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Our client was an ASC 842 client that went through several personnel and other changes after we guided them through adoption of the new lease standard. Subsequent interactions with them found that they were struggling to perform the necessary lease accounting. We offered our lease accounting managed service program as a way for them to get the lease accounting work done with little to no burden on their in-house accounting team.
We actively manage the company’s lease accounting on an ongoing basis, which provides assurance that their work is being reviewed by subject matter experts and frees them from having to do the monthly and annual reporting and disclosure requirements.
The client is receiving a turnkey reporting package each month as well as the footnote disclosure information needed for their annual financial statements at a cost lower than the potential opportunity cost they would incur than if their staff performed the work.