Fiserv & LeaseQuery to Streamline Lease Accounting Processes

LeaseQuery’s CPA-approved software helps remove lease-accounting errors. The collaboration will provide Fiserv’s Prologue Financials accounting-software users access to it.

Users will be in a better position to streamline their financial-accounting processes with the help of Prologue Financials’ built-in automation and controls as they now get additional support from LeaseQuery’s cloud-based lease-accounting capabilities that include automated lease assets, journal entries and disclosure reports.

Notably, Fiserv’s shares have declined 13.1% year to date against 3.9% growth of the industry it belongs to.

The move makes sense as the process of tracking leases has become cumbersome due to a huge increase in lease liabilities in balance sheets after the Financial Accounting Standards Board issued ASC 842. This new standard for lease accounting demands recognition of operating leases for retail branches and office space upon initiation of the lease.

“The continually changing accounting environment is a catalyst for automation, which can improve not only the efficiency of the lease accounting process, but also its accuracy,” said Aldor Delp, senior vice president and general manager, Digital Efficiency Group at Fiserv.

Currently, Fiserv has a Zacks Rank #3 (Hold).

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