Lease Harbor Assists in Sarbanes-Oxley Compliance with GAAP Rent, Security Features and Data Auditing
October 4, 2004
CHICAGO, October 4, 2004 -- Lease Harbor LLC, the leading provider of lease administration software, today announced its software application, Harbor Flex, offers corporate real estate and finance departments the detailed financial auditing and internal control processes needed to assist with Sarbanes-Oxley compliance.
"Lease Harbor understands the needs of corporate real estate and finance departments and how this legislation affects them," said Sean Black, Chief Technical Officer of Lease Harbor. The company's newest product, Harbor Flex, has strong finance-related features that include payment processing and straight-line (GAAP) rent as well as a flexible security model and comprehensive data auditing with ad hoc reporting.
These features provide clients with the detailed financial auditing and internal control processes that are required under the Sarbanes-Oxley Act.
"Many companies are currently looking for a lease administration system and they may not realize how critical these features are in the Sarbanes-Oxley environment," Black said. "We believe this functionality has become a baseline requirement in any thorough lease administration system selection process."
Among the many financial features of Harbor Flex is the ability to simultaneously track straight-line and cash basis rent. Harbor Flex automates what is typically handled via a time-consuming manual process. The easy-to-use GAAP rent features provide an accurate, automated calculation of straight-line rent as well as reconciliation of straight-line rent with cash basis rent. The system is also flexible enough to handle the exceptions that often impact the straight-line rent calculation.
Consistent with all other areas of Harbor Flex, user activity within the GAAP rent functionality is audited. This audit trail is critical given the relevance of straight-line rent expenses to the financial statements of companies.
Harbor Flex also provides clients with a centralized way to control and review a user's access level. User access can be restricted to very specific functions within the system, easily accommodating stringent segregation of duties - an important facet of the control process. Built-in security reports allow companies to quickly review the permissions assigned to each user and all changes made by users are fully audited by the Harbor Flex system. This audit trail combined with Harbor Flex's powerful ad hoc reporting tool gives clients the ability to run reports to review data changes.
"These features are not a patch," Black added. "Our system was built with full data auditing because our focus has always been on quality engineering. GAAP rent, multi-level user security and data auditing not only assist our clients with the requirements of Sarbanes-Oxley, but solidify Lease Harbor's position as the market leader in financial functionality for corporate real estate administration."
For more information on Harbor Flex, contact Black at 312.494.9470, extension 83.
About Lease Harbor
Lease Harbor LLC is an industry-leading Application Service Provider providing state-of-the-art lease administration tools for corporate real estate departments worldwide. By using Lease Harbor LLC's web-based technology, corporate real estate users can easily and cost-effectively administer their lease and real property portfolios from any location via the Internet. Lease Harbor LLC currently serves over 180 companies with portfolio administration software needs, including Kraft Foods, Nash Finch Company, Time Warner Inc. and Whirlpool Corporation. For more information on Lease Harbor, please visit the company's website at www.leaseharbor.com.