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Trullion Blog

Read about our people, our technology, and the future of accounting.

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Ready To Accelerate Your Close Process?

By Amanda Nessel, CPA | June 29th, 2022

The close process requires significant focus and attention and can be quite stressful for controllers, auditors, and CFOs. In this blog post, we look at how an AI-powered lease solution will create efficiencies in your close process, including a specific client case study and actionable takeaways for your company.

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Multi-Currency Support

by Sara Friedman | August 1st, 2022

When it comes to leasing, FX calculations can have a significant impact on multiple aspects of a company’s lease accounting efforts. Especially when it comes to the new demands of ASC 842, FX issues can muddy already cloudy waters.

The Continuous Audit Has Arrived

by Shoshi Goldstein | July 19th, 2022

Auditors can review reports, calculations, documentation, and more – all in real-time. This takes massive pressure off the controller and the auditor when the “audit” rolls around, as much of the work has already been done!

So Much Depends On This One Figure: Getting Your IBR Right

by Daniel Cohen, CPA | July 5th, 2022

In this piece we’ll address the issue of the IBR, and look at tools that can save you time and stress when calculating this critical rate.

Ready To Accelerate Your Close Process?

by Amanda Nessel, CPA | June 29th, 2022

The close process requires significant focus and attention and can be quite stressful for controllers, auditors, and CFOs. In this blog post, we look at how an AI-powered lease solution will create efficiencies in your close process, including a specific client case study and actionable takeaways for your company.

Accounting Innovation: Trullion Integrates AI-Powered IBR Calculator For Accelerated ASC 842 Adoption

by Shoshi Goldstein | June 19th, 2022

This new capability provides accounting and finance professionals – including auditors and consultants – with a quick answer to one of the thorniest challenges inherent in new accounting standards, and offers a unique end-to-end solution for users of Trullion’s automated AI-enhanced accounting software.

Offering An Outsourced Lease Accounting Service: 4 Things To Look For In Software To Support Your Practice

by Lee Greene | June 8th, 2022

As a professional service provider, you’re passionate about adding value to your clients. In this article, we review 4 key things to look for in selecting lease accounting software to support your practice and how you can ensure maximum compliance, minimum headache, and very appreciative clients.

Proofreading My System’s Essay: A Leap Forward in Autonomous Text Correction For OCR Post-Processing

by Alexander (Shlomo) Agishtein | June 1st, 2022

In this blog post from Trullion's AI team, we take on autonomous error correction, as the team works on fixing the spelling errors introduced by the OCR (Optical Character Recognition) text-extraction system.

Running Out Of Time To Adopt GASB 87: How To Speed Up Your Software Assessment And Adoption Project Timeline

by Lee Greene | May 16th, 2022

In this article, we’ll look at what this standard and deadline mean for you, what the implications are, and how to speed up your GASB 87 software assessment and adoption project timeline.

May 2022: New Product Features and Updates

by Shoshi Goldstein | May 11th, 2022

Check out our new features and recent product updates that will enhance your experience on the Trullion platform. From Enhancements for Multi-Client Manager to IT/SaaS Agreement Automation, we are rolling out a variety of new features and capabilities.

What to Look For When Comparing Software for Lease Accounting

by Moshe Freedman, CPA | April 26th, 2022

Lease accounting has changed tremendously over the past few years, with key accounting standards in this area being completely overhauled. So, what should you look for when comparing software for lease accounting? We’ll go through everything you need to know.

Introducing Source-Based Accounting

by Isaac Heller | April 18th, 2022

Source-based accounting helps break down the classic siloes of an accounting process; such as files, emails, spreadsheets and journal entries all being in separate systems. This enables an auditor to swiftly navigate the audit trail, from financial entry to source data point. It also helps auditors move towards a more real-time and 100% audited environment.

Why Dual-Filers Should be Using Software

by Moshe Freedman, CPA | April 10th, 2022

With companies having to file multiple sets of financial statements in different jurisdictions and according to different accounting frameworks – or even consolidating global accounting results to be compliant within the corporate country of residence – accounting teams have been handed a constant challenge.

Is This Picture a Thousand Words?

by Alexander (Shlomo) Agishtein | April 4th, 2022

In this blog post, our AI Team Lead, Shlomo Agishtein, discusses how past and present came together to solve a computer vision problem.

Equipment Lease Accounting Under ASC 842

by Moshe Freedman, CPA | January 25th, 2022

The vast majority of companies lease some kind of equipment. For large manufacturers this might be a specialized piece of machinery, while for a service provider this may be printers, or other office equipment. ASC 842 details some very specific ways to deal with equipment leases.

Ready to IPO? Here’s what you need to get your lease accounting in order

by Moshe Freedman, CPA | January 16th, 2022

If your company is looking to IPO this year, or even in the near future, then this is a must-read.

Lease Accounting for SPAC Companies: Best Practices and Common Pitfalls to Avoid

by Moshe Freedman, CPA | January 9th, 2022

Anyone following the financial news over the past year or so will have seen the hype around Special Purpose Acquisition Companies, or SPACs. From an accounting perspective, one thorny issue is lease accounting, particularly compliance with Topic ASC 842.

The Future Of Lease Accounting

by Shoshi Goldstein | January 3rd, 2022

What will 2022 hold for the accounting profession? What does the future of lease accounting look like? Read on to find out more.

What The Holidays Can Teach Us About Accounting

by Shoshi Goldstein | December 20th, 2021

In this article, we explore what the holidays can teach us about accounting - prioritizing, giving, planning, and more.

Synergies Between Lease Accounting Software And Services – And How To Connect The Dots

by Lee Greene | December 15th, 2021

In this article, we’ll look at a unique way to create synergy by joining the dots between lease accounting software and services.

Why Use A SaaS Managed Service Model For ASC 842 Clients

by Lee Greene | December 12th, 2021

Your clients trust you to make the best recommendations for their business. As part of this offering, you need to be aware of the various options out there, and tailor your guidance to the specific needs of the client.

How to Calculate a Right-of-Use Asset for IFRS 16

by Moshe Freedman, CPA | November 29th, 2021

A key element of IFRS 16 compliance is calculating the right-of-use asset. Here, we look at how the right-of-use asset is calculated, and what to look out for when quantifying this asset.

How to Calculate the Present Value of Future Lease Payments

by Moshe Freedman, CPA | November 7th, 2021

In this article, we’ll look at how you can calculate the present value of future lease payments with ease, and extend this across your entire leasing function.

Lessor vs Lessee Under ASC 842

by Moshe Freedman, CPA | November 4th, 2021

Lessee? Lessor? Both? Implementing ASC 842 can be confusing, especially when it comes to the differences between the requirements for a lessor and a lessee. What has changed since ASC 840? What’s remained the same?

Optimizing lease accounting for SaaS companies

by Shoshi Goldstein | October 31st, 2021

SaaS companies have special requirements when it comes to lease accounting. We’ll take a closer look at their needs, and how these can best be met to ensure smooth and efficient lease accounting.

The Benefits of Early Adoption of ASC 842

by Lee Greene | October 17th, 2021

ASC 842 has swept into the lives of many accounting professionals much quicker than expected. What first started as a draft process back in 2016 has finally become a reality. While public companies have had to adopt ASC 842 already, private companies were offered the choice of adopting this standard early. Read on as we discover the benefits of early adoption of ASC 842.

Know Thyself: An In-House Solution for OCR Benchmarking

by Alexander (Shlomo) Agishtein | October 12th, 2021

In this article, Alexander (Shlomo) Agishtein, a Trullion machine learning and NLP engineer, discusses Trullion Research's development of a custom accuracy benchmark.

IBR: The Bottleneck of Lease Accounting

by Moshe Freedman, CPA | October 4th, 2021

In this article, we'll examine why the IBR is so important & then look at how to select and calculate the discount rate to be used in your company’s lease calculations.

Preparing for Lease Audit Procedures under ASC 842

by Lee Greene | September 26th, 2021

With a new lease accounting standard – ASC 842 – in place, accounting and finance teams know that this area is one that is likely to get more attention than usual from the auditors. It’s therefore critical to ensure that this section of the books is fully audit-ready, and that you are prepared for the audit procedures likely under ASC 842.

Accounting for Operating Leases under ASC 842

by Lee Greene | September 19th, 2021

In this article, we’ll go over the main requirements when it comes to accounting for operating leases under ASC 842. We’ll also look at some tips and best practices to ensure that your ASC 842 compliance is seamless and smooth.

ASC 842 vs ASC 840: How to Ensure a Smooth Transition

by Moshe Freedman, CPA | September 12th, 2021

With ASC 842 coming into effect and effectively replacing ASC 840, things have changed dramatically. In this article, we’ll look at the differences between ASC 840 and ASC 842, with a specific focus on ensuring the smoothest ASC 842 compliance journey possible.

How to choose ASC 842 software

by Shoshi Goldstein | September 1st, 2021

Choosing the right ASC 842 software can be challenging. In this article, we’ll guide you through the process, including the right questions to ask of your lease accounting software, what to look out for, and potential pitfalls to avoid.

IFRS 16 And ASC 842 Standard Differences

by Moshe Freedman, CPA | July 22nd, 2021

In this article, we look at the differences between ASC 842 & IFRS 16 and in doing so gain a deeper understanding of how to ensure smoother and better compliance more efficiently.

Rent Concessions Under IFRS 16: A Welcome Relief But Be Aware Of Other Issues

by Moshe Freedman, CPA | July 12th, 2021

Post-COVID concessions from the IASB are certainly welcome, but be aware of the impact that rent concessions under IFRS 16 may have on your company, as well as effective dates that have already been changed once before.

Industries You Would Not Expect To Be Impacted By New Lease Accounting Standards

by Isaac Heller | July 6th, 2021

When you think of new lease accounting standards, affected industries that spring to mind are probably the likes of retailers or manufacturers, or the equivalent government departments. Read on as we explore industries you would never expect to be affected by new lease accounting standards.

The Magic Number: How Many Leases Do I Need To Justify Moving To Software?

by Moshe Freedman, CPA | June 28th, 2021

What’s the magic number? How many leases can you realistically manage with spreadsheets – and still stay GAAP compliant?

ASC 842 Is Set To Disrupt Multiple Industries – Is Yours One Of Them?

by Shoshi Goldstein | May 30th, 2021

While everyone is affected by ASC 842, this far-reaching change is going to impact some organizations – in fact, some industries – more than others. Read on to find out if yours is one of those industries most affected.

Why AI Is Here To Help Accountants – And Not Replace Them

by Moshe Freedman, CPA | March 14th, 2021

Technology is replacing many of the tasks previously carried out by human beings. Especially when it comes to manual, repetitive jobs such as product assembly, robots have shown that technology can accomplish these tasks quicker, better and cheaper. Are accountants too set to be replaced by AI? (Hint: we don’t think so.)

The Lease Accounting Guide: Standards, Best Practices, and Software

by trullion | April 26th, 2022

Read this guide to learn best practices to comply with the lease accounting standards ASC 842, FASB 16, and GASB 87, and how lease accounting software automates ASC 842 workflows to ensure compliance, eliminate errors and streamline operations.

ASC 606 Summary

by airfleet - daniela | March 21st, 2022

How to choose IFRS 16 software

by Inbar Dadon | March 17th, 2022

The Ultimate Guide to Implementing ASC 842

by trullion | February 22nd, 2022

The introduction of ASC 842 has had a significant impact on all U.S. companies. The Standard was introduced by the FASB primarily to streamline accounting for leases, reduce “off-balance-sheet” activities and enhance transparency around lease contracts. Read this guide to learn the best practices for implementing ASC 842.

Trullion Announces Series A Funding Round

by trullion | February 16th, 2022

Today, we’re excited to announce that we have closed a $15 million Series A funding round, accelerating our vision of modernizing the accounting and financial services industries. The round was co-led by Aleph and Third Point Ventures, with participation from existing investors Greycroft and experienced financial executives including Bob Mylod, Artie Minson, Jody Padar, and Guzel Lumpkin.

2021 A Year in Review: Here’s what happened in Lease Accounting this year

by Shoshi Goldstein | December 28th, 2021

2021 was a big year for lease accounting. After years of planning and postponements, this was the year where lease accounting took center stage as companies looked towards compulsory ASC 842 compliance.

5 Accounting Hacks We Are Thankful for this Year

by Shoshi Goldstein | November 22nd, 2021

Thanksgiving is the time of the year to be thankful for the bigger, and smaller, things in life. Whether those things are personal or work-related, being thankful is actually proven to be good for you. We hope that you too can benefit from these hacks, and find even more to be thankful for in the year ahead.

How To Enhance Your Client’s Experience During ASC 842 Implementation

by Lee Greene | November 21st, 2021

Complying with ASC 842, particularly for the first time, can be difficult for even the most experienced teams. Here, we’ll look at some practical ways you can enhance your client’s ASC 842 implementation experience.

How to calculate lease liability under IFRS 16

by Moshe Freedman, CPA | October 26th, 2021

One of the most significant elements of IFRS 16 is calculating the lease liability. In this article we go through the steps required in order to calculate the lease liability, and also take a look at some common pitfalls and helpful tips when it comes to this calculation.

2 Years Into IFRS 16 Adoption: Lessons Learned

by Moshe Freedman, CPA | September 5th, 2021

While there was much uncertainty swirling around when IFRS 16 replaced IAS 17, over the course of the past two years, a lot has become clearer. What’s more, we can learn from others in terms of what to do and what not to do when it comes to IFRS 16 compliance. In this article, we’ll look at the main lessons learned 2 years into IFRS 16 adoption.

ASC 842 Disclosure Requirements & How to Avoid Common Pitfalls

by Moshe Freedman, CPA | August 23rd, 2021

ASC 842 disclosures ensure that key information is presented to the user of the financial statements and allows such users to assess the amount, timing, and uncertainty of cash flows arising from leases. Read on for more information on disclosure requirements, the common pitfalls, and advice on how to avoid them.

How to Identify an Embedded Lease

by Moshe Freedman, CPA | August 16th, 2021

You might have heard the term “embedded lease” appearing increasingly often, especially in relation to ASC 842. While you won’t find the term mentioned explicitly in these accounting standards, the concept is extremely relevant and highly important – and can make a huge difference to your bottom line, quite literally.

How should I account for lease modifications under ASC 842?

by Moshe Freedman, CPA | August 9th, 2021

In this article we’ll look at what a lease modification under ASC 842 is, how lease modifications should be accounted for in terms of ASC 842, as well as important information that can make your lease accounting smoother than you ever imagined.

Your Guide to GASB 87 Compliance

by Lee Greene | August 2nd, 2021

Ensuring GASB 87 compliance is a challenge that grows with each additional lease you have in place. Read our blog post for more information about the standard, implementation, & ways to streamline compliance.

What Is The Lease Commencement Date – How To Determine When Your Lease Starts

by Isaac Heller | July 29th, 2021

In this article, we’ll dive a little deeper into what a Lease Commencement Date is, why it matters so much, and how you can easily ascertain the Lease Commencement Date for each of your contracts.

Webinar with Riveron: Private Company Adoption of ASC 842

by Shoshi Goldstein | July 11th, 2021

In this webinar, we will examine how to adopt the ASC 842 and provide insights for tackling typical adoption challenges, strategies for streamlining the process, considerations for implementing available technology, and more.

6 Key Questions To Ask When Considering Lease Accounting Software

by Shoshi Goldstein | June 21st, 2021

In this article, we look at 6 key questions to ask when deciding which lease accounting software is right for you.

GASB 96: The Next Big Thing

by Moshe Freedman, CPA | June 7th, 2021

GASB 96 has been called “The Next Big Thing” and its impact will be felt in every government department and related entity. In short, across the country GASB 96 is going to bring massive changes. Ensure you understand the impact this Statement will have, and are properly prepared to adopt it seamlessly.

Lease Accounting Software: The $1 Billion Market You’ve Never Heard Of

by Isaac Heller | June 6th, 2021

New Lease Accounting regulations have created a $1B software market almost overnight. This post summarizes the changes and impacts of these new regulations.

Delayed Twice, But Finally Here: When Is The Exact ASC 842 Deadline?

by Moshe Freedman, CPA | May 12th, 2021

The ASC 842 standard has been delayed and then delayed again, but finally, it’s here. But when exactly is the ASC 842 deadline?

Webinar Recap: Leveraging AI for Lease Accounting

by Shoshi Goldstein | May 5th, 2021

In this webinar Deloitte Partner - Accounting and Reporting Advisory Ashok Parmar and Trullion Co-founder and CEO Isaac Heller discussed ways to leverage technology and AI for rapid growth.

Trullion: The World’s First AI-powered Lease Accounting Platform

by Shoshi Goldstein | May 3rd, 2021

Trullion is the world’s first AI-powered lease accounting platform. Our software allows you to drag & drop any PDF or Excel file, and the AI will automatically detect critical data for accounting automation.

AI for Firms: Leveraging Modern Technology for Lease Accounting & New Standards

by Shoshi Goldstein | May 2nd, 2021

Join Trullion CEO Isaac Heller on Wednesday, May 19 at the ncaCPA Business & Industry Spring Conference. Due to recent technological innovations the CPA profession is on the verge of a great transformation. This session focuses on what CPAs need to know about artificial intelligence, starting with identifying what exactly artificial intelligence is and possible implications for CPAs.

Simplifying Tech That’s Disrupting the Accounting Industry: What’s Next in Machine Learning and Artificial Intelligence Innovation

by Shoshi Goldstein | May 2nd, 2021

Join Trullion CEO Isaac Heller and Botkeeper VP Strategy Jody Padar on May 21 at the Rainmaker Virtual SuperConference. In this session, Isaac and Jody will discuss new technologies that are disrupting the accounting industry.

10m+ Leases Could Go On The Balance Sheet By 2021

by Isaac Heller | April 8th, 2021

According to a recent US business census, there were 5.8 million businesses registered in the USA. This includes everything from a 1-person marketing freelancer to Fortune 100 Company.

GASB 96 Summary, Overview and Effective Date

by Isaac Heller | January 19th, 2021

Read this article to find out what GASB 96 is about, when is its effective date and how your organization should prepare.

Revenue Recognition (ASC 606): Can AI Help?

by Isaac Heller | January 4th, 2021

In the process of building our accounting software company, we've found myriad ways in which AI can help accountants operating under ASC 606 revenue recognition standards.

ASC 842 Summary

by Isaac Heller | December 19th, 2020

In this article, we summarize ASC 842, operating lease criteria, and tips for implementing the new lease accounting standard.

ASC 842 Effective Date

by Isaac Heller | November 5th, 2020

When does ASC 842 come into effect, and when should you start preparing? All answers in the article.

GASB 87 Summary – Effective Date, Main Changes and How to Prepare

by Isaac Heller | November 5th, 2020

Everything you need to know about GASB 87 - summary, effective date, main features and how to prepare.

Could Reading Leases Cost Accounting Teams $1 Billion By 2021?

by Isaac Heller | August 19th, 2020

Under ASC 842 (and GASB 87 and IFRS16) you will need to collect those data points, along with options, escalations, CPI, incentives, allowances, improvements and other risk factors.