ASC 842 Lease Accounting and Compliance Software
ASC 842 lease accounting and compliance software for public and private companies operating in the US
How does Nakisa enhance ASC 842 compliance and financial reporting?
It features an audit trail, data integrity, and security measures to meet SOC 1 and SOC 2 requirements. The software’s functionality allows for seamless integration with existing systems and ERPs, ensuring that every stage of lease management and accounting for both public companies and private entities remains compliant with regulatory requirements. Features like alert systems, disclosure reports, and processing integrity help organizations take control of their financial reporting, unlocking insights into their lease portfolio and enabling accurate financial planning and analysis.
Why implement Nakisa's lease accounting software solution: functionalities and integrations
Nakisa Lease Administration enables you to manage the full lease lifecycle from contract inception to termination. The reporting feature allows you to export pre-set disclosure reports to build your financial statements. Our finance platform includes lessee and lessor accounting, plus property management. Read More
Nakisa’s lease accounting software solution supports operating leases and finance (or capital) lease types. It provides the necessary functionality to recognize right-of-use assets and liabilities, create alerts, manage lease renewals, and generate compliance reports. With powerful integration into general ledger systems of various ERPs (SAP ECC, SAP S4/HANA, or Oracle), Nakisa helps companies manage their leased assets efficiently, ensures data security, and provides accounting experts and finance teams with ready-to-use insights. By offering detailed SOC reports, Nakisa’s ASC 842 software not only helps companies stay compliant with evolving lease accounting standards but also ensures data security and enhances the overall efficiency of lease management and financial reporting processes.
Automate workflows and achieve operational efficiency with Nakisa's accounting software for ASC 842
Our customers have significantly reduced operational costs and improved company synergy and performance using Nakisa Lease Administration. Automation has improved time management and collaboration, making manual, redundant operations a thing of the past.
Transitioning to ASC 842 compliance with lease accounting software solutions
Key features include accurate lease classification and identification, recognition of right-of-use assets and lease liabilities, automated lease calculations and reporting, seamless lease modification and reassessment capabilities, centralized lease documentation and management, as well as transition management tools for migrating from ASC 840 to ASC 842. By integrating these essential functionalities, Nakisa’s ASC 842 software empowers organizations to achieve transparency, accuracy, and efficiency in lease accounting processes, while remaining compliant with evolving accounting standards such as IFRS 16, GASB 87, and the latest updates from FASB.
Grow with confidence: ASC 842 lease accounting software built for large portfolios of property, equipment, fleet, and land assets
Nakisa Lease Administration delivers advanced lessee and lessor capabilities for complex use cases, especially those involving heavy lease portfolios with high monthly activity. Some of our clients oversee more than 350,000 lease contracts and perform over 16,000 modifications every month. Unlike legacy software, our solution is built on a flexible framework allowing for faster growth and scalability in the long term. Get the most out of Nakisa’s 24/7 support, online training, center of excellence, and dedicated account managers. Deliver more—faster.
Impress your top executives, reassure your shareholders, and increase your company’s reputation
Get ready for dual reporting for both US GAAP and IFRS 16 from a single tool
Global companies have to report under both ASC 842 and IFRS 16. In this case, there’s no need to have separate solutions. Nakisa Lease Administration software provides a unified platform for you to manage all leases under the two standards in parallel at the same time. Our solution implements each standard’s specificities and let you generate disclosure reports accordingly.
What our clients say about Nakisa
We are using Nakisa for real estate for all of our markets. The benefit that we have seen is that it can do the accounting IFRS 16, ASC 842 and have an SAP integration.
As we report in both US GAAP and IFRS, we have to put together full disclosures on a quarterly basis under each reporting standard and all the out-of-the-box disclosure reports [of the NLA software] in essence fit those needs.
With the number of lease contracts we have, we needed a scalable solution that could be operational before our compliance deadlines. After an extensive vendor selection process, we identified that Nakisa is the best solution to support our compliance initiatives.
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