Buyer’s Guide to Lease Accounting Software Selection

This guide serves as a comprehensive resource for selecting lease accounting software that meets the requirements of new lease accounting standards such as FASB ASC 842, IASB IFRS 16, and GASB 87. It outlines the complexities involved in lease management, including the need for accurate tracking of lease obligations and compliance with evolving regulations. The document emphasizes the importance of involving key stakeholders across the lease lifecycle to ensure a unified approach to lease management. It details the essential features to look for in software, such as automation of calculations, transparency in reporting, and the ability to manage dynamic lease terms. Additionally, the guide provides strategies for gaining internal buy-in and navigating the buying process, highlighting common pitfalls and the necessity for robust implementation support. By following the recommendations in this guide, organizations can enhance their lease management processes and ensure compliance with accounting standards while optimizing their lease portfolios.