The new lease standard is intended to account for all lease obligations on financial statements rather than excluding operating leases as has been the standard. This change ensures that a company’s financial situation is reflected as accurately as possible within the financial statements. This will require all leases to appear on the balance sheet as Right of Use Asset and Lease Liability for fiscal years beginning after Dec. 15, 2021.
Compliance In A Crunch
To help alleviate the burden of extra work that this new standard has introduced, we have partnered with LeaseCrunch, the easiest lease accounting solution on the market.
Given the complexity involved in capturing and controlling accurate data, calculating monthly journal entries and creating the required footnote disclosures for financial statements, we strongly recommend this easy-to-use, cloud-based software.
Frequently Asked Questions
Please click on the following titles to expand each section and view our answers to frequently asked questions.
The Why
Why LeaseCrunch?
The new lease standard has introduced a tremendous amount of work for your business. Working with LeaseCrunch will:
- Help manage your entire client portfolio efficiently in one united interface
- Automate quantitative footnotes and disclosures with step-by-step wizards
- Provide access to update monthly journal entries and amortization schedules
- Leverage a software that is modified for up-to-date changes to the standard
- Keep your costs low from year-to-year without an implementation fee and discounted pricing
How It Works
How will LeaseCrunch work?
Our clients get the added benefit of discounted pricing through our partnership! As your CPA firm and trusted advisors, we are always available for questions on the process or lease standard interpretations.
We are offering two options for leveraging the benefits of LeaseCrunch to collaborate with your business to implement the standard:
- Software Solution
- Lease Portfolio Management
Software Solution
What is the Software Solution option?
We will act as a software distributor to provide your internal team with access to LeaseCrunch for managing the entire portfolio. You will have the ability to add, edit and revise leases anytime, as well as run related general ledger, footnote and disclosure reporting on your own.
Lease Portfolio Management
What is the Lease Portfolio Management option?
Some organizations would prefer to focus on their core business application and leave this sort of work to the experts. Similar to your fixed asset schedule, we can maintain your lease portfolio on an on-going basis without any independence concerns. Remember, your management team will have to approve our work.
Investment Value
Why invest in LeaseCrunch with Beene Garter, A Doeren Mayhew Firm?
Our clients get the added benefit of discounted pricing through our parent company, Doeren Mayhew’s partnership with LeaseCrunch.
Costs will be reflected as part of your overall engagement with Beene Garter, A Doeren Mayhew Firm.
Billing Facts
How will you be billed for this service?
Billings occur on an annual basis for all active leases in LeaseCrunch, prorating the annual fee for any leases added during the year.
• The initial billing year will begin at the end of the first month the first lease is entered into the system.
• Leases are billed on a minimum of one-year increments.
• Leases placed in an inactive status before the annual renewal date will not be billed in subsequent years.
• If our firm is engaged to assist with lease portfolio management, fees for this work will be billed at the regular hourly rates for the team members involved plus direct out-of-pocket expenses
Additional Questions
If I have questions, who do I contact?
If you’re interested in learning more about this product offering, contact a member of your Beene Garter, A Doeren Mayhew Firm engagement team, call us at 616.235.5200, or use the contact forum below today.