Jun 12, 2018   SOURCE: PR NewsWire

Vaco teams up with LeaseAccelerator to help companies accelerate adoption of ASC 842 and IFRS 16

RESTON, Va., June 12, 2018 /PRNewswire/ -- LeaseAccelerator, the pioneer in the Enterprise Lease Accounting software market, announced today that national consulting and talent solutions firm, Vaco, has joined its global alliance program. The new alliance will help companies accelerate adoption of the new lease accounting standards, ASC 842 and IFRS 16. The new standards will have material impacts to corporate balance sheets and will require significant changes to systems, processes, policies and controls.

As the initial January 1, 2019 deadline is looming for public companies, experts with strong lease accounting and project management skills are both in high demand and in short supply. Vaco will leverage its unique consulting and strategic staffing model to help clients implementing LeaseAccelerator's Enterprise Lease Accounting software application with a full suite of services needed to comply with ASC 842, including:

    --  Process transformation - Assessment of a company's current policies and
        controls, data and systems, and people and processes; design of a
        future-state model that leverages LeaseAccelerator's powerful lease
        sourcing and management capabilities
    --  Data collection - Identification of the data required to perform
        accounting under the new standards as well as abstraction of the
        necessary data from leasing contracts, invoices and purchase orders
    --  Software implementation - Upload of leasing data and master data into
        LeaseAccelerator's application; configuration of accounting policy
        elections and practical expedients for the ASC 842 standards

"With the implementation deadlines for the lease accounting standards just a few months away, many companies are beginning to hit the panic button," said June Becker, managing partner with Vaco's Philadelphia office. "Vaco can jump in to help get projects back on schedule by deploying a hand-picked, fully trained and certified team of accounting superstars who live for complex operational challenges like implementing ASC 842."

"If accounting teams are going to deploy the necessary systems, processes, policies and controls in time, they will need to think outside of the box about how to source talent for this complex initiative," said Tyler Mills, vice president of global alliances for LeaseAccelerator. "We are thrilled to offer our customers access to such a diverse community of top talent via Vaco's unique staffing model."

LeaseAccelerator's Global Alliance program enables consulting, audit, tax and advisory firms, as well as business process outsourcing (BPO) providers, to assist their clients with implementation of the new ASC 842 and IFRS 16 standards. By leveraging LeaseAccelerator's Enterprise Lease Accounting application, alliance members can offer an expanded set of consulting, implementation and managed services to clients seeking assistance in transitioning their accounting and financial reporting processes and controls.

About LeaseAccelerator
LeaseAccelerator offers the market-leading software-as-a-service (SaaS) solution for Enterprise Lease Accounting, enabling compliance with the current and new FASB and IFRS standards. Using LeaseAccelerator's proprietary Global Lease Accounting Engine, customers can apply the new standards to all types of leases including real estate, fleet, IT and other equipment at an asset level as required by FASB and IASB. On average, LeaseAccelerator's Sourcing and Management applications generate savings of 17 percent with smarter procurement and end-of-term management. Learn more at http://www.leaseaccelerator.com/.

About Vaco
Vaco is a talent & solutions firm, providing executive search, consulting, permanent placement, and strategic staffing for companies around the world, in the areas of accounting, finance, technology and more. Since its founding in 2002, Vaco has grown to over 35 offices across the globe, 780+ employees, and 4,300 consultants and $450M in revenue. Vaco ranked #4 on Forbes' 2018 list of America's Best Professional Recruiting Firms, and has been on the Inc. 5000 list of the nation's fastest-growing companies for the last 11 years. Vaco is dedicated to developing customized client solutions, long-term relationships, and lifelong careers. For more information, visit www.vaco.com.

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SOURCE LeaseAccelerator