New FASB Lease Accounting Standards
How are you preparing for the release of new FASB lease accounting standards? As a large company with multiple leased properties, you may already be considering new methods for managing your holdings — but how do you ensure that you are complying with new lease accounting rules?
The implementation of the newest FASB lease accounting changes may put a strain on your existing accounting and lease management system. If you are concerned about compliance, feeling the pressure from your accounting department, and want to find a foolproof solution, it is time to contact Visual Lease.
Our lease accounting and management software is designed to be easy-to-use, responsive to your data needs, and fully integrated with platforms such as:
- Microsoft Dynamics
- And, more
What does that mean for you? When you need a workhorse lease management system to support hundreds of international holdings, you can rely on Visual Lease to get the job done right.
How you can prepare for new FASB lease accounting standards
First, your organization should already be working to identify and deploy a transition team to help you comply with the new lease accounting rules. The team members should include individuals from diverse segments of the company, not just your accounting and reporting divisions. A strong group will likely include representatives from legal and treasury departments, for instance. Your transition specialists may be responsible for:
- Reviewing existing contractual agreements
- Explaining the impact of the changes to corporate boards and shareholders
- Training internal stakeholders and process owners
- Ensuring the processes are in place to support ongoing disclosure requirements
Your transition team requires the most reliable tools to support compliance with new FASB lease accounting standards — and Visual Lease delivers. Our robust software is designed to integrate with your existing efforts, allowing you to effectively track all types of leases, including vehicles, technology, office equipment and property. Choose the simple and elegant solution: Contact Visual Lease today to schedule a demonstration!