About Black Owl Systems

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.

```xml <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 These outdated methods can lead to inaccurate financial reporting, increased audit risk, and inefficient month-end closing procedures. </problem> <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. </solution> <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 </features> <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. </target_audience> ```

What does Black Owl Systems do?

Where is Black Owl Systems located?

Black Owl Systems is based in Calgary, Canada.

When was Black Owl Systems founded?

Black Owl Systems was founded in 2020.

Location

Calgary, Canada

Founded

2020

Employees

5 employees

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Black Owl Systems

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Executive Summary

blackowlsystems.com 1K+

Founded 2020 – Calgary, Canada

Funding

No funding information available.

Team (5+)

No team information available.

Company Description

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.

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

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.