DebtBook Launches New ASC 842 Lease Management Solution for Nonprofit, Higher Education, and Healthcare Teams

CHARLOTTE, NC, October 2, 2024 – DebtBook, a leading provider of treasury and accounting software, today announced the launch of its new ASC 842 Lease Management solution, designed to simplify lease accounting compliance for nonprofit, higher education, and healthcare organizations.

The ASC 842 solution builds on DebtBook’s best-in-class Lease Management platform, initially created to support governments with GASB 87 compliance. With this new offering, DebtBook now provides an advanced, cloud-based solution that enables nonprofit, higher education, and healthcare teams subject to ASC 842 to streamline their lease accounting processes and improve compliance efficiency.

"We’re on a mission to eliminate the burdensome operational work of GASB 87, GASB 96, and ASC 842 compliance," said Tyler Traudt, CEO and Co-Founder of DebtBook. "We're excited to now bring our best-in-class lease accounting solution to nonprofit teams across the country – that’s a huge step forward in our pursuit of that mission.”

DebtBook’s lease management platform eliminates the need for manual spreadsheets, automates audit trails, and improves audit readiness – giving teams hours back to their day and significantly reducing the risk of human error.

Key Features of DebtBook’s ASC 842 Lease Management Solution:

• Consolidated Lease Data: Manage all lease information in a single, cloud-based platform, reducing manual effort and errors.
• Automated Disclosures and Audit Trail: Ensure accuracy and readiness with a single source of data for year-end reporting.
• Login Access for Auditors: Provide secure login access to auditors at no additional cost, streamlining the review process.

DebtBook’s ASC 842 solution offers advanced features such as automated audit note exports, journal entry exports, and simplified change management functionality, all designed to make compliance more accessible and efficient.

About DebtBook

DebtBook offers modern treasury and accounting software designed to help state and local government, higher education, healthcare, and others go from operational overload to strategic leadership.

Our Debt and Cash Management solutions empower strategic treasury and improve financial outcomes by automating operational work and allowing teams to more easily analyze their data and extract valuable insights. Our Lease and Subscription Management solutions give accounting teams hours back to their day by automating GASB 87, ASC 842, and GASB 96 compliance workflows. Visit debtbook.com to see why more than 2,100 organizations nationwide work with DebtBook.

Contact

Liz Speier
Liz.Speier@debtbook.com