EY has unveiled a new strategic alliance with LeaseAccelerator in a bid to provide a “transformational” lease accounting and contract management service.
The partnership will work to provide organizations of all sizes with dedicated lease accounting and contract management services that can “help simplify” the management of global lease portfolios and provide customer-defined outcomes.
It comes as EY has encouraged financial executives to consider transitioning from “manual, fractured and expensive” workstreams to a highly automated and compliant lease accounting process, which in turn provides accuracy and timeliness of lease data.
According to the firm, the new service will also provide a “consistent” application of policies and transparency of critical lease terms.
It added that transparency is “key” to reducing costs, preserving cash, generating new free cash flow and increasing the flexibility of contractual obligations.
Stefan Pfeiffer, partner, financial accounting advisory services, EY, said: “Organisations demand modern software and improved processes to allocate time, resources and talent efficiently.
“Working closely with LeaseAccelerator, EY teams can now assist clients on that need to provide a broad, managed service offering.”
He added: “Businesses of all sizes can leverage deep experience in lease accounting and contract management deployed on a SaaS platform designed to scale to their needs.
“EY teams can serve clients with transparency and flexibility to help them manage their lease portfolio and reframe their future in the new business reality during the COVID-19 pandemic and beyond.”
Michael Keeler, CEO, LeaseAccelerator, said: “In many organizations, leasing is a decentralized, cross-functional, manual and broken process lacking accountability, controls and experience.
“LeaseAccelerator has teamed up with EY professionals to address this problem by offering a new managed services option – an opportunity for financial leaders to refocus on their core mission by outsourcing the leasing lifecycle to a proven, trusted and truly global organization, while liberating professionals to transition to new, mission-impacting challenges.”