First Accounting and Proship announced that they had supported Konoike Transport in responding to the new lease accounting standard. The combination of the lease management system and AI-based determinations that was introduced is intended to provide comprehensive visibility into contracts and improve the efficiency of lease determinations.
First Accounting and Proship announced on 4 November that they had supported Konoike Transport in responding to the new lease accounting standard. Konoike Transport adopted ProPlus＋, a fixed asset and lease management solution, and Steward New Lease Accounting Standard, an AI business platform.
The new lease accounting standard requires companies to address complex accounting treatments, including those for real estate leases, as well as changes in contractual terms, making comprehensive visibility into contracts and the accuracy of lease determinations important.
Konoike Transport has locations nationwide, and faced the challenge of digitizing several thousand contracts for warehouses and vehicles that were dispersed across its operations. Amid resource shortages in the accounting department, concerns about reliance on individual judgment and the risk of manual data-entry errors, the company aims to improve and standardize operations by linking digitization, AI-based determinations and asset management.