RightRev has unveiled what it calls the industry’s first fully unified lessor accounting solution embedded directly within a leading revenue recognition automation platform. The new offering, RightRev Lessor Accounting, combines ASC 842/IFRS 16 lessor lease accounting with ASC 606/IFRS 15 revenue recognition. This addresses a growing compliance challenge for hardware companies moving to Everything-as-a-Service (XaaS).
The launch is a big step for businesses that rely on leasing for revenue. As hardware, MedTech, industrial equipment, and high-tech firms adopt consumption-based models, finance teams encounter challenges. These models bundle devices, services, and software, making it harder for finance to keep up. Their legacy systems were mainly built for lessee needs, not lessor requirements. This disconnect often forces teams to manage lease and revenue data across multiple systems and spreadsheets, creating audit risk, slower close cycles, and potential misstatements.
RightRev’s new system replaces these fragmented workflows by unifying lessor accounting and revenue recognition in one platform. The solution automates complex allocations for bundled contracts and provides a single system of record for all ASC 842/606 and IFRS 16/15 requirements, significantly reducing manual reconciliation and accelerating financial close processes. With instant revenue schedule generation, automated journal entries, and ingestion of all lessor contract data, companies can scale high-volume HaaS, EaaS, and DaaS offerings with greater confidence.
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According to Dan Miller, CFO of RightRev, “Leasing is no longer just a financing model; it’s evolving into Everything-as-a-Service (XaaS), where companies monetize complex combinations of hardware, software, professional services and usage. Our customers told us loud and clear: fragmented systems and spreadsheet workarounds were creating compliance risk, slowing their close, and limiting their ability to innovate. That’s why we built the industry’s first unified lessor revenue subledger: a single, event-driven engine that connects lease events under ASC 842/IFRS 16 directly to revenue recognition under ASC 606/IFRS 15.”
By eliminating operational and compliance friction, RightRev aims to give hardware-centric businesses the financial infrastructure needed to innovate their XaaS offerings, strengthen recurring revenue, and meet evolving customer purchasing preferences.
