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:
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.