Guest Post | Jul 29, 2021
Sticking to manual lease accounting processes and compliance with relevant standards can be a huge nightmare.
The solution?
Use Trullion, a dependable software that uses AI to automate and simplify your lease accounting workflows and compliance processes.
In this review, we’ll look into how Trullion can help you establish seamless lease accounting processes and make complying with the required standards more efficient.
What is Trullion?
Trullion is an Artificial Intelligence or AI-powered Software as a Service (SaaS) platform that automates lease accounting workflows for auditors, Chief Financial Officers (CFOs), and accountants.
The platform combines the structured and unstructured aspects of accounting by reading Excel and PDF files and turning them into financial workflows, revenue recognition and lease accounting.
Trullion is designed to provide a solution to accounting process silos most Enterprise Resource Planning (ERP) and accounting firms often fail to address.
It can give you a 360° real-time view of your financial data, extract information from source documents and connect them to your audit trail, and speed up your ASC 842, IFRS 16, GASB 87 compliance process.
Main features and functionalities
Essentially, Trullion automates your tedious and repetitive financial and lease accounting workflows and tasks through AI technology.
Below are the lease accounting 2.0 solution’s critical features that help you streamline your lease accounting processes.
AI-powered contract extraction
Uploading your contracts into the Trullion software is a pretty straightforward process.
On the software’s interface, click the blue button, the browse option, or drag and drop your contracts or lease agreements (PDF, XLSX, or DOC file formats).
Click Import to upload your document.
Trullion uses Machine Learning (ML) and Optical Character Recognition (OCR) to analyze your contract and find relevant information for you.
The contract data displays on the right side of the interface and you’ll see the ASC 842, IFRS 16, and GASB 87 data inputs on the left side.
You'll see the software’s relevant recommended data points. Click each one, and the software will instantly highlight them within the agreement, allowing you to go over and approve them quickly.
These features simplify and automate extracting key data points from your contracts, allowing you to generate necessary reports efficiently.
Visual modifications
After reviewing a lease agreement, you can lock it to make it a read-only record.
To update the record due to, let’s say, a renewal, you can unlock it and process the modifications.
Add a description, the modification date, and select the type of modification, such as a term or payment change.
Click Modify, and this should open the workflow. You can add new documents or details and adjust the agreement accordingly.
Trullion’s visual modification feature will create a timeline that shows the before (historical data) and after (current data).
With this, you’ll see the active record on your Reporting page and the historical view of records, allowing you to get quick before and after views of the agreement details. This helps streamline your lease accounting process.
Bulk upload and modifications
Manually uploading data and applying modifications are often long and painful tasks, especially if you have a large asset portfolio or implement modern audit processes.
Trullion provides a solution through its bulk upload and modifications feature.
Using the upload tool, drag and drag your worksheet containing your records. The software will detect the column headers within your data automatically. You can then match the column headers with your desired data fields.
You can preview the data to check if you’ve got everything sorted out properly, then click Import. This should import all your data at once, allowing you to upload your data in bulk seamlessly.
Once imported, you can click on any of the lease records and view and process them within Trullion’s system.
What if your source data (Excel worksheet) gets updated or if you add new data?
Trullion allows you to update or modify your lease agreement information within the software easily.
Let’s say you modified the lease agreement information, such as extending the date of the contract in your Excel worksheet.
To update the records within Trullion, navigate to the software’s uploading tool and drag and drop the worksheet with the updated lease agreement data.
Once uploaded, select the same template you used for the records you want to update, and the software will remember the existing data fields. It will show you the modified records.
Under the Changed category, click on each record to show the changes. You can also view the old and the new values by clicking the Show Changes option.
The software will also detect data removed from your records, such as assets that are no longer in the worksheet.
You can choose to terminate, ignore, or modify them.
The last category shows you the unchanged records for your reference. Click Update Contracts, and you should be good to go.
The process is quick and easy, saving you tons of time and effort by reducing manual data uploading and updating, leading to efficient lease accounting workflows and processes.
360° audit reporting
Trullion offers reporting features that help you go through the steps of ASC 842, IFRS 16, and GASB 87 and generate all your Right-of-Use (ROU) assets, liability, and other entries.
After bringing in all your PDFs and Excel-based documents, you can create your reports efficiently.
Select the journal entries from any given period, view relevant contracts, and see disclosure and other details. When you’re done, you can export the data into Excel for review.
Click on any cell containing your exported data, and you’ll see the formula used within the software. This gives you and your auditor a 360-degree view of the audit trail.
You can also go to the sheet containing your contracts and click the links within the journal entries and disclosures. This will take you directly back to the original agreement on Trullion.
Wrapping up our Trullion platform review
Trullion provides the features you need to ensure confidence and transparency in handling your financial data and managing your lease accounting processes with ease.
With the software’s AI-based technology, you’ll get a single source of truth and have real-time visibility into your company’s financial data and processes.
In a nutshell, Trullion’s solution can automate critical aspects of your lease accounting processes, help you implement modifications easily, and ensure compliance with all the required standards.
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