Nuvolo Announces SOC 1 Type 1 Compliance for its Lease Accounting Platform

Nuvolo, a growing workplace software company, announced that it has passed a SOC 1 Type 1 exam based on the AICPA standards for tax services for its lease management capabilities.

“Nuvolo has invested time and resources to develop comprehensive lease management functionality that is not only easy to use, but also strictly adheres to industry standards,” said Asim Risvi, Chief Product Officer at Nuvolo. “Our customers can be assured that their rental accounting entries are fully compliant with the required standards without sacrificing user experience.”

The review, which assessed the design and implementation of their financial operations, technology and reporting controls relevant to user entity financial reporting, verified that lease management capabilities are fully compliant the FASB ASC 842 codification of accounting standards and the International Accounting Standards Board’s IFRS 16 standard.

Nuvolo’s lease management capability has been natively integrated as part of the real estate product, so current customers and new prospects will benefit from immediate compliance.

The Nuvolo real estate product has gained popularity in the market and is already used by global retailers, telecommunications, government, healthcare and financial services companies.

These companies require that their leases comply with the FASB Accounting Standards Codification ASC 842 and the International Accounting Standards Board’s IFRS 16.

The System and Organization Controls (SOC) review was conducted by Grant Thornton LLP, an Independent Public Accountant (CPA), and ensured transparency of the control environment between the company and its customers or stakeholders.

“We have always been fully committed to helping customers defend their data and maintain compliance,” said Tom Stanford, CEO of Nuvolo. “This successful SOC review validates our strict adherence to industry standards and confirms to our customers that we handle all rental accounting information appropriately.”

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