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RICOH Lease Administration Services

Evolving lease accounting standards lead to unforeseen complexity.

Business Process
 

"Everybody is looking at this standard and thinking the implementation will be easy. Once they get started, they will realize it is more complicated than it appears on the surface."*

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Lease Accounting Survival Kit

New FASB and IASB regulations mean the lease accounting function will be under greater scrutiny than ever before. However, the complexity, amount of time required and level of expertise needed for the sweeping changes has caught many organizations off guard. Are all of your bases covered? Our Lease Accounting Survival Kit helps ensure you have systems, processes and people in place to prepare your lease accounting function for long-term success.
 
 

Reduce your risk and improve compliance

 

Get the resources and tools to meet new lease accounting standards.

 
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Soon, compliance and accurate management of lease information will no longer be a strategic advantage. It will be a requirement. Many organizations realize their current technology isn't up to the challenge and seek new technology. But do you have the staff and in-house expertise to find your lease data, organize, ingest, and manage it on an ongoing basis?

We can lift this burden from you. Our resources have been implementing information management technology workflows for years. You'll get the tools you need to store, organize and retrieve lease information as well as comprehensive reporting functions and audit trails. We also provide centralized administration for ingesting new lease documents into the platform on an ongoing basis.
 
 

Establish an enduring path to success

 

Avoid potential points of failure.

 
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A technology platform is only one piece of the lease accounting compliance puzzle. There are six potential points of failure and choosing the right technology is just one consideration.

  • Gathering real estate data will require abstracting uncommon data, some of which may not be in the lease.
  • Real estate leases may represent only a fraction of all leases. Equipment and other lease information is likely decentralized across multiple platforms.
  • Organization structure and processes will be impacted as regulatory changes require better communication and processes between teams.
  • Looming 2018/2019 compliance deadlines will require look-back financials and a significant time investment.
  • Changes will require new reporting and disclosure notes and may impact locations and auditing partners going forward.
  • Automation alone doesn't support strategic decision making and digital transformation.
 
 

Think beyond technology

 

Key considerations come into play.

 
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There's much more to consider beyond choosing a technology solution. These factors are key considerations:

  • Where does the data live? Often, lease information resides in disparate systems and isn't commonly tracked or abstracted.
  • Can costs be better controlled? There's an opportunity to reconsider lease vs buy calculus, critical dates and content management.
  • What about strategic planning? It's a good time to plan a next-gen lease accounting system, integrate with AP and procurement and gain reporting.
  • Can FASB/IASB compliance be streamlined? Fewer manual touchpoints, less risk of error and smart technology solves for complexity of compliance.
  • Will data be accessible? A centralized process helps ensure control, efficiency and access to the right stakeholders.
  • Can processes be improved? Enable accuracy through documented controls, training and approval process evaluation.
  • What's the right technology? A foundational, feature-rich platform can harness data in a meaningful, useful way.
 
 

Service plus technology platform

 

Be compliant in 4 to 6 months.

 
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With RICOH Lease Administration Services, you get highly specialized implementation, data migration, abstraction and integration resources that equip your organization to comply with new lease accounting standards. It lowers your processing overhead, mitigates risk around unidentified critical data and provides comprehensive, real-time vision into all of your lease information.

We handle workflow analysis and lease compilation, data identification and extraction, systems integration, report management and ongoing FASB compliance support. In the end, you have the expertise and tools you need to achieve real-time lease information access and retrieval, digitally transform lease data and processes, support collaboration, enhance strategic planning and reduce resource burden.
 
 

See more on our services & solutions

  • Lease administration: Prepare for FASB compliance deadline

    Evolving lease accounting standards lead to unforeseen complexity. Make sure you’re equipped to comply.

    1 / 3
  • Think beyond FASB compliance

    New FASB regulations are an opportunity to move beyond complying with lease administration regulations and expand into digital transformation.

    2 / 3
  • Quick guide to FASB compliance

    eBook: Understanding and preparing for new FASB lease accounting regulations.                                                                          

    3 / 3
 
* Ken Tysiac,"Why Lease Accounting Laggards Face Serious Risk" Journal of Accountancy, August 3, 2017. https://www.journalofaccountancy.com/news/2017/aug/lease-accounting-standard-implementation-201717159.html