RESTON, Va., April 25, 2018 /PRNewswire/ -- LeaseAccelerator, the pioneer in the Enterprise Lease Accounting software market, announced today that 10 new SAP-centric companies have recently selected its SaaS application to comply with the new lease accounting standards. Currently used by Dow Chemical, Lyondellbasell Industries, Northrop Grumman and Owens Corning, LeaseAccelerator supports real estate and equipment leases in a single subledger that can be integrated to one or many instances of SAP ERP.
LeaseAccelerator's Enterprise Lease Accounting solution for SAP enables companies to rapidly comply with the new ASC 842 and IFRS 16 standards. Using LeaseAccelerator's standardized APIs, data can be seamlessly exchanged with SAP's general ledger, accounts payable, fixed asset and master data management applications. LeaseAccelerator's software-as-a-service model offers a number of advantages over the traditional on-premise licensed software model, including:
Faster Upgrade Cycles: Unlike in the traditional software model where corporate IT departments are burdened with installing new application releases, in the SaaS model, the provider performs the upgrades to all customers at the same time. Upgrade cycles are critical in a new software category like Enterprise Lease Accounting where new use cases are uncovered frequently.
Focused Customer Success Programs: Unlike in the traditional software model in which the customer assumes all the implementation risk, in the SaaS model, the provider shares equal responsibility for helping to achieve the business goals. Shared responsibility between the customer and the provider is critical in compliance projects with deadlines looming.
"With the timebox for ASC 842 compliance shrinking, controllers cannot afford to have project teams investing time in unnecessary and expensive distractions like installing and updating software," said Michael Keeler, CEO of LeaseAccelerator. "Multi-tenant SaaS applications offer faster time-to-compliance than on-premise or hosting models offered by many legacy providers."
LeaseAccelerator's Enterprise Lease Accounting application is SAP Certified as powered by SAP Netweaver for integration with ERP financial applications. Additionally, LeaseAccelerator is a member of the Americas SAP User Group (ASUG).
About LeaseAccelerator LeaseAccelerator offers the market-leading software-as-a-service (SaaS) solution for Enterprise Lease Accounting, enabling compliance with the current and new FASB and IFRS standards. Using LeaseAccelerator's proprietary Global Lease Accounting Engine, customers can apply the new standards to all types of leases, including real estate, fleet, IT and other equipment at an asset level as specified by FASB and IASB. On average, LeaseAccelerator's Sourcing and Management applications generate savings of 17 percent with smarter procurement and end-of-term management, delivering both compliance and ROI. Learn more at http://www.leaseaccelerator.com/.