PowerPlan enhances functionality with 10.4.1 release

ATLANTA, USA: PowerPlan, provider of accounting, tax and budgeting solutions for asset-intensive businesses, has released version 10.4.1, an upgrade to its integrated software suite that includes hundreds of improvements designed to enhance performance and user experience.

PowerPlan's solutions enable companies in asset-centric industries to manage detailed lifecycle information in a way that drives maximum value for every fixed asset, resulting in increased cash flow while mitigating compliance risk.

PowerPlan release 10.4.1 improvements make it easier for both frequent and light users to take advantage of the solution's powerful accounting, tax, budgeting and analytics tools.

The software update expands reporting and import capabilities, along with greater ease of use from more robust APIs. Specific enhancements include the following:

Lessee Accounting:

In anticipation of changes proposed by the joint project of the Financial Accounting Standards Board and the International Accounting Standards Board on Lease Accounting, significant enhancements have been made to the Lessee Module to enable users to preview the impacts. Architectural modifications have been made to facilitate independent, rapid adoption of the final standard, without impacting the core functionality of the application.

Additionally, a new "revisions" capability gives users more flexibility to adjust Master Lease Agreements (MLAs) and Individual Lease Records (ILRs), as well as the ability to model balance sheet and expense impacts from changing regulations.

Tangible Property Tax (Tax Repairs) Reporting:

Customers have more clarity into repairs deductions and prior year additions flagged as a repair in the current tax year are easier to view. Enhancements to reporting provide clarity into the repairs deduction. Additionally, the methodology to test generation and other specific property has been enhanced to test based on actuals once the project has closed.

Compatible Unit Estimating:

Functionality has been added to allow more robust integration with work management systems or to serve as a direct point of entry for compatible unit estimating.

Mobile Approvals:

Customers can complete approvals on-the-go in the Lessee Accounting and Property Tax Journal Entry and Payment modules utilizing the PowerPlan Mobile Approvals platform.

Improved Month-end Close with Concurrent Execution by Company:

Customers with multiple operating companies can now significantly shorten the overall closing cycle time at month-end in 10.4.1 as the system is now configurable to execute post concurrently by company.

"Our customers are under more regulatory and economic pressure than ever, making it imperative that our products ensure compliance in the face of complex fixed asset accounting and tax requirements, and provide unmatched capabilities to enable optimal cash flow results," said Alex Elkin, vice president accounting products, PowerPlan.

"With PowerPlan release 10.4.1, we demonstrate our continued commitment to be forward thinking and stay ahead of changing accounting standards with our products, while also focusing on user-friendly interfaces that are as easy, efficient and flexible to use as possible," added Elkin.

Existing customers can access the latest upgrade by contacting their PowerPlan representative.