Grant Thornton launches LeaseCom Analytics

 

New lease-accounting application combines advanced analytics and machine learning to reduce errors and increase compliance confidence

 

CHICAGO — To help public and private companies adjust to FASB’s new lease accounting standard, Grant Thornton LLP has introduced a web-based application called LeaseCom Analytics (LCA). LCA combines advanced analytics and machine learning to automate the process of maintaining a complete, accurate picture of a company’s lease portfolio.

According to Joe Brown, Grant Thornton’s national managing partner, Strategic Federal Tax Services and ASC 842 Advisory Services: “LCA is a critical tool in helping companies deal with volumes of disparate data. It absorbs data about leased equipment and spaces from multiple IT systems on an ongoing basis, and then looks for recurring payments to the same vendor, simplifying the process of verifying an accurate list of leasing transactions.”

Brown explains that LCA is flexible and comprehensive, and can save users thousands of man hours identifying, collecting and verifying lease information. Moreover, it allows companies to comply fully and continually with ASC 842 requirements. “That’s time and resources that companies could otherwise deploy for value-added activities,” he says.

LCA works especially well for globally dispersed teams that need to go beyond establishing compliance visibility and create a sustainable, automated process.

“Without automation, companies are exposing themselves to increased risks and may even be disseminating inaccurate information,” says Brown. “It’s simple: With LCA you’re reducing errors and increasing compliance confidence with little organizational impact.”

Grant Thornton developed LCA specifically to help clients as they move beyond the initial ASC 842 compliance deadline, providing them with more than a one-time fix. The solution complements Grant Thornton’s LeaseX offering, an ASC 842 readiness assessment tool that integrates with market-wide lease software, which more than 100 organizations employed to implement leasing standard compliance programs. “LCA, like a healthy diet, is an ongoing solution – a way to stay compliant with known and unknown lease obligations, with minimal operations impact,” concluded Brown.

For more information about LCA, visit GT.com.

 

 

About Grant Thornton

“Grant Thornton” is the brand for two professional-services entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and dozens of offices nationwide, Grant Thornton represents a community of more than 9,000 problem solvers, relationship builders, and industry specialists who know that how we serve matters as much as what we do.

 

Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.

 

Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the Grant Thornton International Ltd (GTIL) network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.

 

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