TOP 5 features you need to look for in software to be technology-ready for the new lease accounting standards

With the upcoming proposed Financial Accounting Standards Board (FASB) and the International Accounting Standards Board’s (IASB) accounting standards, the burning question is ‘Are organizations technology-ready for the upcoming changes?’

To ensure they have the information ready and organized to meet and comply with these standards, organizations need to start considering now how technology can help. But, what should organizations look for in software to ensure they meet the standards but also prepares them for any other changes that could occur?

You should be looking for a solution that:

1. Creates and builds a unified database of contractual data for all your lease operations
2. Provides extensible data collection forms that can accommodate business-specific attributes and potential new information required by changes in leasing accounting standards
3. Enables the efficient interaction of multiple users throughout the data collection process to ensure data accuracy and integrity
4. Provides complete visibility into the changes and decisions made during the process of data collection, ensuring traceability for compliance reporting
5. Facilitates interaction with a modern, user-friendly interface that requires minimum training

Nakisa has developed and launched a new solution, Lease Contract Administration by Nakisa (LCAN), to meet the immediate needs of businesses worldwide who are preparing for the upcoming changes to lease accounting regulations led by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

Nakisa can help you to prepare for the changes, visit our website or contact LCAN@nakisa.com.

Are you looking for lease contract administration software in preparation for the FASB/IASB's proposed changes to the lease accounting standards?

A single point of entry to collect and validate the contractual attributes of leased assets, Lease Contract Administration by Nakisa (LCAN) provides visibility into your lease exposure to optimize assets portfolio management and supports accounting processes for more efficient cost controlling and regulatory compliance. 

LCAN creates a unified leasing contractual data repository that can be accessed to leverage accurate and relevant data for the optimization of not only the leasing accounting processes particular to your business, but also transactional processes such as equipment and real estate management, supplier management, business planning, and more. Streamline, trace, and integrate all the data collected on new, past and future leases. LCAN enables you to make accurate decisions and visualize your lease exposure based on reliable data. With its mass data importing capabilities, you can import and integrate data from multiple contract sources.

Posted by Romeo De Leon

Welcome to Nakisa's blog on lease contract administration

It is with great joy that I am welcoming you to Nakisa's official financials blog where you will find useful information about the upcoming and current lease accounting standards, technologies available to help you meet lease accounting regulations and financial-related news that can have an impact on your organization. 

There will be various contributors to this blog, who will bring you different views on the industry. The blog will be regularly updated so make sure to keep checking back to see what's going on. 

In this blog, you can expect:

• To hear about the FASB/IASB lease accounting changes 
• Learn about strategies on lease accounting processes
• Get advice on lease accounting best practices

Watch this space for further announcements about this solution and for upcoming webinar dates and don't forget to follow us on twitter @NakisaFIN and join our LinkedIn Group. 

You demand it, we deliver

Is there a particular topic you would like to hear about? Do you have any suggestions? Email us at LCAN@nakisa.com.

Posted by Melloney Jewell