BKD launches AI-powered lease solution
BKD has released a new lease accounting solution embedded with artificial intelligence.
BKD LeaseVision is designed to improve the process of businesses implementing GASB 87 and FASB Accounting Standards Codification 842 on lease accounting. The three key features of the software are a standards implementation roadmap, AI software to read lease documents, and Microsoft Excel tools.
BKD LeaseVision’s embedded AI extracts key lease terms from various lease types, and then provides a road map to help create an in-depth process framework, as well as an Excel-based tool to help perform calculations and develop lease amortization schedules.
“The core priority of LeaseVision is keeping accountants compliant with the new standards, but AI is an integral part of the overall solution,” said Amy Shreck, a director with BKD and one of BKD LeaseVision’s developers. “When we started thinking about how our clients were going to be implementing these accounting standards, we realized this would be a significant time burden. We started to think about how we could help in that process. We wanted to look at the entirety of the implementation process, and that’s why we developed LeaseVision.”
LeaseVision is built in Microsoft Excel, a tool that is second nature to accountants.
“Most businesses and organizations use Excel in their daily lives, so we knew it wouldn’t require a lot of learning,” said Jessica Richter, also one of BKD LeaseVision’s developers and a director at the firm. “We were focused on independence rules for clients that BKD does attest work for. We have rules to maintain independence to provide those services, but also wanted to help them our clients. With that in mind, we used an Excel approach that, along with other steps, will protect our independence and will not preclude us from providing those other services.
The Financial Accounting Standards Board recently approved the delay of its lease accounting standard effective date. However, “despite this delay, we are encouraging our clients and prospects to be proactive and start the process now,” Richter stated.