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iLeasePro - An ASC 842 Software Solution
iLeasePro is an ASC 842 lease accounting cloud solution that is easy-to-use, accurate and affordable. The software was designed to meet the needs of small to mid-sized businesses who want to transition to the new lease accounting standard without overspending on expensive solutions. iLeasePro's user interface is intuitive and easy-to-use, so you can get up and running quickly without having to read an instruction manual. The software is also cost effective, so you don't have to worry about paying high subscription fees. Most importantly, iLeasePro is accurate, so you can minimize compliance risk and be confident that your calculations are correct. If you're looking for an ASC 842 lease accounting solution that meets all of your needs, look no further than iLeasePro. Learn more about the core aspects of our solution.
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What Is ASC 842?
ASC 842 is the new lease accounting standard that was issued by the Financial Accounting Standards Board (FASB) in February of 2016. The goal of ASC 842 is to provide greater transparency into a company's lease obligations by requiring businesses to report their leased assets and liabilities on the balance sheet. ASC 842 will have a major impact on the way businesses account for their leases, so it's important to start preparing now if you haven't already.
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How Does ASC 842 Impact Businesses?
Lease accounting has always been a complex process, and ASC 842 only makes things more complicated. That's why it's important to partner with a trusted provider like iLeasePro who can help you make the transition as smooth as possible. If you are dealing with commercial leases in your business, then ASC 842 affects you. New standards must be adhered to, which might change things when it comes to your lease accounting. So what will you as a business owner or lease accountant need to do? The first step is to understand what exactly ASC 842 entails and how it might impact your business. Once you have a clear understanding of the new standard, you can begin to prepare for the changes that need to be made. If you are currently using an accounting software that does not support ASC 842, then you will need to find a new solution that does. iLeasePro was created specifically to help businesses transition to the new lease accounting standard, so we are confident that our software is the right fit for you. We understand that ASC 842 can be confusing and complex, but we are here to help.
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What Solutions Are There for the ASC 842 Transition?
If you are falling prey to the ASC 842 transition making your commercial lease accounting more complicated, consider using iLeasePro's Cloud-based solution. This software is designed to take on the complexities of ASC 842 so you don't have to. When you use our software, you can be confident that your calculations are correct and that you are meeting the requirements of ASC 842. Take the difficult aspects out of lease accounting with iLeasePro. Under ASC 842, your lease data will need to be reported differently to stay in compliance. However, the problem arises when you don't know how to report this information. This is where iLeasePro comes in to help save you the time and the headache. Our software will help you to easily report your lease data in compliance with ASC 842. We make it simple and easy so that you can focus on running your business, not on worrying about your lease accounting. Learn about the core aspects of our solution or schedule a demo today to see how iLeasePro can help make the ASC 842 transition as smooth as possible for your business.
What Are the Core Aspects of iLeasePro?
There are three core aspects of our solution:
Intuitive
Our user interface is designed to be intuitive and easy-to-use, so you can get up and running quickly without having to read an instruction manual.
Cost Effective
You don't have to worry about paying high subscription fees for our lease accounting software. We offer pricing options that are designed to fit your budget.
Accurate
Minimize compliance risk with our accurate lease accounting calculations. We use the latest technology to ensure that your numbers are always correct.
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Intuitive User Interface
The entire goal of an ASC 842 software solution is to make things simpler for those managing leases. Since this is the case, the user interface must be simple, non-confusing, and effective. If the UI is confusing and convoluted, it defeats the point of having a software solution in the first place. When it comes to ASC 842 lease accounting, it is vital that you have the guidance you need to stay in compliance, without making your life harder. You want key information to be front and center, without any superfluous material getting in the way.
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Cost Effective
The cost of software is always a concern for businesses, and it should be. No one wants to pay more than they need to for anything, especially something as essential as lease accounting software. This is why iLeasePro offers a variety of pricing options that will work with any budget. You don't have to break the bank in order to get accurate and reliable ASC 842 lease accounting software. This is especially important for small and medium sized businesses. In these situations, finding an affordable solution that works is a must. When it comes to finding affordable ASC 842 software, look no further than iLeasePro.
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Accurate
One of the most important aspects of ASC 842 software is accuracy. The last thing you want is for your calculations to be incorrect and lead to compliance issues. ASC 842 compliance requires accurate lease accounting calculations. This can be a difficult and time-consuming task, especially if you don't have the right tools. With iLeasePro, you can be confident your process. Our reporting tools make key information easy to find, and our cloud-based system makes it so vital lease data and reports are available from anywhere you have an internet connection.
More About Our Solution
iLeasePro automatically generates daily and monthly Right of Use asset, lease liabilities amortization, and expense schedules for an individual lease or your entire lease portfolio.
This solution also includes a comprehensive Lease Audit Trail that documents every single user input, calculation, and number generated by the software.
In addition, iLeasePro can be used to generate important financial reports, such as your balance sheet and income statement. These reports can be used for internal decision making or for external reporting purposes.
And as we mentioned earlier, our software is always up-to-date with the latest changes in ASC 842. This way, you can be confident that you are always in compliance with the latest standards.
ASC 842 Financial Disclosure Reporting
iLeasePro offers ASC 842 financial disclosure reporting. A lessee will now need to disclose quantitative information about its leases, the related significant judgments made in measuring leases and the amounts recognized in the financial statements. iLeasePro provides the data to help you report the required disclosure information for your lease portfolio.
iLeasePro has the tools you need to comply with ASC 842. Contact us or schedule a demo today to learn more about our software and how it can help you transition to the new lease accounting standard.
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Schedule A Demo
Are you looking to see how iLeasePro's solution can help you deal with the ASC 842 changes? Schedule a demo today with one of our experts today. We would be happy to show you how our software can make complying with ASC 842 easy.
Don't want to deal with the hassle and stress of ASC 842 compliance? Let iLeasePro make it as simple as possible. Our intuitive interface makes it easy to find and record the information you need, when you need it. Contact us today to learn more about our software. We would be happy to answer any of your questions.