Black Owl Systems provides lease accounting software that ensures compliance with ASC 842 and IFRS 16 standards by automating journal entries and generating disclosure reports in seconds. The platform simplifies lease management for both lessees and lessors, enabling companies to efficiently handle their lease portfolios and significantly reduce month-end closing times.
Funding
Funding not disclosed
Founders
Product
Problem
Many companies still rely on manual processes and spreadsheets for lease accounting, which is time-consuming, error-prone, and makes compliance with ASC 842, IFRS 16, and GASB 87 standards challenging. These outdated methods can lead to inaccurate financial reporting, increased audit risk, and inefficient month-end closing procedures.
Solution
Black Owl Systems provides a comprehensive lease accounting software solution that automates and streamlines lease management for both lessees and lessors. The platform simplifies compliance with accounting standards by automating journal entries, generating disclosure reports, and providing detailed audit trails. Black Owl integrates with existing ERP and financial systems, enabling companies to efficiently manage their lease portfolios, improve accuracy, and significantly reduce month-end closing times.
Target Audience
The primary target audience includes finance teams, property managers, real estate investors, and accounting professionals in both small businesses and large enterprises who need to comply with lease accounting standards.
Features
- Automated journal entry creation and posting
- Out-of-the-box disclosure and management reporting, including asset continuity, liability maturity analysis, and cash flow statements
- Support for ASC 842, IFRS 16, and GASB 87 lease accounting standards
- Multi-currency support with automated import and conversion
- Lease modification and reassessment capabilities with retroactive adjustments
- Detailed audit trails for all lease transactions and changes
- Integration with various ERP systems, including SAP, Oracle Cloud, Microsoft Dynamics, NetSuite, and QuickBooks Online
- Secure, cloud-hosted, single-tenant architecture with AUTH0 user management and authentication