ERP Insights >> Magazine >> June - 2018 issue
SIMPLIFYING LEASING PROCESSES IN COMPLIANCE WITH NEW LEASE ACCOUNTING STANDARDS
Author : Lesly Joseph
Tuesday, June 26, 2018
ForCummins, a leading manufacturer of engines, filtration and power generation products, the leasing process was always a complicated and time-consuming effort. The Fortune 500 Company had a wide range of leases which included industrial and manufacturing equipment, buildings and aircrafts. Lacking standardized lease versus buy processes and insight into ownership of the leasing program, Cummins struggled to balance their lease accounts effectively and efficiently. However, that quickly changed once they adopted LeaseAccelerator's industry leading Enterprise Lease Accounting software.
LeaseAccelerator is the first enterprise application designed specifically to automate the business processes for managing leases. LeaseAccelerator's mission is to completely transform the way Fortune 500 companies manage their leases, saving them millions of dollars and enabling compliance with new SEC accounting rules.
Delivered through three different applications, LeaseAccelerator's advanced lease accounting program has established itself as a powerful tool to cut costs and margin of errors in leasing. Introduced in 2009, LeaseAccelerator's signature product - the Enterprise Lease Accounting Application - is approved solution with over a decade of operational excellence among Fortune 1000 companies. The application helps companies comply with the new lease accounting standards that are dramatically reshaping the way companies track and record all operating leases. Speaking on the product's other differentiating factors, Michael Keeler, CEO and Founder of LeaseAccelerator states, "Our Accounting Application uses a proprietary asset-level Global Lease Accounting Engine. Using the global lease accounting engine, customers can account for all categories of leases including real estate, fleet, IT, material handling and other equipment at an asset level. On average, LeaseAccelerator's Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management." LeaseAccelerator's Lease Sourcing product helps companies effectively finance their equipment needs by generating and automatically distributing RFPs to an extensive leasing network. The Lease Management product provides companies with the ability to track their leases throughout the entire lease term.
In addition to a team of rock-star software engineers, LeaseAccelerator has also assembled a world-class team of leasing experts. Their customer-facing teams are stacked with individuals who have worked in sales and operations at various banks, vendor captives and independent lessors. They also have leasing professionals who have worked in the Procurement, Accounting and IT teams of Fortune 500 companies. As a result, LeaseAccelerator is bringing in the best practices and a 'been there, done that' approach to even the most unusual leasing challenges.
The top-notch technology and world-class team of in-house leasing experts has boosted the company's rapid growth. MichaelKeeler explains, "By 2012, our customers had reached a cumulative total of $2 billion in capital sourced through competitive bidding on the network. In 2015, we achieved the milestone of over $1 billion in leases under management. Next year, we received the 'Alexander Hamilton Award' from Treasury & Risk. In 2017, last year, we doubled our revenues and established relationships with RSM, Genpact, and PwC." LeaseAccelerator plans to double the size of their employee base in the next 12 months to keep up with their lengthening customer list and to support their planned expansion into Europe and Asia Pacific in 2018 and 2019, respectively. The company also envisions shifting from a short-term strategy of helping companies comply with the new lease accounting standards towards a long-term strategy of enabling finance organizations to leverage their leasing programs as a source of competitive differentiation in the marketplace.
SIMPLIFYING LEASING PROCESSES IN COMPLIANCE WITH NEW LEASE ACCOUNTING STANDARDS
Author : Lesly Joseph
Tuesday, June 26, 2018
ForCummins, a leading manufacturer of engines, filtration and power generation products, the leasing process was always a complicated and time-consuming effort. The Fortune 500 Company had a wide range of leases which included industrial and manufacturing equipment, buildings and aircrafts. Lacking standardized lease versus buy processes and insight into ownership of the leasing program, Cummins struggled to balance their lease accounts effectively and efficiently. However, that quickly changed once they adopted LeaseAccelerator's industry leading Enterprise Lease Accounting software.
LeaseAccelerator is the first enterprise application designed specifically to automate the business processes for managing leases. LeaseAccelerator's mission is to completely transform the way Fortune 500 companies manage their leases, saving them millions of dollars and enabling compliance with new SEC accounting rules.
Delivered through three different applications, LeaseAccelerator's advanced lease accounting program has established itself as a powerful tool to cut costs and margin of errors in leasing. Introduced in 2009, LeaseAccelerator's signature product - the Enterprise Lease Accounting Application - is approved solution with over a decade of operational excellence among Fortune 1000 companies. The application helps companies comply with the new lease accounting standards that are dramatically reshaping the way companies track and record all operating leases. Speaking on the product's other differentiating factors, Michael Keeler, CEO and Founder of LeaseAccelerator states, "Our Accounting Application uses a proprietary asset-level Global Lease Accounting Engine. Using the global lease accounting engine, customers can account for all categories of leases including real estate, fleet, IT, material handling and other equipment at an asset level. On average, LeaseAccelerator's Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management." LeaseAccelerator's Lease Sourcing product helps companies effectively finance their equipment needs by generating and automatically distributing RFPs to an extensive leasing network. The Lease Management product provides companies with the ability to track their leases throughout the entire lease term.
In addition to a team of rock-star software engineers, LeaseAccelerator has also assembled a world-class team of leasing experts. Their customer-facing teams are stacked with individuals who have worked in sales and operations at various banks, vendor captives and independent lessors. They also have leasing professionals who have worked in the Procurement, Accounting and IT teams of Fortune 500 companies. As a result, LeaseAccelerator is bringing in the best practices and a 'been there, done that' approach to even the most unusual leasing challenges.
The top-notch technology and world-class team of in-house leasing experts has boosted the company's rapid growth. MichaelKeeler explains, "By 2012, our customers had reached a cumulative total of $2 billion in capital sourced through competitive bidding on the network. In 2015, we achieved the milestone of over $1 billion in leases under management. Next year, we received the 'Alexander Hamilton Award' from Treasury & Risk. In 2017, last year, we doubled our revenues and established relationships with RSM, Genpact, and PwC." LeaseAccelerator plans to double the size of their employee base in the next 12 months to keep up with their lengthening customer list and to support their planned expansion into Europe and Asia Pacific in 2018 and 2019, respectively. The company also envisions shifting from a short-term strategy of helping companies comply with the new lease accounting standards towards a long-term strategy of enabling finance organizations to leverage their leasing programs as a source of competitive differentiation in the marketplace.
LeaseAccelerator is the first enterprise application designed specifically to automate the business processes for managing leases. LeaseAccelerator's mission is to completely transform the way Fortune 500 companies manage their leases, saving them millions of dollars and enabling compliance with new SEC accounting rules.
Delivered through three different applications, LeaseAccelerator's advanced lease accounting program has established itself as a powerful tool to cut costs and margin of errors in leasing. Introduced in 2009, LeaseAccelerator's signature product - the Enterprise Lease Accounting Application - is approved solution with over a decade of operational excellence among Fortune 1000 companies. The application helps companies comply with the new lease accounting standards that are dramatically reshaping the way companies track and record all operating leases. Speaking on the product's other differentiating factors, Michael Keeler, CEO and Founder of LeaseAccelerator states, "Our Accounting Application uses a proprietary asset-level Global Lease Accounting Engine. Using the global lease accounting engine, customers can account for all categories of leases including real estate, fleet, IT, material handling and other equipment at an asset level. On average, LeaseAccelerator's Lease Sourcing and Management applications generate savings of 17 percent on equipment leasing costs with smarter procurement and end-of-term management." LeaseAccelerator's Lease Sourcing product helps companies effectively finance their equipment needs by generating and automatically distributing RFPs to an extensive leasing network. The Lease Management product provides companies with the ability to track their leases throughout the entire lease term.
In addition to a team of rock-star software engineers, LeaseAccelerator has also assembled a world-class team of leasing experts. Their customer-facing teams are stacked with individuals who have worked in sales and operations at various banks, vendor captives and independent lessors. They also have leasing professionals who have worked in the Procurement, Accounting and IT teams of Fortune 500 companies. As a result, LeaseAccelerator is bringing in the best practices and a 'been there, done that' approach to even the most unusual leasing challenges.
The top-notch technology and world-class team of in-house leasing experts has boosted the company's rapid growth. MichaelKeeler explains, "By 2012, our customers had reached a cumulative total of $2 billion in capital sourced through competitive bidding on the network. In 2015, we achieved the milestone of over $1 billion in leases under management. Next year, we received the 'Alexander Hamilton Award' from Treasury & Risk. In 2017, last year, we doubled our revenues and established relationships with RSM, Genpact, and PwC." LeaseAccelerator plans to double the size of their employee base in the next 12 months to keep up with their lengthening customer list and to support their planned expansion into Europe and Asia Pacific in 2018 and 2019, respectively. The company also envisions shifting from a short-term strategy of helping companies comply with the new lease accounting standards towards a long-term strategy of enabling finance organizations to leverage their leasing programs as a source of competitive differentiation in the marketplace.
