LeaseAccelerator was recognized as one of 2017’s top 10 financial reporting solution providers in the latest edition of CFO Tech Outlook.

The annual list of companies has been selected by the panel of experts and members of CFO Tech Outlook’s editorial board to recognize and promote technology entrepreneurship. LeaseAccelerator’s recognition is based upon its innovation in providing “push-button” reporting capabilities for the new lease accounting standards.

LeaseAccelerator is the first application on the market to provide asset level accounting and financial reporting for both current and new U.S. GAAP and IFRS standards, a core requirement of the new standards. Specifically, LeaseAccelerator’s Enterprise Lease Accounting software can support:

• New Accounting Standards – LeaseAccelerator’s lease accounting sub ledger supports the new ASC 842 and IFRS 16 standards. Journal entries are recorded at the asset, schedule and portfolio levels that are then published to general ledgers such as SAP, Oracle and Workday.
• Current Accounting Standards –LeaseAccelerator has supported the current lease accounting standards (ASC 840 and IAS 17) since 2009 including turnkey reporting of the required contractual obligations disclosure.
• Transition Accounting – Companies following US GAAP will be required to provide three years of comparative reporting for income statements and two years for balance sheets.

“The new leasing standards are one of the biggest accounting changes in history, bringing trillions of dollars of assets and liabilities onto corporate balance sheets,” said Michael Keeler, CEO of LeaseAccelerator. “We are pleased that not only LeaseAccelerator, but this new category of software – enterprise lease accounting – is being recognized for its contribution to the advancement of the industry.”

LeaseAccelerator is a provider of enterprise lease accounting software. Using LeaseAccelerator’s proprietary asset-based Global Lease Accounting Engine, customers can account for all categories of leases including real estate, fleet, IT, material handling and other equipment at an asset-level. On average, LeaseAccelerator’s Lease Sourcing and Management applications generate savings of 17% on equipment leasing costs.