Black Owl Lease Accounting
2 Reviews 5/5 ★ ★ ★ ★ ★A cloud-based lease accounting system with ASC 842 and IFRS 16 compliance.
Product Overview
Black Owl Systems is cloud-based lease accounting software that simplifies compliance with ASC 842, IFRS 16, and ASPE 3065. It is designed for both small businesses and global enterprises managing lessee and lessor accounting.
Key features include easy-to-use tools for lease creation, modifications, and reassessments; support for multi-currency environments; and pre-built, audit-ready disclosure reports.
Black Owl automates all the required journal entries and integrates with all ERP systems like SAP, Oracle, and Microsoft Dynamics.
Pros
- User friendly interface
- Multicurrency support
- Complys with several different accounting standards
Cons
- Does not support GASB 87
Target Market
Midsize to large global companies with growing or complex lease portfolios. Organizations managing 50 to 10,000+ leases across real estate, equipment, or vehicles, with multi-entity and multi-currency environments that require consolidated reporting across any industry.Not Recommended For
Very small businesses with only a handful of simple leases and no formal reporting requirements.Video Overview
Key Features
Black Owl Software offers several features that help comply with lease accounting standards and can be used by lessors and lessees.
- Compliance: Black Owl complies wth FASB, IFRS 16, and Canadian ASPE Section 3065 lease accounting standards.
- Lessee Accounting: Supports several lease types, including operating, finance, low value, and non-lease contracts.
- Lessor Accounting: Includes lease types like sales-type, direct financing, and operating.
- Lease Entry: Create new leases fast with validations, documentation, approval workflows, and a user-friendly interface.
- Audit Trails: The system creates audit trails for each lease change for full transparency.
- Bookkeeping Standards: Complies with US GAAP, IFRS, and ASPE accounting standards.
- Reporting: Create a personalized dashboard with ad-hoc reports, including disclosure and management reports.
Integrations
Black Owl connects to several leading ERPs to eliminate manual uploads and ensure the GL is reconciled and journal entries match. Vendors include:
- NetSuite
- SAP
- Microsoft Dynamics
- Oracle Cloud
- Acumatica
- Workday
Product Overview
Developer Overview
User Reviews of Black Owl Lease Accounting
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Black Owl exceeded our expectations
As an East Coast transportation company adopting IFRS, we needed a lease accounting solution that was accurate, efficient, and easy to work with. Black Owl exceeded our expectations. Their team walked us through every step of the conversion, ensuring we had the right data and accounting entries in place. Their ongoing support has been invaluable, especially when it comes to handling complex lease events. I have complete confidence in the system and would recommend it to any finance team navigating similar challenges.
Exceptional support
We are extremely satisfied with the Black Owl system implemented for our organization. The software efficiently handles leases across our multiple subsidiaries and currencies, and it has proven to be both accurate and reliable for our needs.
The reporting and auditing functions within the system have significantly streamlined our workflows. Generating reports is now quick and intuitive, with the ability to access consolidated data across subsidiaries and currencies in just a few clicks. The system’s built-in support for both GAAP and IFRS standards ensures compliance across jurisdictions, reducing the need for manual adjustments and simplifying the preparation of financial statements. The audit trail functionality further enhances transparency, making it easier to track changes, support compliance, and respond to audit requests efficiently.
The implementation process was quick and straightforward. The support team was instrumental throughout. Providing clear, detailed explanations of what was required at each step. Their guidance made the entire process seamless and easy to manage. Since going live, the support team have continued to be a valuable support resource. They are consistently available to answer any questions we have, and their responses are always prompt and thorough.
We’re very happy with both the software and the exceptional support provided. We highly recommend this solution to any organization with similar lease accounting requirements.
