Fiserv partners with LeaseQuery to streamline lease accounting processes & address FASB standard
By Pavithra R
Fiserv, a leading global provider of financial services technology solutions, has announced that the firm has entered into a new agreement with LeaseQuery to help enable financial institutions to advance their lease accounting processes and address industry standards.
The partnership will enable users of Prologue Financials accounting software from Fiserv to access purpose-built lease accounting software from LeaseQuery. The agreement with LeaseQuery gives Prologue Financials users access to cloud-based lease accounting capabilities, including automated lease assets, journal entries, and disclosure reports.
Historically, operating leases have been considered off-balance-sheet transactions, often tracked manually in spreadsheets. According to Lease Liabilities Index Report from LeaseQuery, with Financial Accounting Standards Board (FASB) issuing ASC 842, a new standard for lease accounting financial institutions could see a 60% to 70% average increase in lease liabilities on their balance sheet.
“While some financial institutions with a small number of operating leases may be able to continue to track those leases in spreadsheets, this will be a labor-intensive and impractical process for most institutions. The continually changing accounting environment is a catalyst for automation, which can improve not only the efficiency of the lease accounting process, but also its accuracy,” said Aldor Delp, senior vice president, and general manager, Digital Efficiency Group at Fiserv.
Built for medium-to-large financial services institutions, Prologue Financials from Fiserv is a fully integrated accounting management solution that includes general ledger, fixed assets, accounts payable, and investment portfolio accounting. It streamlines processes, delivering reliable, accessible information that’s crucial to the organization’s performance. The solution enables financial institutions to increase the efficiency of financial accounting processes with built-in automation and controls. It features enhanced, built-in automation and controls and a well-designed user interface, enabling users to increase the efficiency of financial accounting processes.
“While the new lease accounting standards may not change how financial institutions make loan or leasing decisions, the way those decisions appear on the balance sheet is significantly different. Lease accounting can be quite complex, so having easy access to a purpose-built solution will help streamline this transition for financial institutions and is a real benefit for those using Prologue Financials,” said George Azih, CEO and founder of LeaseQuery.
Recently Fiserv announced support for financial institutions in their remote migrations amid COVID-19.
Founded in 2011, LeaseQuery helps accountants and financial professionals eliminate lease accounting errors through its CPA-approved, cloud-based solution. Its software is built by accountants, for accountants under the provisions of the current and new lease accounting standards.
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