionality.
Safe and secure platform for lease accounting data
Foremost amongst selection criteria is the safety and security of lease data. Not only is lease data vital to day-to-day business operations, it is proprietary information that should only be accessible by those who need it to execute job functions. One of the biggest challenges faced with ASC 842 and IFRS lease accounting compliance is locating and centralizing lease data from different origination points from across the organization. Disappearance of painstakingly collected lease data would be a major setback.
A proven lease accounting solution
Once the basics of security and reliability have been established, it is time to review the software’s track record. A three-pronged approach to evaluating the depth and breadth of experience includes whether the software vendor offers:
Decades of lease accounting and lease administration leadership for both real estate and equipment and early adoption of compliance standards. For example, CoStar was the first lease accounting software provider to release ASC 842 and IFRS 16 compliant software in Q1 2016.
Availability of industry experts who offer 20+ years of experience guiding the development and implementation of the solution
Beyond experience – success stories of dealing with complex lease accounting compliance and lease management needs for industry-leading companies.
Advanced lease administration capabilities
Go beyond compliance and find a proven lease administration software solution that offers comprehensive features and functionality, including but not limited to:
Workflow related to abstracting quality control and approval
Comprehensive date tracking, including the original lease execution date, original lease start date, original expiration date, current lease execution date, current possession date and the current expiration date
Onscreen reminders automatically generated based on critical dates
Security deposit tracking
Easy navigation between records
Clickable abstracts and more
CoStar has extensive experience with SAP integration, as the industry leading software provider has built and supports 900+ integrations, and offers integrations available for ERP, accounting, purchasing, sales, vendor and custom systems.