Two market leaders—Genpact (a member of the HfS Winner's Circle) and Lease Accelerator (a leading enterprise lease accounting software firm)—are working together to help companies prepare for new lease accounting and reporting regulations that kick off January 1, 2019. The partnership is an example of cost-effectively using a digital as-a-service platform and process design to drive significant value for clients regarding compliance.
The solution also typifies the Five Ps needed to get to F&A 3.0.
Purpose. By January 1, 2019, all enterprises will have to collect a vast amount of data, deploy new software, re-design processes, and establish controls. Some view this as an opportunity to focus on what they need to do to survive and succeed.
Problem-solving. The Genpact-Lease Accelerator partnership combines Genpact's lease domain expertise and experience in data discovery, lease abstraction, process design and delivery and technology implementation with Lease Accelerator's robust SaaS solution. The latter can be easily integrated with client's existing ERPs. Genpact is also committed to being a long-term partner in the compliance process.