By LeaseCrunch® on Oct 18, 2022 5:10:19 PM
This article originally appeared in Accounting Today.
As a CPA, I've used spreadsheets as my go-to resource for work for a long time, whether for performing calculations, reconciling data or one-off project tracking. My family is familiar with my love of spreadsheets as well, from to-do lists to organizing our vacations.
It was a proud moment when my eldest called me from the high school cafeteria for assistance with a Google Sheets formula. As I walked him through the calculation, I could hear others saying, "Wow, your mom really knows this stuff!" Side note: take praise from high-schoolers when you can get it.
When I heard about the new lease accounting standard, I initially presumed any software solution would be for large lease portfolios. My beloved spreadsheet could handle five to 10 leases, right? The more familiar I became with the intricacies of the standard, however, the more I realized there are many hidden costs of using spreadsheets for lease accounting. Not only are spreadsheets laden with security risks, error-prone, difficult to adjust and arduous to maintain, they are time-consuming to audit.