LeaseAccelerator is the first software vendor to develop an Equipment Lease Management application for businesses. Companies lease much of the equipment they use to run their business. Think trucks and vans; forklifts and machinery; laptops and servers. The average Fortune 500 company leases between 1000 and 10,000 pieces of equipment representing between $100M and $1B of leasing obligations.
Despite the relatively large size and dollar value of these equipment leasing portfolios, most companies use spreadsheets to track these assets. Unfortunately, spreadsheets usually are not a scalable or reliable method for tracking thousands of assets in hundreds of locations. And many companies struggle to realize the savings they expected from their leasing programs. They cannot return equipment on-time. And they pay lots of extra fees around the end of term.
LeaseAccelerator is the world’s first software application designed specifically for Equipment Lease Management. We help Fortune 500 companies in three areas:
1) Lease Sourcing - Save money on financing terms by more efficiently sourcing new equipment leases
2) Lease Performance - Reduce evergreen fees by proactively managing your leases through end-of-term
3) Lease Accounting - Comply with new IFRS and FASB accounting rules governing leases
New Lease Accounting Rules
The Financial Accounting Standards Board (US GAAP) and International Accounting Standards Board (IFRS) have announced new lease accounting rules which will require companies to provide much more detail about leases in their quarterly and annual filings (think 10-Qs and 10-Ks).
Leases will move from the footnotes of financial reports to being line items on the balance sheet. The deadline for these new lease accounting standards is 2019, but regulators (think SEC) will require up to three years of historical reporting as well (i.e. back to 2017). That means companies need to get started now!