Visual Lease, a provider of lease accounting and management software, launched its Lease Accounting Milestone Planner (LAMP) tool to help companies prepare for tasks leading up to ASC 842 and GASB 87 compliance deadlines.

The Lease Accounting Milestone Planner tool provides a schedule of required tasks ahead of compliance, along with resources to assist in planning. Further, overall LAMP results can be exported in a downloadable format and dates can be added directly into calendar systems. A self-service version of the tool can be accessed by any company working toward lease accounting compliance, or users can elect to leverage a consultant to assist with their company’s LAMP output.

“It takes a lot of time and effort to prepare for lease accounting and with the changing compliance deadlines, the Lease Accounting Milestone Planner™ helps companies confidently work towards their goal with a structured, identified timeline,” Clark Convery, COO at Visual Lease, said. “We developed this tool to provide companies with guidance and clarity needed to stay on top of necessary tasks ahead of their lease accounting deadlines.”

The design of the interactive tool was informed by Visual Lease partners RSM, Grant Thornton and other industry experts, and embeds knowledge from helping more than 700 public and private companies reach compliance.

“Organizations are responsible for a lot of planning ahead of the lease accounting deadline,” Daniel Beil, technology consulting partner of RSM, said. “Knowing when to take action is critical to successfully reach their goals. The LAMP™ provides insightful information needed to prepare on time.”