Nuvolo Lease Accounting Capabilities Verified for SOC 1 Type 1 Compliance

Nuvolo engaged Grant Thornton to assess their software solution's compliance with FASB ASC 842 and IFRS 16 lease accounting requirements.

PARAMUS, N.J., March 23, 2022 /PRNewswire/ -- Nuvolo, the world's fastest-growing workplace software company, today announced that they have successfully completed a SOC 1 Type 1 examination based on the AICPA's Standards for Tax Services for their lease management capabilities. The examination, which evaluated the design and implementation of their financial operations, technology, and reporting controls relevant to user entities financial reporting, verified that the lease management capabilities fully comply with FASB Accounting Standards Codification ASC 842 and International Accounting Standards Board's IFRS 16.

The Nuvolo lease management capability was natively built as part of the Real Estate product, so current customers and new prospects will benefit from immediate compliance.

"Nuvolo has invested time and resources to developing comprehensive lease management functionality that is not only easy to use, but also strictly adheres to industry standards," said Asim Risvi, Chief Product Officer, Nuvolo. "Our customers can rest assured that their lease accounting entries fully comply with required standards without sacrificing user experience."

The Nuvolo real estate product has gained significant traction in the market and is already being used by global retailers, telecommunications, government, healthcare, and financial services companies.

These companies require their leases adhere to the FASB Accounting Standards Codification ASC 842 and International Accounting Standards Board's IFRS 16.

The System and Organization Controls (SOC) examination was completed by Grant Thornton LLP, an independent Certified Public Accountant (CPA), and provided transparency relative to the control environment between the company and its customers or stakeholders.

"We have always been fully committed to helping customers defend their data and maintain compliance," said Tom Stanford, CEO, Nuvolo. "This successful SOC examination validates our strict adherence to industry standards and confirms to our clients that we manage all lease accounting information appropriately."

Nuvolo's customers, prospects, and partners can receive the SOC report upon request.

For more information or to receive a copy of the report, contact us at [email protected].  

About Nuvolo

Nuvolo is the global leader in modern, cloud-based connected workplace solutions, Built on NOW™. Nuvolo provides a single platform to manage all people, all physical locations, all assets, and all work across the business. Industries served include healthcare, life sciences, retail, public sector, higher education, technology, financial services and enterprise. Nuvolo is headquartered in Paramus, N.J., with a global workforce located throughout North America, Europe and Asia.

SOURCE Nuvolo