FASB New Lease Management Rules
With the FASB new lease management rules on the horizon, businesses of all different industries are racing to get in compliance. Yours should be no different.
If your company is like most, and utilizes leases of any kind, then these new rules will most likely merit some changes in the way that your business approaches lease accounting. With such an overhaul in the rules, many business executives and their accounting teams might see the journey to compliance as daunting.
After all, to accommodate these FASB lease management rule changes, there are a number of hurdles to clear, including:
- Bringing together, and organizing, the information associated with your leases. Here at Visual Lease, we have developed sophisticated software that is easy to use. This software can serve as a singular platform for all of your lease information, helping you satisfy the new lease management guidance along the way.
- Hitting the necessary deadlines. It’s not too late to achieve day-one compliance with the FASB new lease management rules. While the rules take effect in 2019, the Visual Lease team can provide you with a 90-day integration program that will seamlessly fit Visual Lease’s digital solution into your business’ everyday operations.
- Learning, and mastering, new software. Many accounting professionals worry that adjusting to the FASB lease management rule changes will mean having to learn complicated new technology — but it doesn’t. Visual Lease is easy to integrate, configure and use. The Visual Lease team of lease professionals can even provide helpful training, data migration, lease coaching and a wide range of additional wrap around services that enhance the effectiveness of our software.
Visual Lease provides the solutions, knowledge and insight that you need to, not just get in compliance with the new lease accounting rules, but to streamline your process as a whole and start leveraging leases in a more effective, profitable manner.
Talk to our team about the FASB new lease management rules and how our services and solutions can help your business.