Arazzo Solutions and CoStar Real Estate Manager to Provide Holistic Solution Around New Lease Accounting Guidelines

April 28, 2017
Arazzo Solutions announced today that it has added CoStar Real Estate Manager to its network to promote the offering of value-added consulting services and world-class software. CoStar Real Estate Manager (CoStar), a division of CoStar Group, Inc, is a leading provider of enterprise software and professional services for lease accounting and lease management. This alliance is beneficial for both Arazzo and CoStar clients, current and future, who are tackling the new lease accounting guidelines (US GAAP ASC 842 and IFRS 16).
Arazzo Solutions provides outstanding consulting advisory services to help clients navigate the waters of the new lease accounting guidelines while managing to the tight timelines the effective dates place on corporations. CoStar’s proven lease accounting software provides the complete functionality needed to manage and report on real estate, equipment and other leased assets. It is delivered in a software-as-a-service (SaaS) format and offers out-of-the-box functionality that includes balance sheet impact, classification tests, amortization schedules, journal entry processing and GL system integration. To ensure compliance with Sarbanes Oxley’s requirement to demonstrate effective internal controls and procedures for financial reporting, CoStar’s platform completes an SSAE 16 audit annually.
Andy Thomas, President of CoStar Real Estate Manager, stated, “We’re happy to work with the Arazzo team to offer our proven lease accounting software. Their experience and our Lease Manager product suite will be an effective combination for addressing compliance with the new lease accounting standards.”
Charlene McNeil, Principal, Arazzo Solutions agrees, “Partnering with CoStar is ideal in that compliance with the new lease accounting standards is core to their software, which is fully integrated and incredibly flexible, to meet the complex needs of our clients. It also provides open APIs that easily integrate with our clients’ existing systems. This allows us to leverage clients’ present investments while adding a cost-effective way to manage the data and financial transactions required for ASC 842 and IFRS 16 compliance. Arazzo Solutions assists clients with traversing the intricacies of the new lease accounting guidelines, assisting you with efficiently implementing the changes while minimizing the disruption to your organization. This is a great example of how our agreement with CoStar makes a significant positive impact on our clients’ ability to conform to the new guidelines.”
About Arazzo Solutions
Arazzo Solutions is a boutique professional services firm focused on the Commercial and Corporate Real Estate (CRE) industry. Our team has a unique combination of expertise in lease administration, lease accounting, project management, and IWMS (Integrated Workplace Management System) support.
We are here to augment your internal CRE teams and assist you with ASC 842 and IFRS16 compliance, including required data points, data management and governance, evaluation of systems, and best practices. Whether you have seasonal demands or need help year-round, we can help you meet your responsibilities and deadlines without the need to hire additional employees. Visit us at