Lease Fix

A Saas-based solution that helps identify, collect, analyse and report data on lease agreements

A PwC India Product

Lease Fix is a Saas-based solution that is key in identifying, collecting, analyzing, and reporting data for compliance and control on lease agreements.

It supports organizations to address data-related challenges, quantify lease rentals and automate calculations while managing the technical specifications of the lease accounting standards.

Implementation of lease accounting standard with Lease Fix

The new lease accounting standard is for companies to re-engineer the way they report lease agreements for compliance and ongoing lease management.
The need to gather and analyze relevant data to comply with the new accounting standard challenges many organizations.
This process could help to improve the way companies collect data and insights in the future. PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience.

Key Features

Automated calculations and reporting

Integration with ERP at input and output levels

Allow modifications and subsequent changes with comparative analysis Artificial Intelligence (AI) enabled

Secured cloud-based hosting

ITGC and SOX controls enabled and compliant

All accounting and financial disclosure reports Easy and simplified user interface

Support lease transactions in all foreign currencies

Enhanced reporting, including customisable reports for budgeting, forecasting and internal MIS reporting

Supports multiple legal entities within a group in once single instance

Consider all aspects of lease accounting including ARO

Key Benefits

Enhanced Controls

Lease Fix uses a range of technologies to boost performance across specific business functions. Furthermore, it has robust IT general controls to maintain strong IT security

Automated calculations

The proprietary calculation engine quantifies the impact of these new standards, including transition periods. The calculations are automated to increase efficiency and curb human error

Technical expertise

PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience

Reporting

The solution offers a wide range of different customizable reports which gives the comprehensive information required for the creating management reports

Contract governance

Lease Fix acts as a repository for a company’s lease agreements which means that now lease agreements can be easily uploaded, searched, and retrieved

Indicative Commercial Model

Rates will be tailored as per local territory.

Implementation fee unless specified would be additional.

Any customization to the standard offering will be charged on a case by case basis.

Implementation of Lease Fix

20K USD*One time Implementation Cost / 4 to 6 weeks

Scope for Implementation of Lease Fix includes:

Tool set up and installation of a single instance of standard Lease Fix solution
Reconciliation of results obtained from Lease Fix with the manual excel workings
Generation of transition summaries with amounts for journal entries
Joint UAT will be done by PwC and Client teams covering functional and technology testing
Conducting centralized user training to train the user for efficient use of Lease Fix (No. of training – 2)
Providing user manual on how to use/ navigate through various sections of the Solution

Support and Maintenance Services

7.5K USD*Annually / Recurring annual support services

Scope of work for recurring activities during the
Engagement Term:

Support and maintenance of the application will be provided by us, as per the detailed Service Levels and Support Processes
Updates / Modifications to the Solution
Trouble-shooting for technical issues
Third-Party Managed Cloud in case of SaaS deployment

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Digitizing the preparation of financial statements

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Contact Us

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