Lease accounting and contract management
For many reasons, lease accounting can be a challenge for organizations. EY teams can help you rethink and transform your lease accounting and contract management processes.
What EY teams can do for you
Keeping their lease data up to date can be a major challenge for many organizations. While some may struggle with the technology aspect, high workload or poor processes, others contend with deficient Internal Control over Financial Reporting (ICFR). Often, processes and systems established during a transition to International Financial Reporting Standards (IFRS) 16 do not consider current developments or take advantage of state-of-the-art technology offerings.
The EY Lease Accounting and Contract Management service automates your lease process, which can lead to efficiency gains and cost savings.
It is because of these challenges that companies should look to transform. But how can you transform and automate your lease process while managing daily accounting and reporting requirements? How can you comply with regulatory requirements?
Combining EY teams’ experience and global footprint with LeaseAccelerator’s industry-leading lease accounting and lifecycle management software, EY teams can serve you with transparency and flexibility to help you transform your lease accounting and contract management processes. They can also help you to reframe your future in the new business reality during the COVID-19 pandemic and the upcoming economic rebound and provide services to assist with:
- Automating lease processes
- Rethinking your lease accounting and contract management
- Transferring your global lease process into a central shared service center
- Implementing supporting enterprise software
Tailored to your specific requirements, the services can range from lease sourcing and lease data capturing to reporting, dashboarding and capturing lease events for the timely close process. The services can be provided either as a full end-to-end service or in a modular approach.
Potential business benefits of this service can include:
- A globally harmonized lease process in a more effective and controlled environment
- Substantial savings in equipment lease costs, with online procurement, efficient end-of-term management and KPI reporting
- Additional savings in real estate lease costs, with efficient end-of-term management, KPI reporting, improved space efficiency, smarter contracts and regional contract bundling
- Lower compliance costs through the use of artificial intelligence (AI)- and robotic process automation (RPA)-based lease technology
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