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.

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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.

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Benny Huang

Revenue Controller
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Why Klarity?

Intelligent matching

Use Klarity to turn unstructured data into structured and leverage the recognition abilities to match your queries.

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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.

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Case studies

How leading companies use Klarity.

Streamlining Contract Review Through A Risk Based Approach
September 21, 2022

Streamlining Contract Review Through A Risk Based Approach

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Lookout experiences transformative impact on revenue accounting processes.
April 20, 2022

Lookout experiences transformative impact on revenue accounting processes.

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Coupa uses Klarity to automate a painful, and costly, manual process
April 19, 2022

Coupa uses Klarity to automate a painful, and costly, manual process

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Allowing Retool to focus more resources on its most pressing priority - growth
March 19, 2022

Allowing Retool to focus more resources on its most pressing priority - growth

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Automating the Review of Contracts for ASC 606 RevRec
March 19, 2022

Automating the Review of Contracts for ASC 606 RevRec

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Empower your people at work with the right tool

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

Try Klarity today

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