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March, 2006 –
If you think you are making out like a bandit on that lease, it's time to re-read the contract. After all, the leasing company is making money, isn't it?
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Web-Based Lease Management
By John Cummings
From Business Finance, May 2006
Corporate reporting at many organizations ran aground on improper lease accounting in 2005, causing more than 200 companies to restate their financial results. In some cases, these businesses failed to follow well-established accounting rules, including FAS 13, Accounting for Leases, which dates back to 1976.
Lease management technologies can help businesses avoid this reporting pitfall. Joseph Pucciarelli, research director, pricing and leasing evaluation services, at market intelligence and advisory services provider IDC, notes that demand for this software is on an upswing. "Through 2009, IDC expects at least one-third of large, multisite, multinational companies to revise and revamp their lease management processes with a combination of process and tool initiatives," he reports.
Captara Corp., an established player in this market, has added new lease classification and reporting enhancements to its Web-based enterprise lease management offering. The new functionality, which is available to all current users as well as new customers, gives finance managers greater visibility into the accounting classification and reporting of leases in accordance with FASB rules. Users can easily apply the financial data that's needed for the FAS 13 accounting tests, including incremental borrowing rates, minimum lease payments and the economic life of leased assets.
To ensure compliance with Sarbanes-Oxley Section 404 process control requirements, the product restricts permission to change financial data and policies to authorized employees. The Captara solution also captures all balance sheet and income statement lease accounts, as well as FAS 13 footnote disclosures and Sarbanes-Oxley Section 401 contractual obligations reporting.
Click here to download in PDF format.
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