LeaseAccelerator revealed several enhancements to its Lease Lifecycle Automation (LLA) platform that were designed to simplify and accelerate audit readiness. These upgrades provide corporate controllers with a more holistic view of their portfolio and greater insights about specific transactions, removing cost, risk and time from closes and audits. The enhancements include:

• Roll Forward Report (RFR): This essential close process report identifies changes between opening and closing balances with drill-down capabilities to review change events in the period. Commencing with the opening balance for lease accounting related ledger accounts, the balances are rolled forward by type of activity for activity during the period. The RFR can be run for a specific currency or all currencies, a specific deal or all deals, in addition to entities, cost-centers, business units and lessees.
• Deal Analysis Report (DAR): This report re-performs accounting calculations for each lease, at the lease inception date or upon a later inflection date, in the native currency of the lease. Instead of manually recomputing lease accounting calculations, customers can use this report to prove out the software-generated calculations. The DAR aims to make audits easier by exposing embedded formulas and tying the recomputed amounts back to the core system-generated balances.
• Lease accounting improvements: Expanded support for balance adjustments, remeasurements and impairments, including a new Adjusting Entries Analysis Report that aims to simplify understanding of the out-of-period adjustments required by any subledger with an authentic close.

“The objective of Lease Lifecycle Automation is to eliminate all manual tasks in the leasing process. This release is a major step in that journey,” Michael Keeler, CEO at LeaseAccelerator, said. “We worked closely with multiple customer focus groups to ensure we designed and built exactly what our customers want.”