New Regulations Create New Methods

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Finance organizations will be putting systems in place for operationalizing lease accounting as they prepare to comply with the new standards. I recommend they have a dedicated system for lease management and accounting if their existing software cannot handle the full scope of compliance. Because the new lease-accounting standards require process and data integration between departments and the finance organization, corporations need a controlled process for requesting, reviewing and authorizing all leases. To complement this, they should have software that facilitates the collection and storage of all lease-related data in a single repository.

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