CHICAGO, July 29, 2020 /PRNewswire/ -- Microsoft Corp. and Crowe LLP today announced that Microsoft has licensed the Crowe Lease Accounting Optimizer solution for Microsoft Dynamics™ 365 Finance. Crowe, a public accounting, consulting and technology firm with offices around the world, developed the technology solution to help companies manage their lease accounting processes efficiently while promoting compliance with lease accounting standards. Crowe is a Microsoft Business Applications Inner Circle partner, a designation that represents the top 1% of all organizations in the Microsoft Business Applications group.
"Crowe used their deep accounting experience and leading financial technology development experience to create a truly useful tool that allows Microsoft Dynamics 365 Finance users to automate their lease accounting processes while working in the same business management platform that they're already accustomed to," said Georg Glantschnig, general manager of Dynamics 365 Finance at Microsoft. "We're thrilled to bring these business management tools directly to Microsoft Dynamics users with this exciting technology collaboration."
"Crowe has an extensive history of working closely with Microsoft's Business Applications teams to bring specialized industry, accounting and compliance solutions to the Microsoft Dynamics platform," said Josh Cole, managing principal of the consulting team at Crowe. "We're excited to share our lease accounting solution with Microsoft so even more organizations throughout the world can harness their lease data to automate record keeping and improve compliance."
Many companies that lease assets such as property or equipment are now required to record leases on their balance sheets to comply with new lease accounting standards under FASB ASC 842 and IFRS 16. The Crowe Lease Accounting Optimizer for Microsoft Dynamics 365 Finance streamlines the accounting process by:
- Calculating the present value of discounting cash flows of future minimum lease payments
- Measuring the right-of-use asset and lease liability initial recognition
- Calculating the subsequent measurement journal entries for the right-of-use asset and lease liability
- Performing multibook accounting under parallel standards
- Generating modification journal entries and schedules automatically after lease modifications
- Creating a full suite of reports to help satisfy disclosure requirements
Crowe will continue to support the Crowe Lease Accounting Optimizer for its existing customers and provide other digital accounting solutions that complement Microsoft Dynamics 365. Crowe is also uniquely positioned to help Microsoft's client base utilize the new features of the Crowe Lease Accounting Optimizer.
The Crowe Lease Accounting Optimizer for Microsoft Dynamics 365 Finance was developed through the Crowe innovation fund. Each year, Crowe invests about 1% of firm revenue in new product development funding to expand on ideas brought forward by its people.
For more information on Crowe lease accounting services, please visit: Lease accounting software.
Crowe LLP is a public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
SOURCE Crowe LLP