Best Lease Accounting Software of 2024

Find and compare the best Lease Accounting software in 2024

Use the comparison tool below to compare the top Lease Accounting software on the market. You can filter results by user reviews, pricing, features, platform, region, support options, integrations, and more.

  • 1
    Portfolio Manager Reviews

    Portfolio Manager

    Blue Sky Capital Strategies

    $300.00/month
    3 Ratings
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    Blue Sky's "Portfolio Manager" Lease Management Software is an easy to learn and use SaaS solution for centralized management of lease contracts. By managing your lease contracts and associated maintenance contracts throughout the entire lifecycle you can strengthen the audit process, reduce costs, increase cash flows and mitigate risk with centralized visibility that drives enterprise value. Portfolio Manager provides complete status management for running leasing RFP's, tracking status, notes, documents and next steps for every open project. Flat file data imports allow for efficient data entry. Fully customizable with robust reporting capabilities. The report writer allows every data field to be exported to excel. Pre-built templates are available to feed most ASC842 lease accounting software templates. End of lease term management is automated with custom parameters and automatic notifications to ensure you never miss an end of lease term notification. Custom Programming available.
  • 2
    Visual Lease Reviews

    Visual Lease

    Visual Lease

    Contact for a Custom Quote
    283 Ratings
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    Visual Lease is the most popular lease accounting and management software. It simplifies compliance with ASC 842 and IFRS 16. Visual Lease's powerful platform is built with years of embedded knowledge, including from top lease experts and CPAs. It can support any size or type lease portfolio. Visual Lease is committed to providing top-notch customer service and offers in-house training, implementation, and support.
  • 3
    FMIS Asset Management Reviews

    FMIS Asset Management

    FMIS

    $3,500.00/one-time
    27 Ratings
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    FMIS, Financial and Management Information Systems, is a company that has extensive experience in providing Asset Management solutions for medium-sized to large enterprises. They are trusted in both the public and private sectors. FMIS can help you increase your production efficiency by partnering with a network software companies that allows seamless integration with major ERPs, Finance, CRM, and CRM systems. This is possible by combining key features into one solution. Asset Budgeting, Asset Lifecycle Management Audit Trail, Barcoding/ RFID, Depreciation Management and Inventory Tracking. These are just a handful of the software options that have been proven in case studies in over 40 countries. They help to standardize operations practices and provide a cost-effective solution capable of managing multiple requirements.
  • 4
    Innago Reviews
    Top Pick
    Innago is a free, easy-to-use property management software solution, designed to save you time & money. Our mission is to make renting simple, accessible, & affordable for landlords of any size. Too many alternatives are expensive & overwhelming, turning a "solution" into a problem. Innago allows you to easily: collect rent, screen tenants, list properties, manage work orders, create applications, sign leases, organize financials, communicate with tenants, & much more!
  • 5
    ZenTreasury Lease Accounting Reviews
    ZenTreasury's TMS platform contains the cash forecasting, cash management, workflows and other features you need to manage your treasury.
  • 6
    EZLease Reviews

    EZLease

    EZLease

    $4,000
    EZLease is a fast and simple lease accounting software that meets ASC 842, GASB 87, GASB 96 and IFRS 16 requirements. It ensures long-term compliance for lessees and lessors for equipment and real estate assets. EZLease has over 15 years experience in implementing lease data management software for government, private and public organizations of all sizes. The platform leverages customer-first support and deep accounting knowledge to automate lease accounting and reporting processes.
  • 7
    iLeasePro Reviews

    iLeasePro

    iLease Management LLC

    $99
    iLeasePro is an intuitive, cost-effective, and accurate cloud solution that simplifies the transition to and on-going Lease Accounting under the ASC 842 Standard for Lessees. Our cloud-based SaaS solution accounts for Operating, Finance and Short-Term leases to ensure accurate compliance with ASC 842 Standard. With iLeasePro, you can easily generate the amortization schedule, journal entries and financial disclosure reports required by auditors. iLeasePro integrates with several accounting solutions to offer seamless uploading of journal entries into your general ledger.
  • 8
    MRI ProLease Reviews

    MRI ProLease

    MRI Software

    $4500 per year
    MRI ProLease provides a complete solution for lease accounting and lease administration. A true SaaS offering that helps organizations track and manage real estate and equipment leases, comply to ASC 842 lease accounting requirements, and implement effective space management. MRI ProLease is trusted by more than 800 clients in 40 industries. It offers cloud-based software solutions that manage all aspects of lease management, space management, and CAFM requirements. It is the best solution to comply with the new ASC 842/IFRS16 lease accounting standards. It also offers dual reporting for the same leases. MRI ProLease is easy to use and robust, regardless of whether you lease real estate or equipment. It was designed by industry experts and provides constant visibility to critical data points, allowing users to easily create the schedules and reports they require.
  • 9
    LeaseQuery Reviews
    LeaseQuery is a cloud-based software that allows for lease accounting and lease management. It helps organizations meet the current and future lease accounting standards such as FASB ASC 842 and IFRS 16. The software can handle all types of leases and assets including capital and operating leases for equipment, vehicles and real estate. The software has the following key features and functionalities: * Lease accounting * Lease management and administration * Lease tracking * Document management * Data integrity * Support for internal controls * General ledger agnostic
  • 10
    LeaseAccelerator Reviews

    LeaseAccelerator

    LeaseAccelerator

    Contact for a custom quote
    LeaseAccelerator is an enterprise lease automation software that guarantees compliance, improves operational efficiency and frees up cash. Thousands of users rely on the secure Software-as-a-Service (SaaS) platform to manage and automate 900,000 real estate and equipment leases, valued at $250 billion across 2 million assets in 142 countries which generated 8 billion journal entries. Unlike lease accounting point solutions, LeaseAccelerator offers a platform for growth, with a starting point for every company, regardless of size and maturity. LeaseAccelerator is built on decades of experience centrally managing lease data and automating manual processes such as validation and reporting. As a result, you can streamline compliance and use business insights to optimize lease processes. With our customer-first approach, you get in-app help with Ask Alex, responsive live support, access to lease accounting expertise, and a network of trusted partners to help you get the most out of your investment. 
  • 11
    Soft4Lessee Reviews

    Soft4Lessee

    Soft4Lessee

    $99 per month
    Businesses face many challenges when transitioning from the old accounting standards to the new IFRS 16, AASB 16 or ASC 842. New regulations mean more data must be collected and processed, as well as more complicated duties for accountants. Instead of struggling with outdated lease calculators you can opt for precise, professional, and user-friendly leasing accounting software that conforms to ASC 842 and AASB 16 standards. Our lease accounting software can do many things and provides great flexibility and versatility for your business. Soft4Lessee is an accounting solution that can be used by SaaS businesses and other types. It makes lease management easier, faster, and cheaper. Our software allows you to automate a lot more processes, seamlessly import/export data into Microsoft Excel, and integrate files of XML or other formats.
  • 12
    LeaseMate Reviews

    LeaseMate

    Upgear Finance

    $29 per month
    We offer a complete property management solution for landlords of any size. Our services include rent collection, expense tracking (ESignature), lease management (ESignature), maintenance administration, document creation/storage and violation tracking.
  • 13
    Stessa Reviews
    Stessa allows property investors to easily track, manage, and communicate their real estate portfolio's performance. Stessa is completely free. Stessa is used by over 10,000 investors to optimize their single-family rentals or multifamily buildings. Stessa offers visual performance dashboards, automated income and expense tracking, tax-ready financial reports, and tax-ready financial reports. Stessa can be set up in just minutes. You can add properties and link your financial accounts. Everything updates in real time.
  • 14
    UGAAP Lease Accounting Reviews

    UGAAP Lease Accounting

    UGAAP

    $3600 one time fee
    UGAAP was created to automate complex but repeatable lease accounting using software technology. Our software assists companies in avoiding messy transitions and ongoing non-compliance risks as a result of the new standard. Our software helps companies reduce human capital costs in the accounting and financial reporting areas. Let's talk about your accounting needs by sending us a message. Our vision is to create software that automates complex calculations and processes in all tax and accounting subjects. Lease accounting software is a great example of how to allow businesses to concentrate on their business and not on complying with regulations. Our top-notch GAAP specialists support all products.
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    Cradle Reviews

    Cradle

    Cradle

    $10 per month
    Automated journal entries Complex calculations -- instant. ASC 842 & IFRS16 compliant -- always. There is no need to make long sales calls or engage in tedious negotiations. Sign up, enter your details, and you can get started with your accounting tasks. Cradle will guide you to the appropriate accounting areas for your contract by allowing you to choose from a variety of customizable fields and methods. You can customize the software according to your requirements by entering your data. Quickly run accurate calculations and get your journal entries done instantly. The new lease accounting standards ASC-842 and IFRS 16 eliminate the stress and guesswork that comes with accounting. You can improve and update your lease accounting processes while saving money. We offer complete implementation guidance. Cradle can save you time, whether you are a financial controller in a public company or a small business owner who still needs to comply with financial reporting requirements.
  • 16
    LeaseAccounting.app Reviews

    LeaseAccounting.app

    LeaseAccounting.app

    $49 per month
    Online Cloud Lease Accounting Software Excel makes it difficult to comply with the IASB standard. LeaseAccounting.app assists international businesses to achieve IFRS 16 compliance easily.
  • 17
    Lease Insight Reviews

    Lease Insight

    kShuttle Corporation

    Lease Insight is a lease management system that simplifies compliance with ASC 842 and IFRS 16. It was designed by CFOs and CPAs specialized in ASC 842 and IFRS 16. It is highly efficient. It is used in 113 countries by over 117,000 people in 4,500 companies of all sizes and across all sectors. 100% of them are repeat clients. ☑ CFOs will enjoy its elevated simulation and reporting features to optimize the management of their debts across various scenarios. ☑ CPAs will appreciate its high level of productivity as well as the ability to manage and organize their accounting firm. ☑ Auditors will benefit from its high level of reliability, traceability and its document management that guarantee compliance. ☑ Its ease-of-use and multi-currency management will be appreciated by everyone. The Lease Insight experts will assist you every step of your way to ensure your success.
  • 18
    RemoteLandlord Reviews

    RemoteLandlord

    Remote Landlord Systems

    Remote Landlord, a trusted platform for property management, provides a complete solution that meets all your property management needs. Remote Landlord is simple and reliable and allows landlords and property owners the ability to track residential and commercial properties cost-effectively. Remote Landlord is equipped with an accounting feature, as well as other functions such legal tracking, tenant portal and lease management. This allows landlords and property managers to increase their efficiency and provide better service to tenants.
  • 19
    CCH Tagetik Reviews

    CCH Tagetik

    Wolters Kluwer

    CCH Tagetik Corporate Performance Management software is trusted by companies to save time, reduce costs, and reduce risk. Connect data, processes, and people with one trusted source to get a quicker close and more forward-looking planning. CCH Tagetik Finance Transformation Platform powered by the Analytic Information Hub is the unified platform that connects finance & operations and streamlines consolidation & close planning, reporting & analysis, disclosures, and compliance.
  • 20
    AMTdirect Reviews

    AMTdirect

    MRI Software

    AMTdirect is the trusted name in lease administration, accounting, and FASB 842 compliance. AMTdirect is designed for portfolios that have 50 locations or more. It addresses the challenges faced every day by corporate realty professionals. The software allows users to view a complete inventory of their property, location, lease information, contracts, expenses, revenues, and all related documents from one platform.
  • 21
    Nomos One Reviews

    Nomos One

    Nomos One Limited

    Our software is designed to simplify the complexities of lease accounting and lease management for businesses of all sizes, across a wide range of industries. It streamlines the lease lifecycle, and helps businesses comply with accounting standards. With our software, you can easily track all of your leases in one place, monitor key lease dates, and generate financial reports. You can also manage lease renewals and terminations, and we can help you achieve compliance with accounting standards such as IFRS 16. Our software is user-friendly and intuitive, making it easy for businesses to get up and running quickly. We provide a comprehensive and thorough onboarding service and with our dedicated support team, you can rest assured that you'll always have the help you need when you need it. So if you're looking for a powerful lease accounting and lease management solution that can help you save time, reduce errors, and help you achieve IFRS 16 compliance, look no further than Nomos One.
  • 22
    IRIS Lease Accounting Reviews
    You can easily achieve compliance with IFRS 16 & ASC 842. IRIS Lease Accounting makes it easy for businesses to automate compliance with the most recent lease accounting standards, transform leasing process, align strategies across the organization, and improve leasing results. IRIS Lease Accounting is a proven solution to simplify compliance with the IFRS 16 & ASC 842 standards. IRIS Innervision is trusted by thousands of finance professionals worldwide, from publicly traded companies to public sector entities. IRIS Innervision transforms leasing processes, centralizes data, and automates lease accounting compliance. You can replace inefficient spreadsheets and be compliant with the latest lease accounting standards, IFRS 16, and ASC 842, for this and every subsequent year.
  • 23
    CoStar Real Estate Manager Reviews
    CoStar Real Estate Manager®, combines cloud-based software with professional services and industry-leading information. All this is delivered through one platform. Your team can access the reliable commercial realty and lease data they need to make informed decisions. CoStar Real Estate Manager lease accounting solutions analyze, classify and report on real estate, equipment, and other leased assets. This allows you to meet the challenges of new FASB/IASB lease accounting regulations with confidence. Our solutions can be used to create journal entries, run financial reports, and integrate with your business systems. Based on data and insight, you can make confident decisions about your retail portfolio strategy. Our retail solutions remove information silos, increase market intelligence, and ensure that your locations perform at their best.
  • 24
    SKYLINE Reviews

    SKYLINE

    SS&C Technologies

    SKYLINE®, a leader in technology solutions for property management, is a major provider of these solutions. Software that supports our clients' growth, diverse portfolios, and organizational structures is fast, flexible, and scalable. A complete suite of tools that optimize your leasing, accounting, facilities operations. This solution is the only one that offers this level of functionality, which can improve process efficiency and maximize property performance, as well as being reliable and cost-effective. Mobile - Connect with prospects and attract more leads. Sign digital leases by tapping a touchscreen. Mobile services make it easier to build stronger tenant relationships. Desktop - View performance metrics and drill down to the details with financial reports. Create alerts for critical dates, schedule monthly charges, set up reminders, process purchase orders, invoices, and pay vendors.
  • 25
    PowerPlan Reviews
    PowerPlan's Lease Accounting Solution Suite assists companies in determining their optimal adoption strategy for ASC 842 or IFRS 16 lease accounting standards. The solution can be used with multiple accounting methods, including GAAP and IFRS. You can use scenario analysis to analyze different adoption scenarios in order to determine your strategy for adopting new lease accounting standards. All capital and operating leases including equipment and purchase power agreements, should be managed. Eliminating manual tasks and ensuring accurate billing, reporting, and documentation reduce audit risk. Integrated invoice creation with billing departments provides better traceability and recognition for receivables. Automate all types of lease calculations, including dynamic and variable rate lease calculations.
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Overview of Lease Accounting Software

Lease accounting software is an important tool for businesses to manage their lease obligations. It helps to track, monitor, and report on leases, such as rent payments, rates of return (ROI), and other key elements. This software also helps companies stay compliant with various accounting regulations that require accurate financial reporting.

Lease accounting software typically consists of modules or components that allow users to enter and store data related to the lease agreement in one central location. This information can include details about the leased asset, current payment amounts and due dates, any taxes associated with the lease, renewal options and other relevant information. The modules can then help generate reports on a variety of topics such as cash flow forecasting or income statements based on the stored data.

The features of these systems vary depending on the vendor but some common functions include: budgeting and forecasting capabilities; tracking signatures for all involved parties; setting up recurring payments; automated calculation of interest rate; built-in asset depreciation methods; alert notifications for upcoming due dates or changes in terms of a lease contract. Additionally, some systems allow users to attach documents like invoices within their database which makes it easier for auditors or regulators to review past agreements quickly without having to search through paper files.

These programs are designed with user-friendly interfaces so they’re extremely accessible even for those who don’t have a background in finance or accounting. There are several providers offering different versions of this type of software ranging from basic free versions up top premium enterprise systems that offer advanced analytical tools and detailed reporting capabilities. Large organizations tend to prefer enterprise solutions because they provide robust integration options with existing company infrastructure which makes it easier to maintain consistent records across departments while smaller companies may opt for simpler solutions that are more cost effective yet still powerful enough meet their needs.

Overall, lease accounting software is an invaluable way for businesses manage their leasing obligations efficiently while ensuring compliance with applicable regulations. It can help improve the accuracy of financial reporting, save time and money, and even provide insights into potential opportunities for better performance.

What Are Some Reasons To Use Lease Accounting Software?

  1. Lease accounting software dramatically reduces the amount of time it takes to manage leases, allowing teams to quickly and accurately track changes in the lease lifecycle, including renewals and expirations.
  2. By providing real-time visibility into financial performance related to leases, lease accounting software helps organizations make informed decisions faster than ever before.
  3. Automated reminders can be set up as part of a lease accounting software solution that alert staff when renewal dates are approaching or payments are due, reducing the risk of late payments or other costly errors caused by manual processing methods.
  4. Organizations utilizing lease accounting software have access to more accurate data for forecasting – such as upcoming leasing costs and fixed asset strategies–helping them plan effectively for future growth opportunities with confidence in hard numbers rather than estimations or guesswork.
  5. Additionally, increased transparency provided by a dedicated lease accounting system allows internal stakeholders across departments to easily access all related information without needing multiple spreadsheets or relying on manual processes that are prone to human error and redundancy issues over time, saving time otherwise spent on tedious tasks like combing through paperwork or manually entering data into various sheets in perpetuity.
  6. Finally, lease accounting software is designed to remain compliant with changing regulations and reporting requirements like FASB, IFRS 16/17 and more—something manual processes can’t guarantee as rules and standards continue to evolve.

Why Is Lease Accounting Software Important?

Lease accounting software is vitally important for properly tracking and organizing an entity's leases. Not only does it ensure that the organization has a proper understanding of the terms and obligations included in each lease agreement, but it also helps to uncover potential liabilities that may arise from those agreements.

Lease accounting software allows businesses to quickly track their leases across multiple locations or tenants. By having complete visibility into all of their agreements, businesses can easily stay on top of payments and other contractual requirements like insurance compliance. This detailed visibility also helps them stay ahead of any potential disputes or litigation by helping identify problem areas before they occur. Having up-to-date records on hand also reduces time spent seeking answers to customer questions regarding rental policies or payment schedules.

Another added benefit is the ability to produce accurate financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Having this data available allows companies to accurately report their assets and liabilities associated with leased items as part of their balance sheet and income statement. As many organizations use leasing as part of their financing activities, being able to properly account for these sorts of arrangements is essential for ensuring accuracy in both reporting and taxation purposes.

Lastly, lease accounting software can provide valuable insight into how much money an organization has tied up in leasing costs over its lifetime - providing management with information that they need when making decisions about future business strategies and investments. With this information at their fingertips, entities can make more informed decisions about expanding operations or purchasing new equipment/assets rather than having to depend solely on historical data which may not be indicative of current market conditions or trends.

In short, lease accounting software offers businesses an effective, efficient way to manage and track leased assets, identify potential liabilities and ensure accurate reporting of financials. With so many benefits to be gained from implementation, it's easy to see why lease accounting software is such a vital component for any organization.

Features Provided by Lease Accounting Software

  1. Lease Asset Management: This feature allows users to easily and efficiently track, manage, and monitor their leased assets. It also automates reporting in order to streamline internal processes and reduce the chance of human error.
  2. Lease Compliance Monitoring: This feature helps ensure that companies are adhering to the complex regulations surrounding leases. Through automated analysis, it is able to check for any violations or irregularities in these standards.
  3. Automated Accounting: This feature eliminates manual interventions by automatically recording all related leasing transactions in order to produce accurate financial statements quickly and accurately according to GAAP principles.
  4. Financial Modelling: This feature allows users to model different scenarios for leasing decisions such as breakpoints, early termination fees, renegotiation points etc., so they can make more informed decisions about their lease portfolio from an economic perspective.
  5. Audit Trails/Reporting: Lease accounting software provides access to real-time audit trails for each transaction as well as detailed reports that companies need in order provide proof of compliance with IFRS 16 regulations if necessary or when required by external auditors.
  6. Automated Documentation: This feature automates the generation, storage and management of all lease-related documentation such as invoices, contracts, etc. in an easily accessible format. This helps streamline processes and make it easier to find relevant documentation quickly.

Types of Users That Can Benefit From Lease Accounting Software

  • Accountants: Accountants can benefit from lease accounting software by streamlining the accounting process for leases and simplifying the accounting for complicated multi-entity leasing structures.
  • Business Owners: Lease accounting software can help business owners identify savings opportunities, forecast cash flows, and better manage critical financial information associated with their lease portfolio.
  • Financial Reporters/Analysts: Lease accounting software helps financial reporters and analysts to quickly access comprehensive information on leases throughout multiple entities, analyze variable data points, and create accurate reports that meet GAAP regulations.
  • IT Professionals: IT professionals who are responsible for managing lease agreements will find many features within lease accounting software helpful in tracking assets, calculating rental payments, setting up security deposits and other fees associated with leases.
  • Auditors: Auditors can use lease accounting software to easily detect errors or inaccuracies in a company’s reported leasing data. This makes it much easier to ensure compliance with all applicable regulations.
  • Tax Advisers & Consultants: Accounting professionals who provide advice on taxes related to leasing should consider using lease accounting software as it simplifies the task of assessing taxes due on leased items by providing an automated way to keep accurate records of goods leased out and relevant payment schedules.
  • Suppliers: Suppliers can also take advantage of lease accounting software as it makes it easy to track and manage customer leases, maintain accurate records of payments and provide more transparent rental terms.
  • Asset Managers: For asset managers leasing out equipment such as vehicles or heavy machinery, lease accounting software helps to keep track of all leased assets including their depreciation rate, total cost, taxes paid and payment schedules in real-time.
  • Real Estate Professionals: For real estate professionals leasing out commercial or residential properties, lease accounting software helps to track rental agreements and manage multiple types of rental payments with ease. It also streamlines the process of verifying credit scores or background checks for tenants prior to entering the agreement.

How Much Does Lease Accounting Software Cost?

The cost of lease accounting software can vary greatly depending on the type of software, the specific features and functions it provides, any additional services such as implementation and training, and the size of your organization. Generally speaking, a basic lease accounting solution can cost anywhere from $1,000 to upwards of $25,000 or more.

For small businesses with fewer than 50 leases, you may want to consider a cloud-based solution that requires minimal upfront investment and works on a subscription basis. Prices for these solutions typically start at around $100 per month with costs increasing based on usage level and advanced features needed.

Mid-sized companies with larger portfolios often look for more robust solutions that have greater functionality and scalability. The cost for these types of applications range from approximately $5,000 to over $50,000 depending on their needs. This type of fee typically includes implementation costs but additional fees may be charged if customization is required or comprehensive training is needed.

Finally, enterprise-level organizations need complex systems that accommodate extensive portfolios across multiple locations with varying regulatory requirements. These packages include centralized dashboards with integrated data feeds for consolidated reporting as well as powerful analytics capabilities for maximum visibility into leasing activities across the business. Prices vary widely here but generally range in price between $30K to over $200K based on their custom requirements.

When deciding upon lease accounting software, it is important to research the different options available. Careful consideration of the features and pricing should be taken into account before making a purchase so that you can make the best decision on finding an appropriate software solution for your business.

Risks To Consider With Lease Accounting Software

The risks associated with leasing accounting software include:

  • Security Risk: Leasing accounting software stores confidential data and is subject to security risks such as unauthorized access, malicious attacks, tampering or theft. It is important to ensure proper security measures are in place to protect the data stored in the software.
  • Accuracy Risk: As leasing decisions involve complex transactions, it is important that the information provided by the software is accurate and up-to-date. If not, this can lead to errors which could cost businesses time and money. It is therefore important that regular checks are done to ensure consistency.
  • Compatibility Risk: Different types of systems may be necessary for a business' needs and ensuring that they are compatible with each other can be challenging. It is important that compatibility checks are completed making sure there will be no disruption of operations should changes need to be made.
  • Data Loss Risk: Information stored on the lease accounting system can easily become corrupted or lost due to hardware or software malfunctions, human error or cybercrime attacks which could have significant impacts on operations requiring costly repairs or expenditures for recovery operations if proper backups of all data are not implemented regularly across multiple locations.
  • Contractual Risk: Even with the most up-to-date software, there is still a risk of failing to meet contractual obligations or not meeting deadlines for lease payments. It is vital that proper contracts and procedures are in place to make sure all obligations are met.
  • Third-Party Risk: Software companies providing leasing accounting services can be subject to regulatory or organizational change which could affect the service provided. It is important to do due diligence research on such companies in order to understand any risks and implications that may arise from using their software before signing them up for use.

What Software Does Lease Accounting Software Integrate With?

Lease accounting software can integrate with a range of different types of software, including enterprise resource planning (ERP) systems, asset management software, financial reporting and analysis software, contract management software, project management software, and expense tracking tools. ERP systems offer an integrated suite of business applications that allow organizations to manage all aspects of their day-to-day operations from one platform. Asset management solutions help businesses track and maintain their leased assets through the duration of the lease term. Financial reporting and analysis tools provide insight into key financial metrics such as liquidity, cash flow, profitability ratios, and return on investment.

Contract management tools enable organizations to effortlessly create custom contracts for leases while also automating the process by capturing important data points directly from customer records or through online documents. Project management platforms are useful for managing multi-year lease projects as well as other large initiatives like mergers or acquisitions. Finally, expense tracking devices help companies accurately record all associated costs with leasing agreements in order to ensure financial integrity throughout the life cycle of the agreement.

What Are Some Questions To Ask When Considering Lease Accounting Software?

  1. Does the software support International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP)?
  2. How user friendly is it to input data, create reports and maintain records?
  3. Can I access my lease information remotely?
  4. Is there integration with other accounting programs or does the software come with its own general ledger system?
  5. Does the software provide notification of upcoming lease payments or expirations so that I can stay on top of things?
  6. What kind of reporting options are available? Can I customize reports to fit my particular needs?
  7. Are updates regularly provided for new tax/regulatory requirements or features/functionality additions?
  8. What kind of customer support is available if I encounter a problem and need assistance using the system?
  9. Is pricing based on licensing per user or a one-time fee for all users plus an annual maintenance fee to keep current with updates and support?
  10. What security measures are in place to ensure that sensitive data stays safe?