Solution Overview

Put a leash on leasing and unleash compliance benefits

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Is your public enterprise prepared to meet the deadline beginning January 1, 2019 for compliance with the ASC 842 and IFRS 16 lease accounting regulations?

At face value, the requirement to move all your operating leases onto your corporate balance sheets seems straightforward enough, however time-consuming and resource-taxing. But if your organization is like most, your lease data is decentralized, incomplete, and unreliable. Your systems and processes can’t track leases at an asset level, which could lead you to unintentionally underestimate their value. In other words, you don’t have the information or reporting infrastructure you need to pass a SOX audit.

Companies realize that non-compliance could be viewed as a material weakness in their financials that can result in sanctions and penalties by the SEC, fall in market reputation and a decline in stock prices.

So, is your enterprise really prepared? Genpact’s global lease accounting and compliance solution, powered by our partner LeaseAccelerator’s award-winning enterprise lease accounting software, can deliver everything you need to get and stay compliant.

The importance of a one-stop solution

When it comes to lease accounting compliance, it’s risky to buy separate consulting, software, and support services with no clear ownership and shared responsibility. Most of today’s lease accounting offerings leave you shouldering the burden of compliance - like no skin in the outcome and risks game, customization and additional FTE needs, and steep costs to get sustainable compliance.

A solution with a sum greater than its parts

Genpact’s global lease accounting and compliance offering is a turnkey, outcome-based SaaS solution that delivers what you need for both short and long-term compliance sustainment.

Key components of our solution include:

  • Data collection and migration: Data discovery, abstraction, testing, and management using intelligent automation to significantly reduce data processing cycle time and cost, while improving quality
  • Process transformation: A redesigned operating model combined with the transformation of decentralized processes into a highly controlled and scalable environment using our digital Smart Enterprise Processes (SEPSM) framework – and we’ll set up a platform for continuous accounting and reporting 
  • Software implementation and consulting: Flexibility and modularity of a cloud-based solution, powered by our software partner, LeaseAccelerator, and our certified implementation specialists, who support clients through the entire implementation process
  • Lease management and reporting services: After implementation, our 150 lease accounting experts can manage your lease administration and accounting, financial reporting, and disclosure needs to make sure you remain compliant in the future

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And we don’t just make and keep you compliant. We also help you get better performance from your leases and reap up to 12% yearly savings from them. Moreover, we can make your lease management processes up to 50% faster, increase your capital sourcing competitiveness, reduce risk, and more.

Our approach to global lease accounting and compliance

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A use case

With a host of manual, decentralized, and inadequate processes and systems, global companies operating in multiple countries, languages, jurisdictions and holding billions of dollars in leases spanning several asset types, lessors and stakeholders across thousands of lease contracts can be in serious danger of noncompliance.

We can accelerate their compliance journeys with our turnkey solution that uses AI-powered data abstraction, design thinking-led process design and intelligent automation-driven software implementation and operations management across lease accounting, administration and reporting. 

The impact? 

  • Accelerated short-term compliance, along with the assurance of long-term compliance
  • Reduced lease management efforts by 30%-50% and audit queries by 30%, no adverse impact on time-to-close
  • Reduced decision cycles by 30% while improving leasing operations, portfolio visibility, and reporting quality 
  • 10%-12% savings annually through proactive mid-term and end-of-term lease management
  • 6%-8% equipment financing savings through competitive sourcing

Why is our offering right for you?

  • The union of two market leaders: Genpact, a finance and accounting transformation specialist, and LeaseAccelerator, a leading provider of enterprise lease accounting software
  •  A state-of-the-art turnkey and outcome-based solution that completely covers both your short-term (day 1) and ongoing, long-term (day 2) compliance requirements
  • Design thinking-led process transformation supported by deep domain expertise, with over 13,000 record to report (R2R) and 150 lease accounting experts on board 
  • Flexible, modular, and automated cloud-based solution with no IT infrastructure set-up
  • Easy integration with your existing ERP and real estate administration systems
  • A single global lease accounting sub-ledger to achieve ASC 842/IFRS 16 compliance
  • Asset-level accounting for all operating lease types – plus, ours is the only solution that addresses embedded leases
  • Complete and accurate data that stakeholders can trust — reconciled to the documents, SOX compliant, and fully auditable

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