LBMC, one of the Southeast’s largest accounting and business consulting firms and a top 50 firm in the nation, has partnered with LeaseQuery, a leading provider of lease accounting software, to offer LBMC’s clients a comprehensive lease accounting solution.
Through the partnership, LBMC will receive hands-on training in LeaseQuery’s system and deepen its expertise of new regulations for lease accounting.
The new regulations for lease accounting were released in 2006 by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The new standards, known as FASB Topic 842 and IFRS 16 call for sweeping changes to how companies account for their leases. For most public companies, and those that report under the international standard the effective date of the new standards was January 2019; for most private companies the effective date is January 2021 (tentative decision pending comment period expected to be finalized September 2019).
Complying with the new regulations requires in-depth understanding of the new standards, as well as software that enables accuracy and efficiency. Many companies are choosing to leverage consultants to ensure their compliance. This partnership enables LBMC to supplement their lease accounting expertise with a software tool that is built for compliance.
“LBMC was founded with a simple mission: to serve great clients and enjoy doing it,” said John Mark McDougal, LBMC Shareholder and Practice Leader of Audit and Advisory. “We’ve kept that core ideal top of mind over the last three decades as we’ve grown and expanded in scope to meet the needs of our clients. This partnership underscores our commitment to investing in relationships that deepen and enhance cutting edge offerings providing our clients with transformative solutions as they grow and evolve, while ensuring they maintain compliance.”
“Companies are turning to LBMC to ease the stress that comes with transitioning to the new standards, and we’re proud to be a part of that solution,” said George Azih, LeaseQuery CEO and founder.
LBMC is a top 50 firm in the country and the largest professional service solutions provider based in Tennessee, serving approximately 10,000 clients with diverse needs across a spectrum of industries. LBMC and The LBMC Family of Companies has more than 600 employees, with offices in Chattanooga, Nashville (Brentwood), and Knoxville, Tennessee. Founded in 1984 as a traditional accounting firm, LBMC has expanded its focus to meet a broad range of financial, human resources and technology needs for its diverse client base. Today, we’ve become industry leaders in financial, human resources, technology, information security and wealth advisory services. For more information, visit www.lbmc.com.
LeaseQuery helps accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software. By providing specialized consulting services in addition to its software solution, LeaseQuery enables companies across all sectors to ensure compliance with the most comprehensive regulatory reform in 40 years. It is the first lease accounting software built by accountants for accountants. For more information about LeaseQuery, visit LeaseQuery.com or call 1-800-880-7270.