Kyriba releases new lease accounting software
Kyriba, which makes cloud treasury and financial management software, has released a new lease accounting solution. The tool centralizes all corporate leases and offers consolidation of lease data, auditable workflows and automated calculations.
The new module within the Kyriba software ecosystem was built in anticipation of new international accounting standards, such as IFRS 16, scheduled to go into effect on Jan. 1, 2019, at which time corporations will be required to prepare detailed reporting and calculations for “off balance sheet” leases.
The lease accounting module can be subscribed to separately or in conjunction with Kyriba’s cash and risk management, payments and working capital solutions ecosystem. Key features include:
- Multi-lingual central repository of all leases, managed in the cloud.
- Data exchange import and/or copy and paste from Excel.
- Document attachment for full visibility and auditability of lease details.
- Automatic calculation and reporting of values for asset, liability and depreciation.
- Management of life-cycle events such as early termination, extensions, returns, renewals and purchases.
“Without an automated solution, corporations must rely on manual input, making them vulnerable to lack of auditability and visibility,” said Bob Stark, vice president of strategy at Kyriba, in a statement. “Combined with recently announced capabilities for real-time fraud detection, advanced hedge accounting, multi-lateral netting and cash management, the development of the lease accounting solution demonstrates Kyriba’s commitment to meeting the evolving needs of senior finance leaders.”
The fraud solution Stark refers to is the module Kyriba released last year, which helps accountants monitor, detect and stop payment fraud in real-time. Users can also implement custom detection screening rules to prevent suspicious payments being made.
For more information on Kyriba’s lease accounting solution, visit https://www.kyriba.com.