Why Sustained Lease Accounting Compliance Depends on Automation

On-demand webinar summary

How do you maintain confident, ongoing lease accounting compliance as your leases evolve?

In our recent webinar, Why Sustained Lease Accounting Compliance Depends on Automation, lease accounting experts from Visual Lease shared:

• The post-adoption lease accounting landscape
• The difficulties and risks of using spreadsheets
• Why auditors prefer software for reliability

Track changing lease terms

As leases change, it’s virtually impossible to track them manually or using a spreadsheet. This is often because businesses typically have a large volume of leases – and each one contains its own unique, complex lease terms that must be interpreted.

Lease accounting technology is the only way to update lease clauses and options without having to manually sift through contracts. This saves a lot of time – and headache – when maintaining compliance.

Further, having easily-accessible lease data also enables you to leverage your lease data beyond compliance and make smarter business decisions, such as identifying gaps and savings opportunities.

Provide historical lease data for audits

Without technology that offers a complete audit trail of every update made to your leases, you, internal stakeholders and your auditors will be left wondering if your lease data is fully reliable or up-to-date.

Unlike spreadsheets, lease accounting technology also ensures you can track who, what, where and when updates were made, so you can be fully confident in the accuracy of the data at the time of an audit.

Accurate calculations and reports

Just one error within your lease accounting calculation can lead to a failed audit.

Technology, like Visual Lease, ensures precise calculations and reports – and reduces time and resources needed to do so. Additionally, if you use a spreadsheet, you are also going to be limited to the number of transactions that can be tracked and reported. This will create issues that can be avoided from using automated technology that offers calculations that are explained in every screen and backed by SOC I Type II audits that ensure consistency.

Want to see more? View the on-demand webinar for a closer look at how Visual Lease supports Day 2 lease accounting compliance: Why Sustained Lease Accounting Compliance Depends on Automation.