The participants in our annual Halloween costume contest. The two on the right - Identity Theft and Grim Reaper tied for first place.
We are getting ready for Halloween. Here is one of our annual series of really bad lease accounting jokes.
LeaseAccelerator is the industry’s first software application developed specifically for Enterprise Lease Accounting. Fortune 500 companies lease much of the real estate and equipment they use to run their business. Real estate leases might be for factories, warehouses, call centers, research labs, retail stores or corporate offices. Equipment might include office equipment (furniture, photocopiers), industrial equipment (forklifts, machinery), transportation equipment (trucks, planes) or IT equipment (laptops, servers).
We believe that leasing is one of the most poorly managed financial process in Fortune 500 companies. The average Fortune 500 company has between $100M and $1B of leases, which represent between 1000 and 10,000 assets. No other process with such high dollar values has so little governance, process and control. While corporate real estate leases have been increasingly centralized in recent years, few companies have assigned ownership to their IT, fleet and equipment leases. At most companies it would take weeks, if not months, to simply get a listing of all the active leases around the world.
But this is all about to change. Recently, a new set of accounting standards have been introduced by the US (FASB) and International (IFRS) accounting boards specifically for leasing. With these new standards, leases move from an often overlooked footnote in a company’s annual report to front and center on the balance sheet. These new standards are going to require public companies to get their equipment leases in order because they will need more detail.
Leases are moving from an often-overlooked footnote to a highly visible line on the balance sheet. Most companies have a handle on their real estate lease portfolio, but even the most largest and innovative companies lack good data on their IT, fleet and equipment leases. LeaseAccelerator’s Global Lease Accounting Engine enables you track debits and credits at the asset level for all operating and capital leases. It provides you will all the data needed to comply with both the current (FASB ASC 840 and IAS 17) and new lease accounting standards (FASB ASC 842 and IFRS 16).
Companies choose leasing instead of buying because it saves money and offers the ability to refresh technology faster. But most companies never realize those benefits because they don’t proactively manage their leases. Most companies pay 10-12% more on equipment leases than they should. Instead of returning equipment at the end of the lease, companies continue to pay “evergreen fees” well past the end of term . And companies miss savings opportunities of 2-4% on their real estate by neglecting to identify landlord billing errors and failing to recover fees such as security deposits. Using LeaseAccelerator you can track all your leases throughout their lifecycle and capture millions in potential savings.
Most procurement departments aggressively negotiate the purchasing price for equipment such as forklifts, trucks and computers. But they fail to exercise the same rigor when it comes to securing financing for the equipment (i.e. the leasing terms). Using LeaseAccelerator you can put your leases out to bid in a competitive marketplace. Over 500 different commercial banks, independent lessors and manufacturer captive finance organizations can then bid on the leasing opportunity. The result is a significant reduction in cost savings of 6-8%. Those savings adds up quickly for large companies with leasing portfolios in excess of $100M.
If so, LeaseAccelerator might be a great fit for you. With a recent round of funding, we are currently focused on building out our sales and marketing organizations to take advantage of our extraordinary growth opportunity. But as we sign on new customers we expect to be hiring more operational personnel as well. So check back regularly for new openings.
I have been working at LeaseAccelerator full-time (Less than a year)
-Diversity/equity/inclusion a priority
-Opportunities for career growth
-Encouraging and kind middle/upper management
-CEO genuinely cares about each individual person and seeks opportunities to demonstrate that
-Growing pains typical of a rapidly expanding business.
I applied through a recruiter. The process took 2 weeks. I interviewed at LeaseAccelerator (Reston, VA) in September 2017.
3 consecutive video interviews with senior management leading different major divisions. Questions were carefully prepared but they were all very friendly , open and willing to listen. they were direct and honest in their feedback and explaining next steps.