Optimize Your Lease Management Processes
Intuitive
iLeasePro offers a friendly and intuitive interface that simplifies complex lease management tasks, making it easier for users to navigate and optimize their lease portfolio with minimal training.
Cost Effective
iLeasePro delivers cost-effective lease management solutions, reducing overhead by automating processes and eliminating the need for multiple tools, thus maximizing ROI and lowering total cost of ownership.
Accurate
iLeasePro ensures unparalleled accuracy in lease management, lease accounting and lease analysis, minimizing errors and enhancing compliance with its precision-driven data handling and reporting features.
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Key Features & Benefits
Real Estate Lease Accounting
iLeasePro, an ASC 842 Software as a Service solution, supports ASC 842 compliance for real estate leases, including office space, retail locations, and warehouses, by automating liability calculations, asset recognition, and offering comprehensive reporting for accurate financial statements.
Equipment Lease Accounting
iLeasePro ensures ASC 842 compliance for equipment leases, such as vehicles, machinery, and IT hardware, by facilitating accurate tracking, liability calculations, and asset recognition, with detailed reports for all equipment lease types.
Day 1 ASC 842 Lease Accounting
Efficiently manage Day 1 Lease Accounting, automating the transition from ASC 840 to ASC 842 by accurately recognizing the initial right-of-use assets and lease liabilities, ensuring seamless compliance.
Day 2 ASC 842 Lease Accounting
iLeasePro streamlines Day 2 ASC 842 lease accounting by automating expense recognition, lease modification, and reassessment processes. It ensures ongoing compliance and accurate reporting for your lease portfolio with minimal effort.
Finance Lease Software
iLeasePro streamlines finance lease management under ASC 842, offering comprehensive tools for accurate lease classification, financial reporting, and liability management, simplifying compliance and enhancing operational efficiency.
Operating Lease Software
iLeasePro aids in managing operating leases under ASC 842 by automating recognition, measurement, and presentation of leases, simplifying compliance and enhancing accuracy in financial reporting for operating lease commitments.
Short Term Lease Software
iLeasePro simplifies management of short-term leases under ASC 842 by offering tools for easy tracking, exemption application, and reporting, ensuring accurate financial statements without capitalizing every short-term lease.
FASB Lease Classification Wizard
iLeasePro, your go-to accounting lease software, simplifies FASB's dual lease model with a Lease Classification Wizard. It guides you through identifying lease types for accurate asset and liability recognition, ensuring compliance with distinct expense recognition methods.
Automated ASC 842 Amortization Schedule
Our lease software effortlessly automates the creation of daily and monthly amortization schedules for Right of Use Asset and Lease Liabilities, covering both individual leases and your entire portfolio, streamlining your accounting processes.
Automated ASC 842 Journal Entries
iLeasePro minimizes potential errors by automating the generation and upload of monthly ASC 842 journal entries to your General Ledger, ensuring accuracy and simplifying the financial reporting process for ASC 842 compliance.
ASC 842 Financial Disclosure Reporting
iLeasePro supports ASC 842 compliance by providing automated detailed data for ASC 842 financial disclosures, including quantitative lease information, weighted lease term, and weighted discount rate, ensuring your lease portfolio meets compliance standards.
Accelerate Monthly Closing
iLeasePro accelerates the monthly accounting close process by automating key lease accounting tasks such as journal entry generation, lease liability reconciliation, and financial statement preparation. This automation reduces manual data entry and errors, streamlines reporting, and ensures compliance with ASC 842, significantly decreasing the time required to complete the monthly close.
Lease Portfolio Management
iLeasePro's portfolio management boosts your lease management efficiency by centralizing documents in an electronic library, enabling tailored organization and analysis. Its flexible design lets you sort leases by location, type, access rights, and more, streamlining lease administration and enhancing lease portfolio oversight for strategic insights.
Critical Date Tracking
Missing a critical date can be very costly. iLeasePro provides the flexibility to manage and automatically send you an email notification to inform you of your upcoming critical dates; such as lease expiration, option dates, insurance renewals, etc. Add unlimited dates that you need to monitor and track!
Document Management
Create a comprehensive and easy to access electronic library of your critical lease documents and images. Save time and stay green by uploading any electronic document, like original lease, lease amendments, insurance certificates, photos and floor plans to allow you to manage these documents in one central repository.
Contact Management
iLeasePro provides a single source for all lease related contacts, including lessors, asset managers, bankers, brokers, attorneys and utility providers. With the Contact Management feature you can assign roles to your contacts for each lease within the portfolio.
Rent and Rent Step Escalations
Eliminate errors and the need of a standalone calculation process when performing complex lease term rent calculations. Simply select from the several pre-defined types of rent payments, add concessions, define the rent steps escalation method (Flat, Incremental and Percentage) and iLeasePro will apply and calculate the payments through the lease term.
Lease Payments
iLeasePro automates the creation of monthly accounts payable bills from lease rent payments for easy accounting system import, alongside detailed payment reporting, streamlining lease management and financial oversight.
Standard Reporting
iLeasePro offers over 50 standard reports out of the box with filtering capabilities to produce any variation of key data that you would require to fully understand the current health and financial impact of your lease portfolio. Reporting categories include Account level reporting, Lease Analysis, Detailed Lease Level reporting, Lease Audit reporting, Lease Accounting reporting and Administration reporting.
Lease Analysis
iLeasePro streamlines lease analysis for negotiations and renewals, providing over 50 customizable reports to evaluate financial impacts. Its tools aid in comparing lease terms, forecasting costs, and analyzing scenarios, ensuring you secure the most financially advantageous lease. By offering detailed insights into potential leases, iLeasePro empowers decision-makers to select optimal lease options with confidence, maximizing financial benefits and aligning with strategic goals.
User Authentication and Authorization
iLeasePro has integrated Auth0 for a robust user authentication and authorization experience. iLeasePro offers high level security through authentication mechanisms like username/password, single sign on (SSO), social logins, multi-factor authentication (MFA), and more.
Enterprise Lease Portfolio Management
iLeasePro elevates enterprise lease management by centralizing documentation in a digital library, promoting strategic organization and in-depth analysis. Its adaptable framework allows enterprises to categorize leases by location, type, and access, optimizing lease administration and portfolio oversight for actionable insights and improved operational efficiency.
Importing Lease Data
Easily import your lease data, such as general lease details and critical dates, rent payment and rent escalation schedules, property and units, lease clauses and lease options, lessor and lessee insurance information, variable payment schedules into iLeasePro from Excel or CSV files, enabling comprehensive lease management with minimal effort.
Quick Implementation
iLeasePro ensures quick implementation, typically under a day. Comprehensive help guides aid in easy setup, enabling you to add a new lease in under 5 minutes. A typical customer can start utilizing iLeasePro within a week for efficient lease management and lease accounting.
SOC 1 Type 1
iLeasePro has successfully passed the SOC 1 Type 1 audit, as verified by an independent CPA firm and endorsed by the American Institute of Certified Public Accountants (AICPA). This audit assesses the effectiveness of internal controls in areas such as financial reporting, IT security, and data processing within a software business. The achievement highlights iLeasePro's commitment to maintaining rigorous standards in lease accounting software, ensuring the reliable operation of controls crucial for our clients. |
SOC 1 Type 2
iLeasePro is in process to complete the SOC 1 Type 2 audit in June 2024, conducted by an independent CPA firm and certified by the American Institute of Certified Public Accountants (AICPA). This comprehensive evaluation confirms iLeasePro's adherence to stringent controls in financial reporting, IT security, and data processing over time, underscoring our commitment to operational excellence and trustworthiness in lease accounting software. |
Customers That Trust iLeasePro
Key Integrations
iLeasePro is integrated with accounting solutions, like Sage Intacct, to allow you easy synchronization. Seamlessly upload and download your data at a click of the button. Quickbooks Online integration is coming soon!
blogs
The world of lease accounting and management is ever-evolving, with innovative approaches surfacing to match the shifting economic landscape. Understanding these trends is essential for entities dealing with leases, especially with the implementation of standards like ASC 842, GASB 87, GASB 96 and IFRS 16 that have fundamentally changed lease accounting.
iLeasePro, a premier ASC 842 lease accounting and management solution provider for mid-size and small companies, proudly announces its achievement of the SOC 1 Type 1 certification. Endorsed by the American Institute of Certified Public Accountants (AICPA), this certification attests to iLeasePro's high standards in data security, internal controls, and compliance.
The introduction of the Accounting Standards Codification (ASC) 842 by the Financial Accounting Standards Board (FASB) fundamentally changed the landscape of lease accounting. This new standard requires organizations to recognize lease liabilities and right-of-use (ROU) assets on the balance sheet, bringing increased transparency to an organization's leasing activities. How can businesses streamline this transition and feel comfortable that they will pass the audit process?
The FASB ASC 842 Lease Accounting Standard changes in lease accounting has been finalized for public companies and will be effective to private companies at the end of 2021. This will many business entities throughout the United States. The accounting change will make lease management and accounting more complex. The new accounting model will require…
In its relentless pursuit to continue to deliver a high quality cost-effective solution, iLease has taken another step forward by partnering with Auth0 by Okta, a globally recognized platform for identity management. This strategic addition to iLeasePro's feature set underscores its commitment to providing users with secure, seamless access to its comprehensive lease accounting solution.
iLease Management LLC (“iLease”) has been providing insightful research and recommended approaches into the proposed lease accounting changes since 2011. We do provide a brief overview and update of the proposed lease accounting changes in this document, but you will find that this whitepaper is different than others that we have authored. In this whitepaper…