When it comes to FASB ASC 842 implementation, public and private companies do not have a choice. While private companies have time until January 2020 to deal with the challenges of implementing the new accounting standards, some public companies are finding the new implementation issues a pain. And don’t forget, any flaw in the transition will create non-compliance financial penalties.(more…)
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…)
Lease abstraction is an important function of commercial real estate. It provides structure to the lease document, making it easier to access important details. Organizations who want to stay competitive and grow their real estate portfolios need a smooth lease abstraction process. However, your capacity to abstract and update all of your lease in a timely fashion may be hindered by these 5 issues – (more…)