With the new lease accounting standard GASB 87 requiring that all leases move on-balance sheet, government organizations are feeling the impact.
With GASB 87, Accounting Teams are now tasked with collecting incentives and allowances, tracking options and making judgements involving capital lease testing, interest rates, future assumptions around lease performance, and more.
Dealing with manual data entry, spreadsheets, and PDFs cost Accounting Teams valuable time and puts them at risk for critical errors. Efforts to streamline these processes often create more siloes than before, while regulatory environments are becoming increasingly more challenging. read the GASB 87 Summery.