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The Uphill Task of Complying with New Lease Accounting Standards

With Financial Accounting Standards Board (FASB) amending the lease accounting guidance, lessees across all industries need to account for operating leases on their balance sheet. This mandate has compelled organizations to reevaluate and revisit their lease management processes. While companies are increasingly focusing on abstracting key lease data and integrating it with lease accounting applications, managing high-volume, diverse and complex lease portfolios is a herculean task. Siloed processes, lack of relevant technology solutions and know-how to manage lease abstraction and the need for creating data migration strategies pose significant ongoing lease management challenges. The issue is further compounded by limited understanding of the regulation as well as the lease accounting platform.

Ensuring lease accounting system is current with complete, accurate, and up-to-date lease data is critical to eliminate errors in reporting and allay any risk of non-compliance. It demands training your resources and implementing new and stringent internal processes and systems to ensure accuracy and efficiency. Considering the overwhelming requirements and challenges, many companies are actively partnering with specialized service providers to leverage their data management capabilities and lease accounting expertise to ensure compliance.

We help you reduce overhead and turnaround time, increase efficiency and in turn boost profitability.

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Overcoming Data Hurdles and Optimizing Lease Accounting Practices

Drawing on our extensive industry experience, Springbord offers lease accounting services that allows you to simplify the data management process and ensure compliance with FASB ASC 842. Combining our lease abstraction and data management capabilities and technology know-how, we offer complete support at every step-of-the-way enabling you to meet all your lease accounting data requirements quickly and efficiently.

Our comprehensive lease accounting service includes a robust 7-step methodology, industry best practices, and in-depth data management expertise. We help you hit the ground running, accelerate compliance and boost lease accounting practices.

Springbord’s 7-step Lease Accounting Methodology

Identify	Compare existing and new standards to identify new data requirements
Aggregate	Understand, sample and collect data available across current assets including lessors, accounting and procurement
Abstract	Capture and summarize critical lease data from Excel spreadsheets, images, PDFs, physical and online documents
Enrich	Compare, reconcile, cleanse, enhance, and corroborate data to enhance accuracy and consistency
Validate	Gather additional information to ensure completeness including extension of time (EOT) plans, asset location, cost center, and owner of the asset
Populate	Upload verified data into the lease accounting platforms
Review & Classify	Capture key financial variables and categorize as operating, capital or finance lease

Leveraging the Springbord Advantage

Springbord brings years of domain and industry experience in providing an array of lease management, abstraction, accounting, auditing and data migration services. Drawing on our long-term relationship with several real estate companies across the globe we have built in-depth capabilities and resources that enable us to offer focused and advanced data management solutions.

With us as your partner you can build robust lease management capabilities and agility, optimize lease inventory and data capture practices and boost financial reporting and accuracy. By partnering with us you can derive quantifiable benefits in terms of cost, process efficiency, and optimized productivity through following advantages that we bring to every engagement.

In-depth knowledge of accounting practices and FASB changes
Dedicated team of lease accounting professionals with diverse background and training
Extensive experience working with global real estate companies
Robust quality assurance practices backed by Six Sigma practices
Guaranteed data protection and integrity

Talk to us to find out how our services can help you off-load the overwhelming burden of lease accounting data management activities, overcome pressing issues and optimize lease accounting efficiency while ensuring timely regulatory compliance.