Boston, MA, August 04, 2016 --(PR.com
)-- This alliance facilitates compliance with the new lease accounting standards recently adopted by the FASB and IASB.
iLease Management LLC, developer of the iLeasePro, the cloud-based Lease Analysis, Lease Management and Lease Accounting solution announced its strategic alliance with Brightleaf Solutions, Inc., a leader in automated contract extraction technology.
iLeasePro is a cost-effective solution that brings transparency, information sharing capabilities and efficiency to the lease portfolio of lessees. iLeasePro makes it easier for firms to manage the lease lifecycle of both Real Estate and Equipment leases and comply with the recently adopted FASB and IASB Lease Accounting changes.
Brightleaf Solutions, Inc. provides technology and services to overcome the challenge of mining important information from leases and other unstructured, text-based legal documents.
The accounting changes, announced earlier this year, put in place the FASB and IASB Boards’ longstanding goal of moving all leases to the lessee’s balance sheet. Widespread impacts are expected for any company that leases major assets such as real estate, machinery, vehicles, and other capital equipment.
According to a recent survey by KPMG LLP, almost one half of the respondents indicated that they have not yet started to assess the impact of the new lease standard and of those that have started, few have completed all of the required tasks. Once the assessment process starts in earnest, technology system requirements will become a critical factor along with ability to transfer lease data seamlessly into the technology solution selected.
Through this alliance, iLease Management’s iLeasePro system delivers a comprehensive lease life cycle technology solution, which starts with initial Lease Analysis and incorporates Lease Management and Lease Accounting. Brightleaf, with its automated abstraction technology, can quickly and accurately mine thousands of a company’s leases to extract the key financial and operating data needed to populate iLeasePro.
“Brightleaf developed technology and a Six Sigma quality control process that allows us to abstract salient data from any number of legal documents at accuracy levels up to 99.99966%. By partnering with iLease Management, we are able to identify, extract and upload all of the lease information that is now required for FASB and IASB compliance,” said Samir Bhatia, CEO of Brightleaf Solutions.
According to Sean T. Egan, Managing Partner of iLease Management, “We believe that many organizations do not realize the complexity involved in implementation of the new standard. iLeasePro, our lease technology solution, is a critical element of the transition to the new accounting model. By integrating iLeasePro with Brightleaf’s data mining capabilities, we allow an organization to expeditiously and cost effectively capture required critical lease information from text-based documents and efficiently transport that information into iLeasePro for immediate use.”
About iLease Management, LLC
iLease Management LLC, founded in 2012, is in the business of making it easier for lessees to manage the lease lifecycle of real estate and equipment leases. iLease has developed and is actively marketing its flagship solution, iLeasePro, a cost effective, cloud-based lease analysis, lease management and accounting technology solution that brings transparency, information sharing capabilities and efficiency to the lease portfolio of lessees. It has been developed to assist firms in complying with the FASB and IASB Lease Accounting standard changes.
For more information about iLeasePro, visit www.iLeasePro.com.
About Brightleaf Solutions, Inc.
Big data, BI, and data driven decisions are having a profound effect on U.S. business operations, becoming a $143B market in 2016. Brightleaf’s vision is to accelerate this adoption with technology that overcomes the challenge of mining important information from unstructured, text-based documents and making it accessible.
Brightleaf Solutions is a minority-owned, Boston-based technology start-up. With an initial focus on executed legal contracts, Brightleaf opens new doors for companies to manage risk, ensure regulatory compliance, meet customer obligations, uncover missed revenue, and get meaningful insight into their customer, partner, and vendor behavior.
For more information about Brightleaf, visit www.brightleaf.com
Sean T. Egan
Managing Partner, iLease Management LLC