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

ProNexus Lease Accounting Software Helps Client Comply with ASC842

Client: Large Private Company
Requirement: ProNexus Lease Accounting Software

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Business Situation:

When the new lease standard was announced, the client’s first inclination was to use Excel, a cheap and easy option. But early on it became clear that using spreadsheets to implement the new standard wasn’t feasible. The client began exploring software solutions and initially came across a few options that were far too expensive.

ProNexus Solution:

ProNexus reached out asking if we would be able to give a software demo. The software pricing and ease of use of the tool attracted the client immediately and they were ultimately impressed by the demo, deciding to move forward with our services.

Results

ProNexus has done a few client implementations using the software, with excellent client feedback. Some of the top benefits we have seen from using the software include:

  • It includes guidance and tooltips to answer questions about nuances within the standard
  • It’s simple for ProNexus and the client to collaborate within the system
  • “Turnkey Solution” to implement the new standard, paired with educational messages
  • Cloud-Based System – can log in from everywhere
  • User Friendly
  • Robust Reporting Tools
  • Bulk Import Tool – automated upload for spreadsheets with data, no manual entry of each lease/mass uploads

Client Testimonial: “My favorite things about the software are the bright-line explanations of footnote disclosures and weighted average computations coupled with an easy-to-understand entry to record. Automating these weighted average calculation details in a secure system helps streamline the audit process and allowed us to comply with the new lease accounting standard easily.”

Do you want to learn more about ProNexus Lease Accounting Software? Contact us for more information.