Skip to the main content.
 
OUR STORY

RobRafSync copy-2-1

To us it's simple...

"Do things the right way. For the right reasons. Good things will follow."

2 min read

Lease accounting software solutions to comply with ASC 842 or IFRS 16

Lease accounting software solutions to comply with ASC 842 or IFRS 16

PRONEXUS, LLC – a highly regarded non-attest finance and accounting firm, invests in cloud-based lease accounting software designed to help clients accelerate and implement the new lease accounting standards, ASC 842 and IFRS 16.  The software is designed by CPAs, former Big 4 public accounting auditors, software developers, and a former member of the FASB staff.  The application offers an easy-to-use customer interface that delivers “audit in a box” lease accounting services, reducing the time it takes clients to prepare for an audit.

For the last 1 ½ years, ProNexus has been helping publicly traded companies implement the new lease accounting standard and the privately-held organizations are starting now.

“Our new lease accounting software is an integral part of implementing ASC 842 and we are very excited to offer our clients the ability to accelerate their lease accounting implementation and reduce the time it takes them to prepare for the audit,” said Co-Founder & President of ProNexus, Rafael Vidal.

The new lease standard will be effective in the United States in 2019 for public companies and 2020 for all others, so most privately held companies and not-for-profit organizations will need to comply by the end of 2019 with data going back to early 2018.  It affects any organization that follows Generally Accepted Accounting Principles (GAAP) and has basic operating leases.  The end goal is to provide more transparency around your leasing contracts.  Operating leases, which have historically been off-balance sheet will now be treated as assets and liabilities on the balance sheet.

“Many of our clients found the implementation to be much more involved than they originally expected and as a result, they were less prepared than they thought they would be. The software provides the ability to calculate the Right of Use Assets and Liabilities for Day 1 as well as lease activities going forward for Day 2 and beyond.  The tool provides amortization tables, journal entries, disclosures and is user-friendly.  We are proud to be sharing such a great tool with our clients,” said Rafael Vidal, Co-Founder & President of ProNexus.

About ProNexus

ProNexus, LLC (www.pronexusllc.com) is a non-attest finance and accounting firm that offers scalable, customized Finance, Accounting, and IT solutions and consulting services from strategy and leadership to project execution. ProNexus supports the offices of the C Suite using a unique blend of engagement models:

  • Consulting – assess needs, make recommendations, and deliver results;
  • Projects – support CEOs, CFOs, CIOs to accomplish critical projects;
  • Outsourcing/Co-Sourcing – Internal Audit, Tax, Accounting, PMO;
  • Interim Management – CFOs, CIOs and more;
  • Staff Augmentation – to support the CFO or CIO organizations;
  • Retained Search – Finance & Accounting, IT, Sales/Marketing, Operations, HR, Legal.

ProNexus can assist any business including those facing challenges, or in transition, whether it’s rapid growth, mergers, acquisitions or exit, integration, turnaround, building infrastructure, compliance, systems optimization, improving performance, bridging a gap in leadership or skill set, or simply augmenting staff to maintain productivity.

Contact Us for Free Consultation

The CFO’s Daily Checklist

The CFO’s Daily Checklist

Inside 10 to-do list items of top finance leaders There isn’t a “typical day” in the life of a CFO, yet the most accomplished finance leaders adhere...

Read More
Key Differences Between Nonprofit and For-Profit Accounting

Key Differences Between Nonprofit and For-Profit Accounting

In the realm of finance, the principles of accounting are fundamental to understanding the financial health and operations of any organization,...

Read More
Year-End Accounting Checklist

Year-End Accounting Checklist

A comprehensive year-end accounting checklist is crucial to ensure a smooth transition into the new fiscal year and to meet financial reporting...

Read More
From Spreadsheets to Lease Accounting Software

From Spreadsheets to Lease Accounting Software

Leave it in the Past You’ve probably heard a lot about spreadsheets in relation to lease accounting. Perhaps after your first audit with the new...

Read More
Lease Accounting: Why You Should Not Use Spreadsheets

Lease Accounting: Why You Should Not Use Spreadsheets

If you are using spreadsheets to maintain your leases, you know what a pain those spreadsheets can be. They are error-prone, difficult to adjust,...

Read More
The New Lease Standard – Everything You Need to Know

The New Lease Standard – Everything You Need to Know

The new lease standard (ASC 842 and GASB 87 in the U.S. and IFRS 16 internationally) is intended to account for all lease obligations on financial...

Read More