Black Owl Systems Lease Accounting Software Reviews 0

Written by the company

Black Owl Systems' lease accounting software presents a robust solution for organizations looking to streamline their lease accounting processes while ensuring compliance with the latest standards and providing a wide range of advanced features to manage, track, and report leasing activities. Key Features of Black Owl Lease Accounting Software: Lease Accounting Compliance: Supports major accounting standards including FASB ASC 842, IASB IFRS 16, and ASPE Section 3065. Accommodates various lease types under these standards, such as finance, operating, low-value, and non-lease contracts for lessees, and sales-type, direct financing, and operating for lessors. Advanced Functionalities: No Month-End Processing: Automated calculations and postings with auditable journal entries. Multi-Standards Compliance: Meets requirements of US GAAP, IFRS, and ASPE. Multi-Currency & FX: Includes daily rate imports and month-end calculations. Coding & Allocations: Allocates lease costs to various centers, ventures, etc. Variable Costs & Forecasting: Enables tracking and forecasting of variable costs. Audit Trails: Provides reliable audit trails for each lease change. Multi-Entity Management: Supports multiple companies and coding structures. Contract Management: Organizes contracts to the asset component level. JE Audit Trail: Offers full visibility of all journal entries. Lease Management: Implicate Rate Calculation: Automatically calculates the implied rate based on lessor agreement terms. Sublease Management: Facilitates the creation and tracking of sublease agreements, including multiple sublease levels. Calculations & Reporting: Accruals & Prepaids: Books costs in accurate accounting periods. Liabilities Reporting: Differentiates between short-term and long-term liabilities. Depreciation Methods: Includes various methods like straight line and diminishing balance. Customizable Reporting: Dashboard with customizable directories and flexible filtering. Lease Entry & Changes: User-friendly lease entry screen with validations and coding. Comprehensive lease schedule and journal entry documentation. Efficient management of lease changes, including retroactive adjustments. Conversion and Integration: Seamless integration with any ERP system. Efficient mass upload templates for leases and master data. Smooth transition capabilities from other systems. Monthly Accounting & Support: Efficient end-of-month processes for variable costs and lease ends. Comprehensive reporting with timely notifications. Secure and scalable cloud infrastructure with industry-leading security. Commercial Aspects: Unlimited user and entity licensing, inclusive of all features. Benefits: Time and Resource Efficiency: Reduces the involvement of staff in lease accounting processes. Compliance Assurance: Ensures adherence to various international and national accounting standards. Flexibility and Scalability: Adapts to various business sizes and types, with extensive customization options. Enhanced Data Management and Reporting: Offers robust data tracking, reporting, and auditing capabilities.See more