EY-LeaseAccelerator alliance provides new lease accounting and contract management service
EY U.S. has partnered with LeaseAccelerator to provide a new lease accounting and contract management service offering for organizations of any size.
The new service from EY will leverage LeaseAccelerator’s accounting and lifecycle management software to provide customers with a managed service capable of filling needs globally. The U.S.-based alliance will also be active in Germany, and global expansion of the service is planned over time.
The Big Four firm noted that organizations are beginning to move past basic compliance needs for their IFRS 16 Leases, the recently updated lease accounting standard from the International Accounting Standards Board, 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.
EY advises that financial executives in a variety of organizations should consider transitioning from manual workstreams to highly automated and compliant lease accounting processes, especially because 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 of the pandemic.
“Organizations demand modern software and improved processes to allocate time, resources and talent efficiently. Working closely with LeaseAccelerator, EY teams can now assist clients that need to provide a broad, managed service offering,” said Stefan Pfeiffer, a Financial Accounting Advisory Services partner at Ernst & Young GmbH, in a statement. “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.”
"In many organizations, leasing is a decentralized, cross-functional, manual and broken process lacking accountability, controls and experience,” added LeaseAccelerator Michael Keeler, also in a statement. “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.”