On-demand webinar summary
The GASB 87 Roundtable Discussion is a webinar series hosted by Visual Lease. Each webinar provides insights by our panelists regarding specific topics around GASB 87. Previously, our panelists discussed how to maximize the value of your lease accounting software.
In our latest episode, Anticipating Common Lease Accounting Challenges, host Joseph Fitzgerald, SVP of Lease Market Strategy at Visual Lease, discussed how organizations can anticipate and prepare for Day 2 challenges. Our panelists, Michael Luff, CPA & Technical Leader at CLA, Rosemary Courtney, Manager of Technical Accounting at Visual Lease, Todd Worms, Senior Manager of Customer Support at Visual Lease and Bill Harter, Principal Solution Advisor at Visual Lease provided expert tips and advice to help attendees get ahead of these potential roadblocks.
You should feel empowered to help ensure your organization is ready for what’s ahead. Let’s dive in.
The importance of ongoing data management
The quality of your lease data impacts the accuracy of your lease accounting calculations and reporting. As changes occur to a lease contract, complex components such as remeasurements and modifications must be accounted for under GASB 87. If these calculations are done manually by your organization, it’s typically a red flag for auditors, as this approach is more prone to human error.
Top considerations for continued compliance
Staying educated on GASB 87 is critical for your continued compliance. Maintaining and updating internal controls over contracts and agreements are also crucial to ensure the integrity of the process. Further, collaboration and communication between administration, accounting and any departments handling leases are necessary to ensure continued compliance.
What to expect from your support team
Once software implementation is complete, VL’s support team becomes the main point of contact for our clients. Typically, the support team will help clients understand how to use Visual Lease and are there to help troubleshoot any potential technical issues. Visual Lease prides itself in its unparalleled support and collaboration with its customers, and has invested heavily in creating the best support staff possible, which is why we have a 99% customer retention rate!
Tips to ensure audit-readiness
Working through extensive data validation to ensure your subledger details are consistent with your source documents should yield positive results for your organization’s audit. Documenting all input assumptions is also key to a smooth audit process, along with timely updates through process enhancements.
Data integrity challenges
Leveraging your lease accounting software is key to addressing common Day 2 challenges. Organizations can use software to maintain control over some of the lease accounting requirements, such as processing additions, terminations, modifications, etc. It’s also important to stay on top of deadlines and be proactive on the platform post-adoption.
For more insight into common Day 2 GASB 87 lease accounting challenges, view our on-demand webinar “GASB 87 Roundtable Discussion: Anticipating Common Lease Accounting Challenges”.
Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS solution has been used by over 1,000 companies with a 99% retention rate.