The new accounting standard has brought with it the need to adopt new technologies as well as modify existing ones. It also raises concerns about the abstraction of additional lease clauses and the need to change business processes. As a result, companies, both private and public, are facing numerous challenges surrounding the new accounting standards. Here are some tips that will facilitate the implementation process.
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Renting a commercial space is an important milestone in your business. However, not many are aware that leases are open to negotiations that can be in the tenant’s favor. Since the rent and operating expenses affect the bottom line, tenants need to be cautious before committing to a lease agreement. Here are some tips to help negotiate a commercial lease.
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Pittsburgh – May 16, 2019 – RE BackOffice, leading real estate service provider, is exhibiting at ICSC RECon 2019 in Las Vegas, May 19-22 at the Convention Center. The RECon 2019 event is a four-day global gathering of retail real estate professionals bringing together developers, owners, brokers, retailers and service providers under one roof.
Calculating the financial aspects of leases is a complex task, especially when the building’s operational costs are passed on to the tenant. The scope of overcharging the tenant by the landlord is high leading to monetary losses that might go undetected for several years. A lease audit is a vital tool for identifying overcharges and to prevent them in future. Lease audit analyzes and reports discrepancies in the charges that can help save a tenant thousands of dollars.
Companies who implemented the new FASB standards can verify the fact that it’s not an easy transition. While they are in the process of learning trial by error, here are five common mistakes companies who are yet to implement the new standards can avoid.(more…)
Lease abstraction is a tedious process simply because not all leases are straightforward. CRE companies have been struggling to find ways to organize and manage their unstructured lease agreements. But lately, the use of artificial intelligence (AI) to abstract leases has caught the attention of many companies. Lease abstraction through artificial intelligence is based on machine learning. Simply upload the lease and other related documents and the software will analyze the entire set of documents, and abstract all the required information, providing the desired output. (more…)