New accounting regulations regarding leases from the US Financial Accounting Standards Board (FASB) and from the worldwide body the International Accounting Standards Board (IASB) have a significant impact on financial reporting. These new standards ASC 842 and IFRS16 became effective for public companies since the fiscal year 2019.
Planon Lease Accounting Solution ensures timely reporting readiness and eliminates risk of non-compliance regarding the new accounting standards, with a fast on-boarding and compliant lease management and calculation of profit & loss related costs, cash flows and balance sheet parameters for leases. The solution is approved by a Big Four accountancy firm and supports both lessors and lessees.
Planon Lease Accounting Solution increases processing efficiency, eliminates decentralized administration, and reduces effort and costs with one integrated lease management solution that seamlessly connects with any ERP. This solution supports extensive additional cost reduction opportunities by the unique integration of lease management with your mid and long-term workplace strategy, real estate portfolio management, and enterprise asset management processes.
Planon Lease Accounting Solution offers a compliant lease management and accounting process for property and asset lease contracts. Furthermore, the solution enables managers to make informed decisions regarding portfolio changes, lease renewals and lease proposals, presented in the language of senior business management, controllers and accountants.
Easily import lease data from your existing contract administrations or by the integration with specialized lease abstraction software.
Reduce or eliminate decentralized systems and manage all lease contracts, relevant data, renewals, indexations and new disclosures in a standardized SOX compliant solution.
Ensure compliant financial calculations and reporting based on current and new lease accounting standards that allow a seamless transition period.
Export postings in a compliant way to any ERP or accounting system that leads to journal entries in your company’s general ledger(s).
Combine lease accounting with other processes like real estate portfolio and asset management, strategic space planning, and capital projects to support strategic decision making.
'The guidance responds to requests from investors and other financial statement users for a more faithful representation of an organization’s leasing activities.'
FASB Chair Russel, G. Golden
Our focus on integration and technology
- This solution offers seamless integration with existing lease administration and your financial systems. This ensures a fast and secure import of existing lease data and a seamless exchange of postings to your general ledger.
- Lease documents can be scanned and analyzed by specialized lease abstraction software that can be integrated with this solution to support a fast on-boarding of non-digital data.
- Planon Lease Accounting Solution can be installed on-premise or operated in our state-of-the-art and highly secure cloud platform that reduces total costs of ownership and increases your flexibility.
Our proven best practices
- Planon Lease Accounting Solution includes a best practice called Accelerator, which includes pre-configured processes, including workflows, catalogues, reports, dashboards, templates, roles, authorizations, data import facilities and configuration descriptions.
- Planon’s best practices reduce time, costs and effort spent in process design and implementation.
- Accelerator offers the flexibility to adapt Planon innovations and new business processes easily and quickly. This ensures alignment with evolving needs and allows you to innovate continuously.
Our professional services
- Planon Lease Accounting Solution encompasses professional services during its full lifecycle, starting with the initial implementation in your organization until the use in daily operations, application management and solution expansion.
- Planon collaborates with global partners that are specialized in accounting transition projects to ensure a professional and fast implementation.
- Full operations services include a performance based SLA on response times and system availability, 24/7 support worldwide, implementation of configuration changes, additional reports and dashboards, authorization control, and base data management.
In collaboration with specialized partners, Planon offers a series of services that ensure a timely implementation and create a foundation of support during the full solution lifecycle. With these services, Planon and its partners bring essential knowledge, best practices, and experience to help you get compliant. After the initial implementation, these services reduce the Total Cost of Ownership (TCO), increase the flexibility in use, and make your Planon software scalable. Learn more about our Lifecycle Services.
- Executive management consultancy and professional change management.
- Specialized accounting services on IASB and FASB.
- Data import and data verification services.
- Fine tune the Accelerator best practices to your specific needs.
- Help you to configure additional processes, reports and KPIs.
- Configure web services or XML-based system integrations.
- Offer standard or customized classroom training for all types of users.
- Provide generic and solution specific E-learning courses.
- Combine classroom training with E-Learning to let you benefit from blended learning.
- Helps you to manage and stay in control during implementation.
- Uses proven methodologies such as Prince2.
- Ensures project delivery on time and in budget.
- Includes extensive global support by telephone or email.
- Offers the option of Premium support to extend your Service Level.
- Offers optional worldwide 24/7/365 support.
- Ensures alignment with future changes through functional management.
- Lets you benefit from accurate data sets and software through application management.
- Guarantees continuity of IT infrastructure through technical management.
- Use Planon’s Customer Connect platform for software downloads, information, and FAQs.
- Explore, meet and learn from the global Planon community.
- Easily share your experience with other peer organizations.
- Benefit from a secure Cloud Service based on Amazon Web Services technology.
- Benefit from automated installation of software updates and new releases.
- Don’t worry about infrastructure, backups, and system maintenance.
Learn more about Planon Lease Accounting Solution
Planon Lease Accounting Solution
Effective as of January 2019, organizations must comply with a new set of lease accounting regulations form FASB, IASB, and GASB. Get compliant now with Planon Lease Accounting Solution.Read more
Refresco has more than 1,800 leased assets worldwide. In order to get compliant with the new IFRS 16 lease accounting standards, all external reports needed to comply with the new regulations.Explore now
How new lease accounting standards will impact your business
A lot is changing in lease accounting with 2019 underway. Starting January 1, 2019 – FASB, GASB, and IASB have new standards. This immediately raises several questions regarding the journey to becoming compliant and how these new standards impact your organization. In this FAQ, we’ll provide some expert insight to put your mind at ease.Read more