MALVERN, Pa., May 2, 2018 /PRNewswire/ -- With a December deadline fast-approaching, Ricoh USA, Inc. has unveiled RICOH Lease Administration Services, a new comprehensive, end-to-end service that accurately and effectively helps businesses bring their leases into compliance with forthcoming requirements. This service eases a common burden felt by businesses: the inefficiencies of tracking and managing leases, often done today with inefficient spreadsheets. Lease Administration Services, a business process outsourcing (BPO) offering, aids companies with compliance by relying on Ricoh's scalable legal expertise, proven strategies and software-as-a-service (SaaS) to implement and maintain new processes.
The new Financial Accounting Standards Board (FASB) and International Financial Reporting Standards (IFRS) changes will require companies to be compliant beginning on December 15, 2018 (exact dates can be found here). Ricoh's Lease Administration Services helps businesses come into compliance with these new regulations. It delivers just the right combination of calculation and data management tools, automated process support, and scalable legal resources needed to find data in lease and contract documents and use it to meet compliance requirements with the new standards. At the same time, Ricoh's data capture, aggregation, and analytical capabilities empower customers to turn their lease administration data into actionable insights to drive better business performance.
Leases, such as vehicles, office equipment, computers, furniture, machinery, cell towers, etc., have historically been managed by individual or regional offices making them unlikely to be seen by investors. These new requirements address this regulatory blind spot by moving the accounting of leases to companies' balance sheets, providing a more complete financial picture of the business. Ricoh's Lease Administration Services organizes and manages information more efficiently than prior processes by reducing dependence on time consuming manual tasks.
"Moving leasing information from a footnote to the balance sheet might sound simple, but it is anything but an easy process. It requires intensive labor and expertise to do it right," said Bill Webb, Vice President, Services & Strategy Development, Ricoh USA, Inc. "RICOH Lease Administration Services provides businesses with end-to-end support to meet these regulatory requirements, from data extraction to processing on through to management. We are empowering workers in digital workplaces to focus on their core business activities while we manage this process with our strategic, holistic approach. While they deliver on their business priorities, our experts aggregate and manage the information in ways that can provide actionable insights into procurement processes."
Under previous regulations, companies generally had to collect and manage approximately 10 data points about each lease. Under new rules, they will need to collect and manage an estimated 25-70 points. Many current lease management systems were not designed to handle this level of granularity, and extracting the data presents its own challenges. Additionally, leases often experience frequent turnover, so new data will near-constantly need to be entered into the system.
The implementation of Lease Administration Services is simple and may be completed in a fraction of the time needed for other companies that package disparate software and services. After an initial walkthrough assessment and in-person workshop, Ricoh assigns a group of off-site legal experts to evaluate and digitize key data points tied to regulatory compliance within leases. This team comprises practicing lawyers who are managed by Ricoh's eDiscovery experts. Once the data has been entered, the software incorporates these data points in workflows that centralize, monitor and manage the information to deliver simple, compliant accounting.
This data can also be incorporated in a variety of other workflows for analytical purposes, providing previously unavailable levels of insight into a company's procurement processes. These insights can help uncover inefficiencies to drive cost and time savings such as automating monthly payments.
RICOH Lease Administration Services can continue to help customers reap benefits after the initial implementation. As leases often experience frequent turnover, a continued subscription helps companies maintain compliance, as well as continue to drive increased visibility into procurement processes. Through this ongoing partnership with Ricoh, businesses can be assured the cumbersome lease management process is managed with a strategic, holistic approach.
| About Ricoh |
Ricoh is empowering digital workplaces using innovative technologies and services enabling individuals to work smarter. For more than 80 years, Ricoh has been driving innovation and is a leading provider of document management solutions, IT services, commercial and industrial printing, digital cameras, and industrial systems.
Headquartered in Tokyo, Ricoh Group operates in approximately 200 countries and regions. In the financial year ended March 2017, Ricoh Group had worldwide sales of 2,028 billion yen (approx. 18.2 billion USD).
For further information, please visit www.ricoh.com
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