simpLEASE makes the FASB’s Accounting Standards Certification (ASC 842) simple. Designed to solve leasing accounting challenges for organizations of all sizes, simpLEASE is a scalable web-based solution that streamlines the lease accounting process, and provides fast and accurate results regardless of whether you have two or two thousand leases.
simpLEASE uses a wizard-based system to walk users through each step of the lease accounting process by providing easy-to-understand guidance to analyze each individual lease. By answering a series of prompts about each contract, simpLEASE produces guidance on the reporting requirements and guidelines for each lease.
Web-Based – simpLEASE is available 24×7 from any location with no IT resources required.
Lease Tracking – Provides a centralized and secure location to house lease data and documents.
Intelligent Workflow – Transparent workflow provides review of data before impacting financials and a clear audit trail.
Informative Alerts – Receive notifications for approval process and lease-related dates.
Comprehensive Reporting – Month end reports that meet 842 requirements and are exportable to Excel.
Real-Time Dashboard – Quick access to high-level data in an accessible and intuitive dashboard.
Multi-Company Access – Shared or separate options for asset class setup, ground lease structure and securities.
Scalable Pricing – Pricing is based on leases and entities, with unlimited users and support included.
ASC 842 is a lease accounting standard published by the Financial Accounting Standards Board (FASB) that requires the tracking and disclosure of all lease assets. ASC 842 replaced the previous ASC 840 standard with both public and private companies required to adopt the standard. The effective date for the new lease accounting standard is December 15, 2018, for public organizations, and December 15, 2021, for private entities and non-profit organizations.
Nearly every company or organization utilizes lease contracts as part of its day-to-day operations. (ASC) 842 will dramatically alter how companies identify leases on their annual financial statements. For some organizations, this will mean analyzing hundreds – even thousands – of individual lease contacts – a time-consuming and laborious process.
simpLEASE is a software program that provides easy-to-understand guidance to analyze each individual lease. The program was developed in conjunction with the accountants at Schneider Downs, one of the nation’s 60 largest public accounting firms. Schneider Downs has been tracking and anticipating the changes to lease accounting standards for years, and has worked extensively to understand the specifics and intricacies of the standards. Thus, simpLEASE is not only easy to use, but also serves as an extremely insightful and intuitive tool to provide accurate analysis for all lease computations.
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Schneider Downs is a Top 60 independent Certified Public Accounting (CPA) firm providing accounting, tax, audit and consulting services to public and private companies, not-for-profit organizations and global companies. We also offer risk advisory, transaction advisory, digital consulting, wealth management, retirement plan solutions and investment banking services. Schneider Downs serves individuals and companies in Pennsylvania (PA), Ohio (OH), West Virginia (WV), New York (NY), Maryland (MD), metropolitan Washington (DC) and additional states in the United States with offices in Pittsburgh, PA, Columbus, OH, and McLean, VA.
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