Leases are contracts that control the right to use something for consideration, and companies use them to benefit from plant and equipment as well as to provide customer-facing services. With the new FASB rules, how contracts are accounted for has changed, therefore there is a need to identify the essential attributes of your leases so […]
The FASB clock is ticking – And your leases Read More »
21st-century manufacturing relies on technology and just-in-time delivery to optimize cost control and profitability. Managing the logistics of raw materials and component parts inbound, managing reliability (maintenance) of manufacturing and delivery equipment, and delivering outbound efficiently are all bound up with contracts. Reducing lead times, inventory carrying, production downtime, and wastage are essential functions. Having
How to better administer supply chain in today’s scenario? Read More »
If you use manual search and data entry for essential contract attributes (i.e. the things you need to search on) how do you know you have them all? The answer is in their semantic relationship, which indicates the meaning of words between different phrases, or between the meanings of different sentences. Semantic data extraction seeks
Understanding semantic relationships in your contracts Read More »
Transforming critical contracts from unstructured text including legacy paper contracts demands quality. This means the process of conversion should never be shared between vendors – one entity should take responsibility to ensure a quality outcome. Brightleaf Solutions does exactly this. Brightleaf controls the entire process using its own resources so you get Six Sigma (99.99%)
Achieving unmatched quality results from your contracts Read More »
Getting all your contracts into a Contact Management System means you can manage your contractual obligations and risks. To do this you need reliable information that is both accurate and comprehensive in the database. Any error, such as a different multiplier in a penalty clause, wrong expiry date, or just a missed and not included
When you go into a contract management system, from what point in time do you start entering contracts? Most think from today because legacy contracts are too difficult. But that can expose you to risk and lost opportunity. Every contract is important, especially if it contains opportunity or risk. Older contracts have the same essential
The wisdom of capturing all your legacy contracts, not just those from today forward Read More »
The larger the company, the more the contracts – that is a given. The larger the company, the more the divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy side and sell side. How can you organize all the contracts? One way is to put
How to Organize Your Contracts Read More »
The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The changes are significant and follow on the heels of similar international guidelines recently announced
It’s been years, but now, finally! Read More »
Mesmerizing words like big data, data visualization, business intelligence… we have been hearing and using these words quite frequently in our day-to-day conversations. And why not? After all, this industry is one of the fastest growing. With so much new information flowing into virtually all businesses via different sources – online visitors\’ engagement on company
Unlocking effective implementation of BI initiatives Read More »
The International Accounting Standards Board (IASB) just issued its new rules on lease accounting, and in the U.S., the Federal Accounting Standards Board (FASB) is about to do the same. The biggest change by IASB is for lessees, no more with there be operating leases separate from finance leases. All leases go on the balance
Is it a lease? New rules from IASB Read More »
