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Private companies are fast approaching the deadline of January 2022 for implementing the process to comply with the new lease accounting standard ACS 842. The intention behind this standard is to bring every operating expense on to the balance sheet that were previously off balance sheet. What this essentially means is filling in all the
Commercial real estate is one of the worst hit industries in the wake of the pandemic. As work from home continues, with some companies opting to adopt that policy as a new way of working, many offices are actively reducing their infrastructure footprints. This is helping companies to save cost and optimize returns. According to
Whether it is lease management, lease accounting or common area maintenance (CAM) reconciliation, one thing that is crucial in order to efficiently manage these processes is access to accurate and relevant lease data. The convenience of having lease abstracted in user-friendly formats that is easy to access and understand is simply unparalleled in this market.
Lease abstraction is gaining immense popularity, and for good reason. It helps access every basic and critical lease information quickly that offers better visibility into the portfolio, enables informed decision making, and time management and administration of leases. It also allows timely compliance and accounting, thus greatly reducing any legal/financial risk. Lease abstraction, when done