Crowe creates lease accounting software for government organizations
In response to recently released accounting standards requiring organizations to analyze their current lease catalog, Top 100 firm Crowe has released a new lease accounting tool, the Crowe Lease Accounting Optimizer for public sector.
The software is designed to help governmental organizations track, account for and report on lessee and lessor leases to comply with the Governmental Accounting Standards Board's Statement No. 87.
Designed by the accounting and technology professionals at Crowe, the new tool combines lease management with a financial calculator for organizations seeking compliance with GASB 87 regulations on accounting standards for leases.
The tool allows accountants to:
- Track lessee and lessor leases;
- Automatically generate variable payments;
- Automate the lease payment processes and avoid duplicate data entry;
- Use built-in audit controls and lease payment traceability; and
- Perform cash flow and lease analysis.
“Public entities can often be both a lessor and lessee, making their overall lease portfolio incredibly complex,” said Tom Reznicek, Crowe performance consulting principal, in a statement. “We developed this tool to provide critical analyses and automate processes to not only help meet the GASB compliance standards, but also assist public sector entities in running their day-to-day operations better.”
For more information, visit the Crowe government website.