Why Implementing the New Lease Standard is Easier with Technology
With the deadline for implementing the new lease accounting standard approaching, many companies are assessing different methods to remain in compliance. For many organizations, implementing the new standard can be very risky and complex if trying to simply use a spreadsheet or other manual methods. In addition to exposing yourself and your company to accounting risk, implementing the new standard can be incredibly time intensive. This is why Barnes Dennig has licensed a technology solution to help you update and maintain your leases.
Some of the benefits and advantages of using this software to implement include:
Improved Accuracy and Risk Reduction
Utilizing a manual input method for recording leases can not only be time consuming, but it can also be very risky. Manually inputting data can open your company to hassles such as access and version control, and human errors such as incorrectly inputting formulas, macros or inputs. There are also limited methods for internal control and security assurance, which a designated technology solution has. It only takes one error to result in an incorrect journal entry.
Keep it Simple
Even for CPAs, there is an incredible amount of complexity surrounding the new lease accounting standard. It’s easy to feel overwhelmed when trying to navigate the necessary decisions, lease classifications and policy elections. Using a technology solution can help you keep track of the intricacies involved, including initial journal entries, footnote disclosures and much more.
Save Time and Resources
Using a technology solution will sharply reduce the amount of time needed to implement the new standard, mainly because the calculations and workflows are completed for you. This solution can also save you resources through increased audit efficiency thanks to a greater confidence in your outputs and calculations.
Let Us Do It for You
Barnes Dennig can grant you access to our software, or we can manage your leases from start to finish. Our goal is to help you stay on top of the complex and ever-changing accounting environment, and empower you to lead your business without worrying about compliance and unnecessary risks.
Schedule a demo to see how Barnes Dennig can help you implement the new lease accounting standard with our dedicated software solution, or call us at (513) 241-8313.