LeaseAccelerator, a lease lifecycle automation (LLA) software company, launched EZLease, an automated lease calculator for rapid, low-cost compliance.
EZLease is a lease accounting software that supports the requirements of lessees and lessors for all standards in one fully-integrated application. EZLease was designed to reduce the cost of manually generating lease accounting journal entries by automating calculations and processes. With EZLease, lessees and lessors can manage lease data at the asset, contract or portfolio level with full data validation and more than 15 standard reports. The application allows users to upload GL data to Sage Intacct, Infor, Microsoft Dynamics, QuickBooks, Xero, NetSuite and other accounting applications.
“Upon implementing ASC 842 for our 64 leases, we had Excel spreadsheets built for compliance. These spreadsheets initially worked, but as more changes went into the leases, each spreadsheet became more complex and likely to have errors,” Brad Chapman, CFO of Vintage Stock, said. “Within a few days of purchasing EZLease, we were up and running. We can now make changes more easily and be confident that they are reflected correctly in the financials. This was especially valuable for the temporary abatements and lease changes we dealt with during the COVID-19 shutdown.”
“EZLease already has a large global user community of satisfied, referenceable customers spanning universities, hospitals, government agencies, public and private companies,” Michael Keeler, CEO of LeaseAccelerator, said. “ŅGASB lessees and lessors don’t have to wait on promises of future features as everything they need for compliance is within the product today.”
To assist companies through COVID-19, LeaseAccelerator is offering six months free to new EZLease customers who purchase in 2020.
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