Recently, LeaseQuery hosted a virtual summit highlighting current challenges and frequently asked questions regarding technology and the accounting industry. At the free CPE event, over 750 attendees heard accounting and finance thought leaders discuss their experiences with accounting technology and provide tips for implementing lease accounting software.
ICYMI: Highlights
During the summit, speakers from LeaseQuery, FloQast, and RSM provided insight into the audit process, how to properly compile a SaaS portfolio, how to switch to a new lease accounting software, and more.
Below, we will highlight the three sessions presented at the event and the important information attendees received about technology in the industry.
Session 1: Audit prep roundtable
Speakers:
- Allie Forte, Sales Engineer, FloQast
- Anthony Placencio, Partner, Audit at RSM
- Jason Parker, Senior Alliance Manager, LeaseQuery
- Jake Jones, Controller, LeaseQuery
This roundtable discussion focused on the financial statement audit experience for private clients. Speakers from Floqast, RSM, and LeaseQuery discussed strategies for each phase of the audit cycle – planning, assessing risks, testing, and reporting.
“Given the emergence of such significant growth in the technology sector over the past half-decade, we[‘ll] discuss[ed] how investing in FinTech solutions can help simplify one’s audit process. On the flip-side, auditors can typically assess a lower risk of misstatement, which inevitably leads to a more efficient audit, if clients utilize effective technologies that modernize their workflows.”- Jason Parker, LeaseQuery
Session 2: What are your software applications costing you?
Speakers:
- Rachel Reed, Technical Accounting Manager, LeaseQuery
- Stephen Hester, Lead Solutions Engineer, LeaseQuery
“As the swift rise of the remote workforce has moved a significant amount of technology to the cloud, SaaS spend is now one of the three largest expenses for organizations. Due to this increase in SaaS investment, LeaseQuery discussed the problems that SaaS sprawl creates and ways to get your SaaS spend under control with an internal software audit..” – Rachel Reed, LeaseQuery
Throughout the presentation, Rachel and Stephen reviewed the benefits of implementing a SaaS spend management platform and pointed out key features to look for when researching solution options. Tips included reducing shadow IT and zombie accounts and the benefits of performing a software license audit.
Key insights from this session include:
- SaaS adoption is continuing to grow rapidly.
- SaaS application audits are highly beneficial for growing organizations.
- Investing resources in new processes and tooling will improve SaaS application audits across the business.
- SaaS Management Platforms (SMPs) offer new capabilities to continuously improve SaaS audit and management capabilities.
Session 3: Mastering the switch to a new lease accounting solution
Speakers:
- Abdi Ali, Senior Technical Accounting Manager, LeaseQuery
- Jaron Moss, Technical Accounting Consultant, LeasesQuery
“Maybe you started the ASC 842 compliance project in spreadsheets but now you’re realizing the struggles of Excel are extremely frustrating and time-consuming, it may be time for a change.”– Jaron Moss, LeaseQuery
In the third session, the LeaseQuery team covered how to know when it’s time to switch to a different lease accounting solution and what the process entails. Speakers discussed the pitfalls of Excel and why using software is a simpler process.
The steps for switching lease accounting solutions include:
- Identify potential solutions
- Develop your plan for migration
- Migrate lease data and review/reconcile outputs
“Getting the inputs right to create your initial amortization schedules is difficult enough but that’s just the first step. At some point during the life of the lease, you’ll likely need to modify the lease.”– Jaron Moss, LeaseQuery
For more information on switching lease accounting solutions, check out LeaseQuery’s switcher guide.
Summary
Attendees of the 2023 Accounting Tech Summit ended the day with a better understanding of how to leverage technology for various business functions that help financial professionals work more efficiently. The free CPE Event showed how technology can help prepare you for your audit, aid in monitoring your software spending, and provide efficiencies in your lease accounting.
For more information on future technology summits, check out our events page.
