AI-based accounting platform further accelerates the lease accounting process and provides A&M’s predictive incremental loan rate calculator embedded in end-to-end SaaS workflow
NEW YORK† June 21, 2022 /PRNewswire/ — trullion, the leading AI-powered accounting platform, today announced the new integration of Alvarez & Marsal’s automated incremental loan rate estimator LeaseSCRE into their accounting platform. The integration enhances an already robust platform of automated lease accounting solutions, enabling accountants to estimate loan rates at a glance.
Before LeaseSCRE, calculating loan interest was a manual and tedious process that took days and possibly weeks, depending on the complexity of the business. The valuation team at Alvarez & Marsal developed LeaseSCRE using machine learning algorithms to estimate a company’s incremental borrowing rate for use in lease accounting calculations.
“Companies have devoted significant resources to classifying and organizing their lease portfolios. Despite all the resources spent on accounting, companies still need the incremental borrowing rate to determine the present value of lease obligations. LeaseSCRE generates an estimated credit rating using a machine learning-based model that processes basic financial data from companies and sectors and returns a rating-based IBR curve,” says Chandu Chilakapati, a general manager of A&M’s valuation practice. “Now with an integration into Trullion’s lease accounting module, finance leaders can experience their ongoing ASC 842 compliance process with a new level of efficiency.”
This is the first time that LeaseSCRE has been integrated into an accounting software package to provide an end-to-end solution for companies looking to adopt ASC 842 quickly.
“Trullion is a single source of truth for accounting teams, creating efficiencies and transparency so our clients can easily comply with new industry standards,” says Isaac Heller, CEO at Trullion. “The integration with LeaseSCRE provides an automated option for one of the most difficult aspects of adopting ASC 842: determining your IBR rate. Looking to the future, it also shows that modern financial tools can work as an open ecosystem where software & services providers can provide CFOs and financial stakeholders with end-to-end automation.”
Trullion is an AI-powered accounting platform that automates challenging compliance workflows such as Lease Accounting and Revenue Recognition. By connecting Corporate Controllers, CFOs and external auditors in one platform, Trullion provides a single source of truth for financial leaders. Founded in 2020, Trullion is headquartered in New York, NY with offices in Tel Aviv and has secured $15M in financing from Aleph, Third Point Ventures, Greycroft, Verissimo Ventures and financial executives from SAP, Ernst & Young, AirBnB and Dropbox. For more information about Trullion, visit trullion.com†
CONTACT: DeeDee Rudenstein† [email protected]
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