Written by Ane Ohm, Co-Founder and CEO, LeaseCrunch®
Will spreadsheets do the trick for implementing the new lease standard? The general consensus seems to be “no,” but I still hear about organizations exploring the spreadsheet route—especially those with smaller lease portfolios who feel there isn’t a viable software option.
I’ve been to numerous industry conferences and regularly speak to CPA firms of all sizes, and I often hear this debate about spreadsheets vs. software. Not surprisingly, I’m solidly in the camp that says spreadsheets are a risky and cumbersome way to implement this new standard.
Before you click away, thinking “this article doesn’t apply to me,” I would challenge you to keep reading because this applies to all companies that must comply with the new lease standard (and the CPA firms that serve them).
- This message is more urgent for public and multinational companies that completed their initial implementation using spreadsheets, which isn’t limited to organizations with a handful of leases.
- Even with the likely delay for non-public U.S. companies, we highly recommend getting started on your implementation now… and I’ll explain why.