Press release

16 Jul 2020 London, GB

EY and LeaseAccelerator form strategic alliance in lease accounting and contract management

Press contact

Joanna Hardy

Assistant Director, Global Media Relations and Social Media, Global Alliances and Acquisitions; Global Innovation, Technology and Solutions, Ernst & Young LLP

Media relations and social media professional. Runner, traveler, fitness enthusiast, news connoisseur and lover of puns.

  • Alliance provides increased transparency over critical lease terms
  • Helps reduce cost, risk and time to simplify the compliance experience

EY today announces a strategic alliance with LeaseAccelerator and Ernst & Young LLP (EY US) to provide a transformational lease accounting and contract management service offering for organizations of all sizes. The alliance will also be activated in Germany with additional global expansion over time. Combining EY teams’ experience and global footprint with LeaseAccelerator’s industry-leading lease accounting and lifecycle management software, the alliance provides organizations with a managed service capable of filling needs globally.

Organizations are beginning to move past the basic compliance needs for their IFRS 16 Leases, the recently updated lease accounting standard from the International Accounting Standards Board (IASB), which changes how to account for leases in financial disclosures. Due to this transition, experienced and dedicated lease accounting and contract management services can help simplify the management of global lease portfolios and provide customer-defined outcomes.

Financial executives in a variety of organizations should consider transitioning from manual, fractured and expensive workstreams to a highly automated and compliant lease accounting process. This upgraded approach provides accuracy and timeliness of lease data, consistent application of policies and transparency of critical lease terms. Transparency is key to unlocking the hidden potential in organizations’ leased assets – reducing costs, preserving cash, generating new free cash flow and increasing the flexibility of contractual obligations. Lease portfolio control and flexibility have never been more essential as businesses face new challenges and economic instability due to COVID-19 disruption and in the aftermath.

Stefan Pfeiffer, Partner, Financial Accounting Advisory Services, Ernst & Young GmbH, says:

“Organizations demand modern software and improved processes to allocate time, resources and talent efficiently. Working closely with LeaseAccelerator, EY teams can now assist clients on that need to provide a broad, managed service offering. Businesses of all sizes can leverage deep experience in lease accounting and contract management deployed on a SaaS platform designed to scale to their needs. EY teams can serve clients with transparency and flexibility to help them manage their lease portfolio and reframe their future in the new business reality during the COVID-19 pandemic and beyond.”

Michael Keeler, Chief Executive Officer, LeaseAccelerator, says:

“In many organizations, leasing is a decentralized, cross-functional, manual and broken process lacking accountability, controls and experience. LeaseAccelerator has teamed up with EY professionals to address this problem by offering a new managed services option – an opportunity for financial leaders to refocus on their core mission by outsourcing the leasing lifecycle to a proven, trusted and truly global organization, while liberating professionals to transition to new, mission-impacting challenges. The EY integrated managed services offering is a healthy, long-term and affordable way forward where everyone wins.”

For more information, visit ey.com/alliances.

-ends-

Notes to editors

About EY

EY is a global leader in assurance, tax, strategy and transactions and consulting services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.