In our latest blog post, we delve into the findings of our Visual Lease Data Institute (VLDI) research that sheds light on the evolving terrain of lease accounting.
About the Research: We surveyed senior finance and accounting professionals alongside financial management experts in government sectors.
The research offers a revealing look at the challenges and solutions in the realm of lease accounting. As we unpack the intricacies of standards ASC 842 and GASB 87, we discover the significant impact of talent shortages, the struggle for knowledge retention, and the pivotal role of innovative software solutions in streamlining lease accounting processes.
Challenges in Lease Accounting
A critical finding is the impact of talent shortages and retention issues on adopting lease accounting standards.
- Both sectors report their teams being stretched thin, with significant concerns over employee burnout.
- Knowledge maintenance is another major hurdle, with a substantial percentage of both sectors finding it challenging to maintain compliance.
Overcoming Lease Accounting Challenges with Technology
Successful companies have overcome talent shortages by leveraging centralized systems for lease accounting and administration.
- Third-party lease accounting software has been instrumental in streamlining tasks, improving accuracy, and ensuring regulation compliance.
- Such software saves significant hours for private and public entities and provides essential customer support.
The journey toward lease accounting compliance is fraught with challenges, but organizations can navigate these complexities effectively with the right tools and support. Visual Lease’s insights and solutions provide a roadmap for businesses to turn these challenges into opportunities for growth and strategic advantage.
For more insights, visit the VLDI section of our website.
About The Visual Lease Data Institute
The Visual Lease Data Institute is a hub for key data trends insights on lease accounting, management, and optimization. It’s a resource designed to equip businesses with the necessary knowledge for lease accounting compliance and to use leases as strategic assets. The institute’s expertise is recognized widely, with mentions in prominent publications like The Wall Street Journal and Forbes.
