LeaseAccelerator, Clearlink Partner For SMB Lease Accounting Compliance

Enterprise lease accounting software company LeaseAccelerator is teaming up with Clearlink Partners to help joint clients ease the administrative burden of complying with changes in lease accounting standards.

The companies announced their partnership in a press release issued Wednesday (Aug. 14), noting LeaseAccelerator will collaborate with the business consulting services firm, which will provide businesses, government entities and small to medium-sized businesses (SMBs) with services to adopt new standards.

LeaseAccelerator and Clearlink will focus on adoption of new standards in future state design, software implementation, managed services and data collection. The companies will enable businesses to upload leasing data onto LeaseAccelerator’s accounting platform to promote compliance.

According to Clearlink Partners Managing Director Mike Corcoran, their collaboration aims to take advantage of the extra time that the Financial Accounting Standard Board (FASB) has given to smaller companies to adopt the lease accounting standard changes.

“The additional time proposed by FASB staff provides companies with an opportunity to strategically evaluate their entire lease asset program lifecycle needs,” he said. “Our service approach helps you build a plan for Day 1 implementation; Day 2 operation and sustainability; and Day 3 program cost and effectiveness optimization.”

He added that smaller companies also have the opportunity to learn from the experiences and mistakes that larger organizations have made.

In another statement, LeaseAccelerator Senior Vice President of Alliances Tyler Mills said companies are looking for both technology implementation support as well as support in data collection and future-proofing their systems as the deadline to adopt the new standards approaches.

“Combining ClearLink Partners’ accounting and business consulting with our best-in-class technology will enable companies to smoothly make the necessary changes to systems, processes and controls required for the new standard,” he said.

The FASB first proposed that smaller companies receive more time to adopt the new standard admit concerns over how the compliance burden may impact businesses.