MILWAUKEE, February 21, 2019 – LeaseCrunch, the only lease accounting software made by former CPA firm auditors for CPA firm auditors, was named one of the top new products of 2019 by Accounting Today.
In recognizing LeaseCrunch, Accounting Today said: “LeaseCrunch® has an impressive team behind its development — CPAs, former Big Four auditors, accounting academics and a former Financial Accounting Standards Board staff member are all responsible for creating what the company touts as an “audit in a box.” The solution operates through a single interface, simplifying one element of a complicated and expensive process, as companies work to implement the new lease accounting standards.
The software is customizable to the size of the company, though designed to handle large and complex portfolios, and enables the accounting firm to either act as bookkeeper or set clients up within the system to manage their own lease portfolio. Other built-in efficiencies include a wizard to guide users on variables required by auditors, templates for FASB and International Financial Reporting Standards, and automated footnote disclosures.”
LeaseCrunch is essentially an ‘audit in a box’ for lease accounting, reducing the time it takes clients to prepare for an audit and reducing the time it takes CPA firms to perform the audit.
“We knew that each company’s desire for their CPA’s involvement would vary significantly, from full-scale outsourcing to DIY clients,” said Ohm. “To accommodate the spectrum, our single interface allows the CPA firm to either act in a bookkeeping capacity or easily invite and handoff the bookkeeping role to their clients. LeaseCrunch is designed to accommodate the needs for companies with large, complex portfolios, while still being a cost-effective solution for companies with as few as 1-5 leases, who most likely have an office lease that is material enough to require full implementation for the new lease standard.”
LeaseCrunch provides the software solution and the CPA firm provides the implementation, enhancing client relationships by providing essential features and innovative solutions through a simple interface. Tools and features that save CPA firms time and money include electronic audit trails, automated quantitative footnote disclosures, leasing wizards for classification and lease term, simplified policy election templates, custom reporting, journal entry exports and amortization schedules. Clients have full control of whether the firm can access their lease portfolio for implementation or audit.
LeaseCrunch provides cloud-based lease accounting software for CPA firms, designed to help organizations implement the new lease accounting standards, ASC 842 and IFRS 16. Designed by CPAs, former Big Four public accounting auditors, software development veterans and a former member of the FASB staff, the application offers an easy-to-use customer interface that delivers “audit in a box” lease accounting services, reducing the time it takes clients to prepare for an audit.
LeaseCrunch allows companies to identify policy elections for the leasing standard through templates for both U.S. GAAP and IFRS.
For more information go to: www.LeaseCrunch.com