LeaseAccelerator, RSM Partner on Middle Market Lease Accounting Solution

RSM, a provider of audit, tax and consulting services for the middle market, joined LeaseAccelerator’s partner program. RSM has developed a lease accounting practice to assist clients with assessment, strategy, implementation and adoption management for ASC 842 projects. The alliance with LeaseAccelerator will enhance RSM’s ability to offer its clients a leading Enterprise Lease Accounting application and broad range of services, including:

* Process transformation – Assessment of a company’s current policies and controls, data and systems, and people and processes; design of a future-state model that leverages LeaseAccelerator’s lease sourcing and management capabilities
* Data collection – Identification of the data required to perform accounting under the new standards as well as abstraction of the necessary data from leasing contracts, invoices and purchase orders
* Software implementation – Upload of leasing data and master data into LeaseAccelerator’s application; configuration of accounting policy elections and practical expedients for the ASC 842 standards
* Day Two support – Ongoing operational support for the lease accounting program after the initial compliance deadline; lease management processes across the organization to reduce costs and optimize use of capital

“The new leasing standard, ASC 842, is complex and represents a revolution in accounting,” said Scott Vanlandingham, a principal with RSM. “The implementation of this standard requires involvement throughout the entire organization. No longer strictly within finance, the standard involves groups, such as IT, to implement new systems and to manage the accounting and disclosures. Our new alliance with LeaseAccelerator will help RSM offer a complete solution that includes technology, consulting and ongoing support to clients seeking a managed service for compliance.”

“With deadlines for the new leasing standards swiftly approaching, our customers are seeking service providers that can not only advise on the technical accounting issues with ASC 842, but also assist with process transformation, data collection and software implementation,” said Tyler Mills, vice president of global alliances for LeaseAccelerator. “RSM now brings a complete solution that includes best-in-class software, consulting for day one compliance, but also support for day two and beyond.”

LeaseAccelerator’s Global Alliance program enables audit, tax and advisory firms, as well as finance and accounting business process outsourcing (BPO) providers, to assist their clients with implementation of the new ASC 842 and IFRS 16 standards. By leveraging LeaseAccelerator’s Enterprise Lease Accounting application, alliance members can offer an expanded set of consulting, implementation and managed services to clients seeking assistance in transitioning their accounting and financial reporting processes.

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