By LeaseCrunch® on Feb 23, 2022 9:47:50 AM
This is the second time LeaseCrunch has had a product named a top new product by Accounting Today.
LeaseCrunch, a cloud-based lease accounting software company, announced LeaseCrunch Verify is a top new product of 2022, as named by Accounting Today.
In recognizing LeaseCrunch, Accounting Today said: “With private companies finally adopting the “new” lease accounting standards after several years of delay, there’s a huge market for tools to help them manage ASC 842, so it’s no surprise that there’s a pool of great software solutions for them to pick from. We put LeaseCrunch Verify on this year’s Top New Products list because of its specific applicability to the accountants who serve businesses that adopted ASC 842: It’s a simple tool that lets accountants audit their clients’ lease accounting, checking calculations and identifying errors with ease.”
“We are honored that Accounting Today recognized LeaseCrunch Verify as a top product,” said Ane Ohm, LeaseCrunch CEO. “LeaseCrunch Verify provides firms with a simple tool that allows them to audit their clients’ lease accounting in an efficient, transparent and cost-effective way. It reduces audit time and gives firms better economies of scale, which is becoming increasingly important as firms face staffing challenges.”
LeaseCrunch Verify allows CPA Firms to add all client accounts from a single dashboard and immediately enter and test a sample size of their leases. Firms can also add the selected sample of leases to their Prepared By Client list and invite clients to enter the leases directly in their own secure account.
With LeaseCrunch Verify, firms can export the Amortization Schedule to audit:
- Lease asset at the beginning of year and end-of-year;
- Short term and long-term lease liability at beginning of year and end-of-year;
- Amortization expense;
- Interest expense;
- Variable expenses;
- Modification or re-measurement calculations for revised leases.
Using the LeaseCrunch Verify Automated Amortization Schedules, firms can quickly assess whether incorrect client inputs will require an adjusting entry. Inputs that frequently require analysis include:
- Client entered a generic discount rate;
- Client didn’t include an option (e.g., renewal, termination, purchase);
- For lease assets that will be purchased at the end of the lease, client used the Lease Asset life equal to the term;
- Client forgot to combine lease and non-lease components for a given lease;
- Client forgot to include a payment/receipt as required by the applicable standard.
This is the second time LeaseCrunch has had a product named a top new product by Accounting Today. The first time was in 2019 for LeaseCrunch, a full lease accounting solution for CPA firms.