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.
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
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
PwC’s approach involves forming an iterative feedback loop by combining advanced technology and the firm’s in-depth accounting experience
The solution offers a wide range of different customizable reports which gives the comprehensive information required for the creating management reports
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
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
Scope of work for recurring activities during the
- 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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