The task of complying with the new FASB/IASB lease accounting standards will be formidable. Significant changes in technology, operations, and business processes will be required to achieve the transparency sought in financial reporting.
Blitzn's lease accounting software ensures that your leased properties, equipment, and fleets maintain data integrity and accuracy. The platform helps you become FASB/IASB compliant.
READ MORE about the new FASB regulations impacting your business
Lease Accounting & FASB/IASB Compliance
Our software takes your existing lease information and automatically recalculates the asset and liability associated with your property, equipment and fleet leases. This maximizes your implementation speed and minimizes human error and auditing expense.
Blitzn is configured to include the advanced functionality needed to bridge the gap between standard accounting systems and the new FASB/IASB standards that impact how property, equipment, and fleets are accounted for on the balance sheet. Our software helps you categorize your assets correctly and download the supporting documentation required for reporting purposes.
Avoid Material Weaknesses
Blitzn helps you avoid the material weaknesses and financial restatements that can impact your market capitalization and brand. We’ll track every property, equipment or fleet lease providing you with secure document management, including CAD drawings and pictures. OCR search capability with role-base security for viewing and editing access helps defend any journal entry in your ledger for an audit-proof trail.
Our platform also accounts for foreign currency - perfect for retailers with international operations.
READ MORE about how we can help you prepare for the changes
Owned Property & Lease Administration
Better understand your property and lease decisions in the context of store performance, relocation opportunities, and changing market conditions using Blitzn’s assets and portfolio analytics tool. You can set strategy and empower your teams to make deals that benefit your business - and our analytical tools give you insights you need to get the best deal on your owned or lease assets. Avoid data overload and easily track financial obligations, critical dates, key clauses, options, contacts, sub-tenants and all other critical asset information in an easy-to-use system.