Our system, LS2, has been designed and developed by people who have managed leases and other contracts for a very long time, and is available as a service, accessed through our website portal. The system is unique in combining the critical components of both lease management and lease accounting, to ensure a complete solution for the long-term. Extensive reporting has been included to specifically meet new lease accounting compliance.
Set-Up & Profiling
Once we understand your requirements, we will set the system up for you.’ Where necessary, we will divide your leases by contract and asset type using a variety of templates. Clearly, details relating to a property lease will be quite different to those of an IT server, and with LS2, we have complete flexibility to shape what you want to see and use. Apart from holding critical lease details, calculations and documents, LS2 allows you to include any amount of other information relating to your leased assets, including notice alerts, reminders, notes and processes. Details previously contained within spreadsheets or other systems are easily imported to give you the same information that you had before, and a whole lot more.
We will help you with data loading, particularly for’ lease accounting compliance. This can be by simple spreadsheet or an API link if’ preferred.
LS2 is a combined lease management and lease accounting system which contains all the information necessary for you to report on IAS17, IFRS16, ASC840 and ASC842. If you require your own interpretation of any of the standard system reports, our in-house development team will deal with any customisation on your behalf.
As you begin to populate the system, the level of detail and inbuilt calculations will help you to easily identify areas of potential exposure. This will place you in a better position to make improvements, reduce or eliminate exposure, or even save money. You have the choice of either handling this yourselves, or we can assist with any related aspect from gathering and populating information, to identifying and addressing problems on your behalf.
Where you start is not where you will end up. Apart from meeting internal and market changes, it is quite likely that as you begin to recognise the capabilities of LS2, you will demand more from the system. The entire concept and architecture ensure agility and flexibility to accommodate change. Unlike larger well-known systems, this is met in less time, with greater agility, and at much lower cost.
We expect you to prefer to continue to arrange and manage your leases yourselves. However, if you wish to draw on our expertise, we will happily become involved in any aspect of your leasing. You might need ad-hoc or broader help, ranging from information gathering and administration, to specific problem solving, or lease arrangement.