Real Estate is estimated to be the 2nd largest expense in any organization, with facilities and real estate departments historically operating in a silo separate from Corporate Accounting. The upcoming change to Lease Accounting Standards will affect nearly all Customers worldwide, including all property and equipment leases. All of these leases, including existing, need to be reassessed and recognized as leased assets on the balance sheet – significantly impacting financial reporting. Are you ready for the upcoming changes?
Oracle Lease Management Solutions are included with all major Oracle Product Suites – with native integration from Leasing to Financials, Purchasing, HR and Project Costing.
Elire is more than just an implementation partner. Elire can help:
- Mobilize your team – of your Consulting Partner, Procurement, Tax, Treasury, Operations, and Tech to understand with decision needs to be made, which processes are in scope, identify the people involved, and determine decision parameters
- Inventory your leases – gathering data, examining agreements, terms, payments, and renewal options to help understand the impact of the FASB regulation on accounting and give guidance on balance sheet updates with customer examples
- Evaluate and Strategize your Leasing Strategy – including lease vs. buy, short or long term & debt covenants, as well as reviewing your lease classifications
- Select a Leasing System – assessing current business processes and system architecture, conducting functionality workshops of future-state capabilities, reviewing a roadmap for your Oracle Product, and discuss upcoming funcitonality for future phases
- Implement a new Leasing System – using a successful methodology to ensure compliance with the new standards, abstraction of lease administration into the new system, and data cleanse information for import into a new system
- Develop and Maintain ongoing Compliance – to develop a strategy for running parallel solutions until your organization is required to show them on your balance sheet, and maintain ongoing compliance