Companies reexamine their lease accounting as they rightsize space during COVID

Businesses are downsizing their office space and renegotiating leases as employees work from home, and they need to look at how they’re accounting for the leases under the new rules.

A recent poll from Deloitte found that two-thirds (66.9%) of companies surveyed have launched or plan to initiate a study looking at how they use real estate in the post-pandemic world. Deloitte’s recent report, Reevaluating your real estate footprint and a related infographic, discuss the various considerations and issues of the leases standard from the Financial Accounting Standards Board, known as Topic 842 or ASC 842 for its number in FASB’s Accounting Standards Codification.

Since the pandemic spread across the U.S. last year and organizations responded by closing their offices and asking employees to work from home, companies have been rethinking their real estate strategy, exiting space before a lease ends, modifying their lease agreements to accommodate extra space

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Payments Industry Veteran James Thomas Leading the AI Revolution in Finance and Accounting Workflow Automation by Saving Companies Billions | State

NEW YORK, June 23, 2021 /PRNewswire/ — James Thomas, the founder and CEO of Itemize, is helping corporations and FinTechs save billions and increasing their productivity by deploying intelligent automation to capture data from financial documents that would otherwise be done manually.

“At Itemize, our focus is enabling organizations to implement and accelerate business processes using Machine Learning (ML) and AI technologies,” said Thomas. “We’ve seen results showing 97 percent accuracy, 80 percent time-savings freeing up valuable resources and cost savings.”

Itemize specializes in B2B accounting and finance applications, documents, and workflows. Its team and technology are experienced in finance and accounting systems, commercial payments, tax processing, and Accounts Payable. This sector focus puts Itemize ahead of the competition in dealing with financial and accounting documents. 

“Itemize is ready on the first day that a customer signs up. Our competitors are only selling tools, not out-the-box-ready solutions.

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Biden’s $80 billion plan to beef up IRS audits may target wealthy small business owners – CNBC

Biden’s $80 billion plan to beef up IRS audits may target wealthy small business owners.

Posted: Wed, 05 May 2021 14:56:29 GMT [source]

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