New Financial Reporting Standards
What does your company need to change to be in compliance with lease-related new financial reporting standards? When it comes to managing your many leases, you may be using a decentralized system that relies on each business unit to oversee their own documentation.
However, experts at the Big 4 accounting firms know that consolidating your system to a single, easily accessible platform can make compliance with financial accounting standards far easier. When you are looking for the right piece of financial reporting software for your organization, it is time to turn to the knowledgeable team at Visual Lease. Our lease management system is able to be fully integrated with your existing enterprise software, providing you with a single-source approach that makes accounting easy.
What the new financial reporting standards could mean for your company
So, what do those new financial accounting standards mean for your organization?
- First, you need to know that your leases should be properly prepared, even before the effective date of the changes. If the lease terms are expected to be in effect when the new standards are implemented, your leases need to be compliant with the new regulations. That means that your team should be preparing right now to inventory your leases and make sure they are all ready for the transition.
- Furthermore, your team needs to be prepared for a substantial growth to your company’s balance sheets. Both capital and operating leases must now be added to your firm’s balance sheets — and most organizations’ leases are related to operations.
- Your software system needs to be enhanced so that it can quickly report data, consolidate reports, and add information in real time to your ledgers.
When you choose Visual Lease for your lease management, you are investing in a trusted platform that serves more than 350 successful clients worldwide. Simplify your transition and improve compliance with the new financial reporting standards by partnering with Visual Lease for your lease management needs. Click today to get started with a no-cost demonstration of our product.