Need help with the new lease accounting regulations? Check out Trimble’s newly certified IWMS software

by Brianna Crandall — April 3, 2019 — US-based global technology provider Trimble just announced that its Manhattan Integrated Workplace Management System (IWMS) software has obtained a System and Organization Controls for Service Organizations (SOC 1) Type 2 certification. The SOC 1 Type 2 certification provides an assertion to the suitability of the design and operating effectiveness of the general computer controls within Manhattan, including the new controls specific to the recently launched Lease Compliance modules.

Manhattan is a modular enterprise software solution for planning, managing and optimizing an organization’s real estate portfolio. The integrated IWMS software is designed to streamline each stage of the real estate management lifecycle — from strategic planning, financials, transactions, lease management and FASB/IASB compliance, to capital projects, space management, workplace utilization, maintenance, and energy management — in order to improve control, maximize resource utilization and help reduce total costs across the entire facility lifecycle.

In addition, Manhattan’s recently launched Lease Compliance modules provide support for real estate accounting under the new lease accounting regulations ASC 842 and IFRS 16.

The independent audit was conducted in the US and UK by RSM, a leading multi-national network of accounting firms. RSM conducted the audit of Manhattan based on the standards and guidelines set by the American Institute of Certified Public Accountants (AICPA). The audit firm assessed written documentation of the internal cloud computing controls over financial reporting in a software-as-a-service (SaaS) environment.

Craig Gillespie, business area director of Real Estate and Workplace Solutions for Trimble Buildings, remarked:

As compliance with lease accounting standards becomes increasingly complex, the SOC 1 Type 2 certification gives finance and accounting professionals independent validation and assurance that Manhattan software meets or exceeds the industry’s most trusted standard for financial controls, in relation to security, availability and confidentiality.

Trimble Buildings provides a wide breadth of technology solutions for managing real estate portfolios, optimizing building construction projects and streamlining workplace operations. Trimble solutions are tailored for each phase of the building lifecycle — from the initial survey to design, construction and operation — and enable stakeholders such as architects, engineers, contractors, building managers and property owners to gain agility and insight. With a unique construction-ready building information modeling (BIM) software and full range of tools and content to streamline team collaboration, Trimble solutions are designed to make data from complex projects more meaningful and actionable to improve productivity and achieve operational excellence.