Springbord

Springbord

M E N U
  • Home
  • About Us
  • Industry
  • Services
  • Why Springbord?
  • Resources
  • Contact Us
    • Real Estate
    • E-Commerce
    • Financial Services
    • Information Publishing
    • Online Travel Aggregators
    • Shipping
    • Data Management
    • Content Writing
    • Property Management
    • Finance & Accounting
    • Predictive Analytics
    • Sports Data Capture
  • Thought Leadership
  • Blog
  • Case Studies
  • White Papers
  • Brochures
    • Careers   /
    • Privacy Policy   /
    • F.A.Q.   /
    • Terms and Conditions   /
    • Sitemap   /
    • Disclaimer Policy
MENU
  • Home
  • About Us
  • Industry
  • Services
  • Why Springbord
  • Resources
  • Case Studies
  • White Papers
  • Brochures
  • Contact Us
  • Home
  • About Us
  • Industry
    • Real Estate
    • E-Commerce
    • Financial Services
    • Information Publishing
    • Online Travel Aggregators (OTA)
    • Shipping
  • Services
    • Data Management
    • Content Writing
    • Property Management
    • Finance & Accounting
    • Predictive Analytics
    • Sports Data Capture
  • Product
    • Indian Private Company Database
  • Why Springbord?
  • Resources
    • Blog
    • Case Studies
    • Brochures
  • Contact Us

Top 3 reasons to outsource lease accounting

  • Home
  • Real Estate
  • Top 3 reasons to outsource lease accounting
 

Top 3 reasons to outsource lease accounting

Top 3 reasons to outsource lease accounting

The new lease accounting regulatory standard issued by Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) has put companies under immense pressure. The accounting rules are extensive and complex, making it a daunting task for business who are scrambling to adjust to the new mandates.

According to a PWC survey, the key challenges are rather tangential to accounting. As per the report – system implementation, data management, and skilled resources are top 3 challenges facing companies as they try to streamline lease information and comply with the new standards.

Top 3 reasons to outsource lease accounting

Considering these challenges, companies are increasingly adopting outsourcing to overcome the hurdles and successfully comply with ASC 842. And here are 3 key reasons why outsourcing is fast emerging as a go-to strategy.

Comprehensive lease data management
The most central aspect to complying with the new rules is efficient and centralized management of lease data. The scale and scope of data management required has stunned companies, as most of them rely on legacy systems and siloed processes and systems to manage lease information. The challenge is lack of control over and visibility into lease data, leading to missing or inconsistent information. Even in cases where organizations have managed digitalize lease data management, cleaning, processing, validating, and auditing still remain a major issue.

Outsourcing helps facilitate not just centralized but comprehensive lease data management. It helps capture, consolidate, clean, and process real estate as well as equipment lease information into easy-to-access format. Efficient management of lease data goes beyond compliance, enabling companies to make use of data for advanced analytics and insights that support strategic and profitable decision making.

Experienced and skilled resources
The new lease accounting standard has wide and significant implications on financial operations of a company. Therefore, it is critical to have dedicated and experienced professionals with knowledge about the complex regulatory and its data requirements with proficiency in handling new lease management software solutions. Despite the dire need, companies are struggling to recruit, train and retain specialist, due to talent shortage and cost implications.

By outsourcing lease accounting data management, business can have easy access to dedicated and skilled resources at a viable cost. It not only helps optimize investment but also overcome resource constraints. With access to specialists focused on ASC 842 lease standard, companies can easily streamline lease accounting and remarkably boost lease information management.

Improved process efficiency
Process efficiency is key to ensuring timely compliance with the new standards. However, considering the way lease information is managed, organizations are under immense pressure to re-organize and transform lease management processes. Completely transforming the existing processes demand huge cost and time investments. Plus, the whole project planning and execution is complex and exhaustive, and if not done methodically can hinder the success of process transformation and transition.

Outsourcing allows companies to get access to proven, reliable resources and industry best practices at a fraction of cost needed to set up the process in-house. Partnering with a specialized vendor helps companies improve process efficiency, streamline lease data management, and minimize cost, while they focus on core business objectives.

Whether you want to streamline end-to-end lease data management process or need custom support along the way, we can help you address every lease accounting data management challenge. Springbord has developed in-depth real estate domain expertise helping companies streamline lease data management and portfolio performance. To know more about how we can help you ensure compliance and exploit lease data to your advantage, talk to us today.

lease accountingLease Accounting OutsourcingLease Accounting Services
Read more
0
Admin
Monday, 07 December 2020 / Published in Real Estate
Lease Abstraction Services
Amazon Marketplace Management and Product Listing Services
  • Tweet
Tagged under: lease accounting, Lease Accounting Outsourcing, Lease Accounting Services

What you can read next

Are you planning to hire a property management company? Is it worth the cost?
5 Key Advantages of Outsourcing Lease Abstraction & Management
2017 Commercial Real Estate Trends - The Road Ahead
2017 Commercial Real Estate Trends – The Road Ahead

Blog Search

Recent Real Estate Posts

  • The growing importance of lease abstraction

    The growing importance of lease abstraction

  • Take real estate marketing up a notch by outsourcing maps and aerials

    Take real estate marketing up a notch by outsourcing maps and aerials

  • Top 3 things to consider to ensure accurate CAM reconciliation

    Top 3 things to consider to ensure accurate CAM reconciliation

  • Are you aware of your CAM charges or are you overpaying?

    Are you aware of your CAM charges or are you overpaying?

  • The growing importance of image rendering in real estate

    The growing importance of image rendering in real estate

Recent Posts

  • The growing importance of lease abstraction

    The growing importance of lease abstraction

  • Top 5 tips for sellers to consider to maximize sales on Amazon

    Top 5 tips for sellers to consider to maximize sales on Amazon

  • Take real estate marketing up a notch by outsourcing maps and aerials

    Take real estate marketing up a notch by outsourcing maps and aerials

  • Top 3 things to consider to ensure accurate CAM reconciliation

    Top 3 things to consider to ensure accurate CAM reconciliation

  • Do you know that Amazon SEO is key to boosting your online sales

    Do you know that Amazon SEO is key to boosting your online sales?

Explore by Categories

  • Accessibility Services
  • Artificial Intelligence
  • Big Data
  • Blockchain
  • Case Studies
  • Content Marketing
  • Data Analytics
  • Data Management
  • eCommerce
  • Finance and Accounting
  • Financial Services
  • GDPR
  • General
  • Healthcare
  • Indian Private Company Database
  • Information Services
  • Lease Abstraction
  • Marketplace Management
  • Mobile Commerce
  • Niche Database
  • Online Travel Aggregator
  • Price Monitoring
  • Real Estate
  • Social Media
  • Sports Data Capture
  • Springbord
  • Technology

GET A FREE QUOTE

Please fill this for and we'll get back to you as soon as possible!

Connect With Us
hello@springbord.com

Categories

Real Estate

Lease Abstraction
Lease Administration
Lease Accounting
CAM Reconciliation
Argus Financial Modeling
Real Estate Marketing

Categories

E-Commerce

Marketplace Management
Amazon Marketplace
Product Description Writing

Springbord is a leading global information service provider specialized in providing customized data solutions to diverse industries.

Industry

Real Estate
E-Commerce
Financial Services
Information Publishing
Online Travel Aggregators
Shipping

Services

Data Management
Content Writing
Property Management
Finance & Accounting
Predictive Analysis
Sports Data Capture

Company

About Us
Why Springbord
Thought Leadership
Contact Us

Stay Connected

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

© Springbord. All rights are reserved

Careers   /   Privacy Policy   /   F.A.Q.   /   Terms and Conditions   /   Sitemap   /   Disclaimer Policy

TOP