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LeaseAccelerator, RSM to Provide Lease Accounting Solution for Middle Market

May 10, 2018, 07:00 AM
Filed Under: Industry News

LeaseAccelerator announced RSM US LLP has joined its global partner program. RSM is the nation's largest provider of audit, tax and consulting services focused on the middle market with more than 9,000 professionals in 90 cities across the United States. To support the recent wave of major accounting changes being introduced by the standards boards, RSM has developed a lease accounting practice to assist clients with assessment, strategy, implementation and adoption management for ASC 842 projects.

The alliance enhances RSM's ability to offer its clients a leading Enterprise Lease Accounting application and a 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 powerful 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; best-in-class 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."

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