ILease Management LLC, developer of the cloud-based lease accounting and management platform ILeasePro, announced today the expansion of its feature set designed to help companies simplify ASC 842 lease accounting compliance while achieving measurable cost savings across their lease portfolios.
With ASC 842 requiring all leases to be recorded on the balance sheet, many organizations have faced increased administrative burden, higher audit fees and risk of noncompliance. ILeasePro addresses these challenges by delivering an affordable, audit-ready solution that streamlines every step of lease management and accounting, from abstraction through disclosure reporting.
Key ASC 842 features of iLeasePro include: automated amortization schedules that instantly generate accurate Right-of-Use (ROU) asset and lease liability schedules, one-click postings that integrate with ERP and general ledger systems, complete ASC 842 financial statement footnote disclosures ready for audit, centralized control over leases with critical date alerts and built-in transparency.
Beyond compliance, iLeasePro delivers measurable cost savings to clients by reducing audit fees, eliminating spreadsheet errors and cutting administrative hours.
“ASC 842 has transformed lease accounting from an afterthought into a material area of compliance and risk,” said John Meedzan, CEO of iLease Management. “With iLeasePro, companies not only achieve compliance—they also save money. Our clients consistently see lower audit costs, reduced risk exposure, and stronger decision-making when they bring their lease data into our platform.”
iLeasePro is designed for companies of all sizes, from private organizations navigating their first audit under ASC 842 to mid-market enterprises managing complex lease portfolios.
