Grant Thornton introduces LeaseCom Analytics
Chicago-based firm Grant Thornton LLP has introduced a new product, LeaseCom Analytics, which uses analytics and machine-learning capabilities to automatically provide a full picture of a company’s lease portfolio.
“LCA is a critical tool in helping companies deal with volumes of disparate data. It absorbs data about leased equipment and spaces from multiple IT systems on an ongoing basis, and then looks for recurring payments to the same vendor, simplifying the process of verifying an accurate list of leasing transactions,” Joe Brown, Grant Thornton’s national managing partner, Strategic Federal Tax Services and ASC 842 Advisory Services, said in a statement.
Brown said LeaseCom Analytics is “flexible and comprehensive, and can save users thousands of man hours identifying, collecting and verifying lease information.” The tool is designed to facilitate continuous compliance with ASC 842 requirements. “That’s time and resources that companies could otherwise deploy for value-added activities,” he added.
LCA is targeted at globally dispersed teams that need to go beyond establishing compliance visibility to automate the process.
“Without automation, companies are exposing themselves to increased risks and may even be disseminating inaccurate information,” stated Brown. “It’s simple: With LCA you’re reducing errors and increasing compliance confidence with little organizational impact.”
Grant Thornton developed LCA specifically to help clients as they move beyond the initial ASC 842 compliance deadline. The solution complements Grant Thornton’s LeaseX offering, an ASC 842 readiness assessment tool that integrates with market-wide lease software used by organizations to implement leasing standard compliance programs.
“LCA, like a healthy diet, is an ongoing solution – a way to stay compliant with known and unknown lease obligations, with minimal operations impact,” concluded Brown.
For more information about LCA, visit GT.com.