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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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Captara Adds Real Estate Lease Management Providing Increased Control and Visibility For All Customers
SAN FRANCISCO – November 13, 2006 – Captara Corporation, the only comprehensive, web-based enterprise lease management solution provider, has added in-depth real estate lease management to its enterprise leasing offering. With the real estate application, Captara customers will now have a single solution from which to manage all company-wide leasing activity including real estate, equipment, information technology, transportation and telecommunications assets.
Currently available, the rapidly-deployable Captara real estate lease management application enables companies to accurately track and manage real estate lease contracts and associated activity for all of their subsidiaries and divisions. The application includes FAS 13 lease classification and reporting functionality for real estate leases, ensuring that Financial Accounting Standards Board (FASB) and Sarbanes-Oxley regulations are adhered to for all of their leasing obligations.
“Companies can no longer rely on disparate databases and spreadsheets to properly oversee real estate lease management,” said Joe Pucciarelli of IDC, a leading global market intelligence and research advisory services company. “A number of companies have had to restate their financials due to improper accounting of items such as leasehold improvements and deferred rent in their real estate operating leases. New tools such as Captara’s real estate lease management system bring the specialized functionality, not generally available in standard financial software, to systematize, codify and optimize real estate leases across the entire enterprise.”
Proper accounting for real estate leases requires that companies have visibility into all contractual terms and conditions, such as payment escalations and residual value or first loss guarantees, as well as the detailed property information and associated leasehold improvements and asset retirement obligation information. Companies must understand and put controls in place to properly apply the complex accounting guidelines which vary by real estate lease type and situation.
With Captara’s addition of real estate lease management, executives and managers charged with real estate operations will have control of, and complete visibility into, leasing activity in a single repository that stores all of a corporation’s lease contracts, including key terms and conditions.
Equipped with property and payment information in one location, companies will be able to accurately account for activity in accordance with complex FAS 13 guidelines, including issues that lead to many financial restatements: classification based on lease type; amortization of leasehold improvements for operating leases with lease renewals; proper recognition of rent when the lease term in an operating lease contains rent holidays and incentives related to leasehold improvements in operating leases.
The real estate lease management application also includes the standard option notifications, electronic document management and robust reporting functionality that has enabled Captara’s clients to gain visibility and control over their equipment lease portfolios.
“Many companies now realize that proper control over the execution of all leasing activity, regardless of asset type, is a must-have priority,” said Rick Ludlow, CEO, Captara. “With our additional real estate functionality, Captara is the only company to address each aspect of the enterprise leasing process.”
About Captara Corporation
Captara offers a comprehensive web-based solution for managing all enterprise leasing functions. The solution provides control, compliance and cost savings. Fortune 2000 companies are using Captara to immediately take action to improve the management of their enterprise leasing activities, ensuring compliance with SEC, FASB and Sarbanes-Oxley rules and reporting requirements and achieving operating efficiencies. For more information, visit www.captara.com.
Click here to download in PDF format.
For Media Information
Tammy Smith
415-901-1842
tsmith@captara.com
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