Jul 13, 2023
By Christopher Revell

Nuvolo Lease Accounting Capabilities Verified for SOC 1 Type 2 Compliance

Nuvolo engaged A-Lign Assurance to assess their lease management solution’s compliance with FASB ASC 842 and IFRS 16 lease accounting requirements.

Wellesley, MA, July 13, 2023 — Nuvolo, the world’s fastest-growing workplace software company, today announced that they have successfully completed a SOC 1 Type 2 examination based on the AICPA’s Standards for Tax Services for their lease management capabilities. The examination, which evaluated the design and implementation of their financial operations, technology, and reporting controls relevant to user entities financial reporting, verified that the lease management capabilities fully comply with FASB Accounting Standards Codification ASC 842 and International Accounting Standards Board’s IFRS 16.

The Nuvolo lease management capability was natively built as part of the Real Estate product, so current customers and new prospects will benefit from immediate compliance.

“Ensuring our clients are successful is the primary driver of everything we do at Nuvolo. This is especially true when our clients have to navigate complex and ever changing compliance requirements. We are happy to announce we have successfully completed a Type 2 SOC 1 audit of our Lease Administration, Lease Accounting, Capital Projects, and Capital Planning products,” said Jim Wilton, Nuvolo’s Chief Product Officer. “Our clients can rest assured that these products are fully compliant with industry standards.”

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

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

The System and Organization Controls (SOC) examination was completed by Grant Thornton LLP, an independent Certified Public Accountant (CPA), and provided transparency relative to 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, Nuvolo. “This successful SOC examination validates our strict adherence to industry standards and confirms to our clients that we manage all lease accounting information appropriately.”

Nuvolo’s customers, prospects, and partners can receive the SOC report upon request. For more information or to receive a copy of the report, contact us at info@nuvolo.com.

About Nuvolo

Nuvolo is the global leader in modern, cloud-based connected workplace solutions, Built on NOW™. Nuvolo provides a single platform to manage all people, all physical locations, all assets, and all work across the business. Industries served include healthcare, life sciences, retail, public sector, higher education, technology, financial services and enterprise. Nuvolo is headquartered in Wellesley, MA, with a global workforce located throughout North America, Europe and Asia.