Lease Accounting Software for ASC 842
Access the tremendous benefits of ASC 842-compliant automated lease accounting software with Trullion’s AI-powered solution
Discover how lease accounting software can keep you ahead of ASC 842-related changes. Forget headaches, errors and compliance risk – and enjoy seamless, automated solutions.
ASC 842 Compliance Challenges
New lease accounting standard
FASB ASC 842, the new standard on accounting for leases, brings sweeping changes and has a huge impact on lease accounting and lease classifications. It affects private companies and public companies in every industry. Ensuring compliance with the new lease accounting rules is a financial reporting challenge that grows with each additional lease agreement you have in place.
Relooking at your reports
From office and other real estate leases to employee vehicles, equipment and even contracts you were unaware had a lease component within them – the FASB ASC 842 lease standard means completely relooking at how your company calculates, accounts for, and reports on lease terms and lease costs. This now includes recognizing lease contracts, assets, and liabilities on the balance sheet, without the options of expensing these through the income statement.
Manual work increases the risk
Manually dealing with lease arrangements has not only become inefficient, it also exponentially increases the risk of error and non-compliance, not to mention using up the precious time of you and your team.
In 30 Days Or Less!
Automation Can Change Your Life: Accelerate Your ASC 842 Compliance With Trullion’s Lease Accounting Software
Streamline ASC 842 workflows
Your most precious resource is your time. Trullion automates FASB ASC 842 workflows to ensure compliance, eliminate error and streamline operations in a fraction of the time it would take without Trullion’s game-changing lease accounting software in place.
Automate data extraction
Using the latest AI-enhanced technology, the Trullion platform automatically extracts data from source documents such as Excel files and PDFs to perform lease analysis, simplifies journal entries, and creates a clear audit trail that’s accessible to both your internal team and external auditors.
Leverage AI-powered technology
Developed by a team of experienced CPAs and leading product experts with decades of experience, Trullion unifies the unstructured and structured worlds of business finance by using AI to read and understand leases and sales agreements in any format – and translating them into a live 360° data image of your transactional workflow. Trullion establishes a universal language to allow companies to quantify the value of their business, and empowers Accounting Leaders to trust their financial data.
With Trullion’s AI-powered lease accounting software you can:
- Seamlessly meet ASC 842 lease standard compliance requirements
- Accelerate your ASC 842 adoption timeline
- Produce 100% accurate and consolidated lease analysis reports in minutes
- Effortlessly trace your audit trail back to the source data
- Access simple reports and clear financial obligation schedules
From experience, when we tried to do the kind of manual Excel calculations in the beginning, documenting all of that, without Trullion we would have spent at least twice as much time. And then we would have had to prepare such a consolidated disclosure report that we are able to get from Trullion. I’m not sure how many weeks that would have taken us…I would say that it’s at least twice as fast with Trullion”
How HMD Global Accelerated IFRS 16 Compliance with Trullion
Features and Benefits
AI-Powered Data Entry
Using a simplified and automated approach to extract key data points directly from PDF contracts and Excel files to generate the necessary ASC 842-compliant reports with just one click.
Intuitive, Easy to Use UI
Navigate seamlessly through our modern, clean, and easy-to-use interface, built specifically for financial leaders.
Automated Bulk Upload & Modification Detection
Upload any Excel file and the software can detect new, changed and modified leases.
Streamline ASC 842 Compliance
Automate ASC 842 workflows to generate 100% auditable journal entries and disclosures. Get fully compliant in 30 days or less.
ERP Entries & Dynamic Reporting
Leverage our modern user experience to perform lease analysis, generate ERP-ready journal entries, full disclosure reports, and other business intelligence.
SOC 1 & SOC 2 Audited
Backed by SOC reports by Big 4 audit firms and stored in the most secure cloud environment.
ASC 842 Lease Accounting Software Implementation Process
Implementing ASC 842 accounting software should require minimal time and effort on your part.
With Trullion, you can achieve ASC 842 compliance in just 30 days or less, without heavy involvement from your IT department and no costly integrations between ERP systems.
Trullion’s team of experts will get you onboarded in no time, and once you get started, the Trullion support team is available to help with any request or need.
