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September 21, 2022
ASC 842 Lease Accounting
Problem
Leases tend to be fairly complicated and are currently manually reviewed to extract 50+ key terms and information required to comply with ASC 842.
Result
Time savings and mitigation of misstatement risk by leveraging automated control systems. Increased coverage of contracts that are reviewed.
Solution
Klarity automates workflow around the review of lease agreements and extraction of key terms that impact lease accounting.
It's a long term investment from our point of view. Not only can Klarity reduce the audit risk for organizations, particularly for a public company. Having an intelligent solution, it will speed up overall processing time and reduce the friction within the sales motion.
Benny Huang
Revenue Controller
Why Klarity?
Intelligent matching
Use Klarity to turn unstructured data into structured and leverage the recognition abilities to match your queries.
Chat with your documents
From now on you can simply chat with your document like you would ask your colleague to find something you need.
Empower your people at work with the right tool
Gabe Perteet
Technical Controller
This next generation of AI and Klarity, in particular, was a big unlock for us. We're doing things we couldn't have done before and in ways that were smart from a resourcing perspective. But also, engaging for the people doing the work as well.
Benny Huang
Revenue Controller
It's a long term investment from our point of view. Not only can Klarity reduce the audit risk for organizations, particularly for a public company. Having an intelligent solution, it will speed up overall processing time and reduce the friction within the sales motion.
Eileen Parker
Sr. Director of Global Revenue & AR
I've actually recommended Klarity to many of my peers and former employees or colleagues. This is a tool that they absolutely should look at. This is definitely an area that's been a pain point -- the Excel version of a deal review checklist, especially post ASC-606, can be very detailed, multiple tabs, and very labor intensive.
Billie Jonn
Revenue Accounting Manager
Where the Klarity team really stands out is the attention to detail they put into understanding your process. They will sit with you from beginning to end, walk through the entire process, and really try to understand it.
Sharon Virag
SVP of Operations & CAO
We care about our employee experience at Genesys, and that's the part that we're really excited about for Klarity. Nobody wants to be slogging through contracts all day, and so the huge benefit to our company isn't even in the dollar savings – it's in the impact on our employees.
Nikolay Trenin
Revenue Controller
We completely updated our scoping process. We no longer need a materiality threshold for contract review, we can simply rely on Klarity to identify the areas of risk.
Yunuu Chen
Corporate Controller at Lookout
Klarity’s demo immediately demonstrated the transformative impact Klarity would have on our revenue accounting processes,” said Chen. “Their sales and professional service teams were incredibly engaging right off the bat. They described the product and its outcomes very clearly.
Tony Tiscornia
Chief Financial Officer
Klarity allows my team to automate the painful manual process of extracting meaningful data, and provides peace of mind by reducing the potential for human error. Now, gaining valuable insight into thousands of pages of complex documents is as easy as running a simple report, at the click of a button.
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Jonathan Krangel
Head of Revenue Operations
Klarity enabled us to solve a major challenge around modeling enough of our PDF data for actionable insight into our renewal motion. Before Klarity, we simply didn’t have enough insight into our contracts. Today, we’ve built a robust renewal motion around the contract data Klarity provides
