We all know that documentation and compliance has become extremely important in our current business environment, i.e., clear and complete explanations as to why certain actions or changes have been made and the ability to identify the source of those changes. But sometimes it can be time consuming and difficult to provide the documentation and identification of responsibility that is necessary, even when a technology product is being used. When we were designing iLeasePro lease management software, our technology solution for Lessees, we anticipated the need to address these issues and incorporated two user friendly features into our product that facilitate documentation and compliance.
The Notes feature allows the user to add a notation on any page within the application that can provide critical additional documentation and explanation. It is easy to use – just bring up the Note, insert your explanation and it is attached to that page and there for any user to reference.
The Change History feature identifies any addition, deletion or modification made to the original lease information input into the application. This feature stores and reports those changes, identifying the timing and the individual responsible for the entry thereby facilitating audit and management review.
Technology solutions must evolve and be designed to meet the current requirements of the marketplace. These are just two examples of how iLeasePro is meeting the demands of the marketplace.
Interested in increasing your understanding of the ASC 842 and Lease Accounting? Read more at https://blog.ileasepro.com/. You can take a video tour of iLeasePro or schedule some time on our online demo calendar to see how iLeasePro can help you and your firm comply to the ASC 842 Standard.