Black Owl

Black Owl Systems, developed by Black Owl Systems Inc., is a lease accounting software that aims to simplify and streamline lease accounting processes for businesses of all sizes. According to the vendor, this software provides comprehensive lease management solutions for both lessees and lessors, catering to professionals in various industries such as real estate, retail, energy, manufacturing, and technology. It is designed to help businesses effortlessly navigate global lease regulations and enhance compliance with Canadian accounting standards.

Key Features

Streamline Lease Accounting Compliance: According to the vendor, Black Owl Systems unlocks the full potential of lease accounting and administration by providing visibility into the lease portfolio, eliminating reconciliation struggles, and simplifying lease accounting, thus reducing manual spreadsheet work.

Effortlessly Navigate Global Lease Regulations: The vendor claims that Black Owl Systems helps businesses stay updated and compliant with evolving lease regulations. It supports ASC 842, IFRS 16, and ASPE 3065 lease accounting standards, ensuring accurate management of lease contracts and calculations.

Enhance Canadian Accounting Standards: According to the vendor, Black Owl Systems is specifically designed to comply with ASPE 3065 lease accounting requirements. It streamlines lease entry, modification, and reassessment processes, providing detailed audit trails and customizable reporting for disclosure requirements.

Transformative Lease Management Solutions for Lessees: Black Owl Systems offers what the vendor describes as an innovative lease entry screen for new leases, an efficient lease change process with historical data preservation, and a customizable lease hub for ad-hoc reporting and critical date tracking.

Lessor Lease Accounting Software & Tools: According to the vendor, Black Owl Systems supports sales-type, direct financing, and operating leases for lessors. It tracks lease modifications, reassessments, and retroactive adjustments, providing comprehensive disclosure reports and secure data management.

Simple Lease Entry: The vendor states that Black Owl Systems offers a user-friendly lease creation and management interface that ensures accurate lease categorization and allocations. It streamlines lease documentation and journal entry creation.

Innovative Lease Change: According to the vendor, Black Owl Systems provides an intuitive screen for making lease modifications and reassessments. It maintains strong audit trails for both current and retroactive periods and handles asset impairments and terminations with ease.

Detailed Audit Trails: Black Owl Systems provides reliable audit trails for all lease changes and modifications, ensuring accuracy and transparency in lease accounting processes. According to the vendor, it offers a comprehensive history of lease adjustments.

Multi-Currency (FX & CTA): The vendor claims that Black Owl Systems allows for the automatic import of daily foreign exchange rates, enabling currency conversions. It supports functional and reporting currency calculations and calculates month-end journal entries and Cumulative Translation Adjustments (CTA).

Works with all ERPs: According to the vendor, Black Owl Systems is compatible with any ERP system, including SAP, Oracle, and Microsoft Dynamics. It seamlessly integrates with existing accounting infrastructure and offers flexible options for data import and mapping.