ASC 842 has made lease administration and accounting more complex for landlords and tenants. Whether you own commercial property, lease any type of equipment or vehicles, the new standards apply to your business.
Wizard Accounting can manage day-to-day lease administration, financial reporting and ASC 842 compliance.
Services of day-to-day lease administration includes tracking lease expirations, managing rent payments, and handling lease-related correspondence.
ASC 842 Compliance:
We create monthly journal entries to update balance sheets and P&L that comply with ASC 842. We also create lease abstracts for your records and manage option notifications and increases.
We provide financial reporting and analysis services that can help companies track lease-related expenses and make informed business decisions.
Overall, our lease management services can help companies save time and resources by outsourcing the complex and time-consuming process of managing leased properties or equipment to a third-party provider.