With recent accounting standards requiring organizations to analyze their current lease catalog, public sector entities face new challenges as they work toward compliance. Crowe has therefore introduced its Lease Accounting Optimizer, a public sector tool to help these organizations track, account and report on lessee and lessor leases to comply with Governmental Accounting Standards Board (GASB) Statement No. 87.

The Lease Accounting Optimizer helps organizations overcome challenges and streamline lease accounting business processes. The tool combines lease management with a financial calculator for organizations seeking compliance with GASB 87 regulations on accounting standards for leases.

The optimizer includes:

• Tracking of lessee and lessor leases
• Automatically generation of variable payments
• Automation of the lease payment processes and eliminates duplicate data entry, making lease accounting compliance less labor-intensive
• Built-in audit controls and lease payment traceability
• Instant cash flow and lease analysis

“Public entities can often be both a lessor and lessee, making their overall lease portfolio incredibly complex,” said Tom Reznicek, Crowe performance consulting principal. “We developed this tool to provide critical analyses and automate processes to not only help meet the GASB compliance standards, but also assist public sector entities in running their day-to-day operations better.”
For more information on lease accounting, visit the Crowe government website.

Crowe is a public accounting, consulting and technology firm with offices around the world. It provides audit services to public and private entities.