iLeasePro Empowers Companies with ASC 842 Compliance & Cost Savings
BEVERLY, MA — September 9, 2025 — iLease Management LLC, developer of the cloud-based iLeasePro platform, announced the expansion of its ASC 842 feature set designed to help companies simplify lease accounting compliance while achieving measurable cost savings across their lease portfolios.
With ASC 842 requiring lessees to recognize right-of-use assets and lease liabilities, many organizations have faced higher administrative burden, increased audit fees, and a greater risk of noncompliance. iLeasePro addresses these challenges with an affordable, audit-ready solution that streamlines every step of lease management and accounting—from lease abstraction through disclosure reporting—helping finance teams work faster and with greater confidence.
Key ASC 842 Capabilities
- Automated Amortization Schedules: Generate accurate ROU asset and lease liability schedules instantly.
- Journal Entry Creation: One-click postings that integrate with your ERP/GL.
- Disclosure Reporting: Complete ASC 842 footnote disclosures that are audit-ready.
- Portfolio Management: Centralize real estate, equipment, and vehicle leases with alerts for critical dates and options.
- Audit-Ready Controls: Transparent calculations and audit trails to accelerate testing and reduce adjustments.
Proven Cost-Saving Benefits
- Lower Audit Fees: Pre-formatted disclosures and standardized schedules reduce external audit hours. See our ASC 842 Audit Readiness Checklist.
- Fewer Errors vs. Spreadsheets: Reduce misstatements with controlled automation; learn more in Common ASC 842 Pitfalls.
- Better Lease Decisions: Portfolio visibility improves renewals, options, and negotiation leverage—explained in our Top 10 Accounting Reports under ASC 842.
- Time Back to Finance: Automated workflows free teams to focus on analysis, not mechanics; see our ASC 842 & Cost Analysis overview.
Built for Clarity and Compliance
iLeasePro is designed for companies of all sizes—from private organizations navigating their first audit to mid-market enterprises managing complex portfolios. Finance leaders can deepen their ASC 842 knowledge with our Ultimate Guide to ASC 842, our primer on Lease Classification, and our explainer on Equipment-as-a-Service (EaaS). For a broader view of performance impact and lender expectations, see ASC 842 Impacts on Ratios & Covenants.
“ASC 842 has transformed lease accounting from an afterthought into a material area of compliance and risk. With iLeasePro, companies not only achieve compliance—they also save money,” said John Meedzan, CEO of iLease Management LLC.
Why iLeasePro
- Speed to Compliance: Pre-built schedules, journal entries, and disclosures.
- Security & Trust: Controls and processes aligned with best practices; learn about our SOC 1 Type 2 achievement.
- Continuous Learning: An ever-growing Knowledge Base and practical blog content for finance and audit teams.
Original announcement on EIN Presswire: View the press release.
Resources
- Ultimate Guide to ASC 842
- ASC 842 Audit Readiness Checklist
- How ASC 842 Changes the Top 10 Accounting Reports
- Guide to ASC 842 Lease Classification
- ASC 842 & Cost Analysis
- ASC 842 at Six Years: Transparency Gains & Costs
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