Frequently Asked Questions
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iLeasePro is a SaaS cloud Lease Management and Lease Accounting solution specifically developed for Lessees of Real Estate and Equipment leases. iLeasePro has been designed by real estate and lease accounting experts to address not only the ASC 842 Lease Accounting Standard but also as a long-term lease management solution.
Very easy! iLeasePro is a hosted cloud solution that does not require any hardware or software. Simply subscribe and you can start entering lease data in a matter of minutes. Pre-populated key field values like Clauses & Options, Operating Expenses, Contact Types, and Document Types make startup a snap.
iLeasePro Lease Analysis and Reporting features have been built to provide detailed analysis to support all of your leasing related decisions.
Yes. iLeasePro is a cloud-based solution and can be accessed through any internet connection, anywhere in the world on a desktop, tablet or mobile device.
iLeasePro works perfectly on mobile devices like the smart phones and tablets.
Yes. Your data is backed up daily.
No. iLeasePro is highly intuitive and should not require training. There are help messages on each section on every page in the solution and also an online help system in case you get lost.
iLeasePro is a Cloud SaaS solution offering the elasticity and scalability that you will require to support your increasing or decreasing needs as your lease needs fluctuate.
iLeasePro is specifically for Lessees of Real Estate and Equipment leases. iLeasePro has been designed by real estate and lease accounting experts to address the ASC 842 Lease Accounting changes but also as a long term global lease management solution. iLeasePro uses the lease data captured (eg rent payments, lease commencement, lease expiration, etc) for each lease to automatically generate the monthly payments, amortization schedule and general ledger entries.
Yes. iLease Management LLC has been actively involved in the FASB Lease Accounting changes and has been providing insightful information through research articles and whitepapers since 2010 (Check our our Lease Accounting Blog). Unlike most other lease accounting products, the iLeasePro solution's Lease Accounting feature is not a "bolted on" component but rather has been built from the ground up. Our development group has built the foundation to support the complex Right to Use and Lease Liability journal entry calculations. The iLeasePro Lease Accounting feature provides an answer to your ASC 842 compliance requirements.
iLeasePro is an intuitive and easy to use solution that makes sense for you and your organization. There are several levels of Online Help throughout the application; at the Section Level within each page, at the Page level and at the Application Level. No matter where you are in the application, help is only one click away.
Our infrastructure is hosted at http://aws.amazon.com/
Reports, Certifications, and Independent Attestations. AWS has in the past successfully completed multiple SAS70 Type II audits, and now publishes a Service Organization Controls 1 (SOC 1), Type 2 report, published under both the SSAE 16 and the ISAE 3402 professional standards as well as a Service Organization Controls 2 (SOC 2) report. In addition, AWS has achieved ISO 27001 certification, and has been successfully validated as a Level 1 service provider under the Payment Card Industry (PCI) Data Security Standard (DSS). In the realm of public sector certifications, AWS has received authorization from the U.S. General Services Administration to operate at the FISMA Moderate level, and is also the platform for applications with Authorities to Operate (ATOs) under the Defense Information Assurance Certification and Accreditation Program (DIACAP). We will continue to obtain the appropriate security certifications and conduct audits to demonstrate the security of our infrastructure and services. For more information on risk and compliance activities in the AWS cloud, consult the Amazon Web Services: Risk and Compliance whitepaper.
Physical Security. Amazon has many years of experience in designing, constructing, and operating large-scale data centers. AWS infrastructure is housed in Amazon-controlled data centers throughout the world. Only those within Amazon who have a legitimate business need to have such information know the actual location of these data centers, and the data centers themselves are secured with a variety of physical controls to prevent unauthorized access.
Secure Services. Each of the services within the AWS cloud is architected to be secure and contains a number of capabilities that restrict unauthorized access or usage without sacrificing the flexibility that customers demand.
Data Privacy. AWS enables users to encrypt their personal or business data within the AWS cloud and publishes backup and redundancy procedures for services so that customers can gain greater understanding of how their data flows throughout AWS. For more information on the data privacy and backup procedures for each service in the AWS cloud, consult the Amazon Web Services: Overview of Security Processes whitepaper referenced above.
The AWS Security Center provides links to technical information, tools, and prescriptive guidance designed to help you build and manage secure applications in the AWS cloud. Our goal is to use this forum to proactively notify developers about security bulletins. Such transparency is the backbone of trust between AWS and our customers.
The iLeasePro Lease Accounting feature has been developed from the ground up and not a "bolt on" component that you will find in most products. iLeasePro calculates the Daily Amortization of ROU Asset and Lease Liability to offer you the most accurate ASC 842 calculations. You can generate journal entry transactions for individual leases or your entire portfolio of leases. The Portfolio Management feature offers you the ability to group your leases and create journal entries based on the groups defined.
iLeasePro is fully integrated via web services with the Sage Intacct cloud accounting solution. Users can easy setup synchronization between the two solutions and automatically upload journal entries for its real estate and equipment lease into the General Ledger module, upload monthly payments into the AP Bill module and download Dimensions.
Journal entries can also be exported to csv or excel for manual import into any other accounting system or record.
Yes. iLease Management LLC has been actively involved in the FASB Lease Accounting changes and has been providing insightful information through research articles and whitepapers since 2010 (Check our our Lease Accounting Blog). Unlike most other lease accounting products, the iLeasePro solution's Lease Accounting feature is not a "bolted on" component but rather has been built from the ground up. Our development group has built the foundation to support the complex Right to Use journal entry calculations. The iLeasePro Lease Accounting feature provides an answer to your ASC 842 compliance requirements.
Yes. iLeasePro allows you the user to identify and capture the key data for both lease types.
Yes, iLeasePro is a cloud-based enterprise solution that will integrate with your current ERP and accounting systems.
Yes, iLeasePro provides lease activity reporting with filtering capabilities to enable the user to "slice and dice" the key data in many variations to enhance real-time decision capabilities.
Yes, iLeasePro provides the data in reports required to support the ASC842 Financial Disclosure requirements. Current disclosure reports include Short Term Expenses, Maturity Analysis of Lease Liabilities, Lease Liability, Weighted Lease Term Report and Weighted Average Discount Rate Report to name a few.
1. Does the solution provide the ability to manage and report on real estate, equipment and other leased assets?
2. Is the solution a cloud-based, SaaS (software-as-a-service) solution?
3. Are software updates and future versions free of additional costs?
4. Does the solution provide the ability to readily integrate with your ERP/Accounting Systems?
5. Does the solution provide a lease classification test feature?
6. Does the solution provide the ability to separate variable payments?
7. Does the solution provide portfolio level consolidation of leases and lease payments?
8. Does the solution provide the new "right-to-use" calculations?
9. Does the solution provide the ability to produce standard accounting reports?
10. Does the solution provide the ability to produce the required disclosure reports?
11. Does the solution provide the ability to provide detailed audit trails and tracking of all data changes?
If you cannot answer yes to all of the above questions, you should take a look at iLeasePro as your solution!
We obviously can't speak for you with the Lessor, but we can give you all of the information you need to swing the negotiation in your favor.
The Lease Analysis feature of iLeasePro is an invaluable tool that supports lease negotiations as well as key decisions required during the life cycle of any lease. Key functions include the amortization of lease costs across the term of the lease and automatic calculation of Effective Rental Rates, Net Present Value, Average Monthly Cost, Total Cost Per Annum and more.
The iLeasePros comparative analysis offers;
-Ability to create multiple what-if scenarios
-Economic Analysis of a Lease
-Review Operation Expenses
-Recommendations for Lease Term Changes
-Detailed Reporting to Support Lease Negotiations
The comparative lease analysis offers a side-by-side detailed comparison of selected leases with the ability to create what-if scenarios, the Economic Analysis of a Lease, review of Operating Expenses, and recommendations for potential Lease Term Changes that will bring the lease terms into your favor.
iLeasePro offers several ways to monitor and mitigate your lease related risks. iLeasePro offers Portfolio Management and has been designed to aggregate and disseminate your lease data into customized groups and subgroups to allow you to view your data both horizontally and vertically across your organization. The Dashboard gives you a high-level view at your portfolio to allow for quick determination of any upcoming issues. The Critical Date and Notifications feature monitors all of the defined critical dates in the solution and emails a notification alert of any upcoming due dates at intervals you select to keep you informed without having to log into the solution. The Report Center provide you with all of the reporting you will need to identify any potential risks or issues within your portfolio
Yes. iLeasePro tracks and reports on every change made to any field value for each lease. Each change made is tracked with a date timestamp and the user id of the person who made the change.
Yes. The Administrator of your account can allow or restrict access to any feature, group or subgroup and even down to the lease level to ensure only the right person has access to your critical lease data.
Yes. The iLeasePro Portfolio Management feature is a very powerful feature that allows you to segment your portfolio of leases in whatever way you like. You can set up as many Groups or SubGroups as you like and assign leases to these Groups or Subgroups to allow for an enhanced data aggregation, accounting and reporting experience.
Yes. iLeasePro allows you to link contacts by role with each lease. Add a contact only one time and link that contact to any number of leases. This gives you instant access to your key resources for each lease at the click of a button.
iLeasePro is a lease abstraction tool that has been designed to minimize the abstracting effort and time to complete for both equipment and real estate leases. For equipment lease abstracting, iLeasePro enables you to walk through a lease in a wizard-like fashion and record the lease terms and dates, clauses & options, insurance, the critical equipment information like location of asset, asset description, serial number, useful life and asset value. For real estate lease abstracting, iLeasePro enables you to walk through a lease in a wizard-like fashion and record the Property & unit, lease terms and dates, clauses & options, insurance, the critical financial information including base rent, taxes, operating expenses, escalations, percentage rents and expense chargebacks or common area maintenance (CAM). In addition to these key lease values, iLeasePro allows you to record personalized Notes for each leases and keeps a History of every change made to the lease data.
Yes. iLeasePro has a powerful Document Management feature that enables you to attach any electronic document to the lease. You can use the pre-populated values, or define your own Document Types and Descriptions of the documents that will be stored to ensure consistency across your organization. Each document is automatically categorized according to your location within the solution. For example, if you are in the Insurance section and attach an insurance related document, the document will be attached to the lease and categorized under Insurance. This feature works cooperatively with the Report Center to allow you to instantly identify the documents, or any missing documents, associated with each lease by category like Insurance, Rent, Expenses etc. Also note that this feature allows you to report by category across your portfolio.
Yes. iLeasePro offers you the ability to manage equipment leases. Once you start the process to add a new lease, iLeasePro asks you which type of lease you would like to add. Select Equipment and the iLeasePro solution will be customized for you to begin abstracting your equipment lease.
Yes. iLeasePro offers you the ability to manage real estate leases. Once you start the process to add a new lease, iLeasePro asks you which type of lease you would like to add. Select Real Estate and the iLeasePro solution will be customized for you to begin abstracting your real estate lease.
Yes. Using the iLeasePro Document Management feature you can attach any type of electronic document to a lease. Any image that is stored with a lease can be accessed through the Document Management feature or as a collage from the lease List View.
Yes. For both Real Estate and Equipment Leases. The iLeasePro Rent and Rent Step feature eliminates calculation errors and the need of a standalone calculation process when performing these complex lease term rent calculations.
- Pre-defined types of rent payments (by Year, by Month and for Real Estate lease PSF by Year and PSF By Month)
- Apply Free Rent concessions
- Amortize additional lease costs across the lease term
- Calculate rent steps as Flat Rent increases, Incremental increases or Simple or Compounded Percentage increases (for CPI based rents).
Unlimited. iLeasePro is a cloud-based solution = highly scalable
Yes. The Portfolio Management feature of iLeasePro allows you to segment your leases by groups and subgroups. There is no limit to the number of groups you can create. Once the Portfolio Management feature has been set up you can then determine user access to the groups that have been defined. For example, if you have your headquarters in New York and branch locations throughout the world, you could create a lease group for the headquarters with all leases and individual groups for each location, set access rights specific for each group which would allow branch autonomy but restricting individual branches from accessing other branch lease information while maintaining full access to all lease at the headquarters level. Once leases are grouped, data like total square feet, number of leases, total security deposits held, etc and the generation of accounting transactions, is aggregated and summarized for that group.
The Standard Report Center comes with the following reports to provide information on your Account, Lease Detail, Lease Accounting, ASC 842 Financial Disclosure, Auditing, Analysis and Administrative information.
Included is a powerful filtering feature that enables you to slice and dice your data to create your own reports.
Report data can be exported, save to a PDF or Printed to your local printer.
- Account Contact Directory
- Document Inventory Report
- Account Subsidiary Report
- Lease Inventory Report
- Lease Critical Date Report
- Lease Expiration Report
- Security Deposit Report
- Base Rent Cash Flow Report
Lease Accounting Reports
- Lease Liability Amortization Report
- Accounting Lease Report
- Accounting Export Report
- Accounting Upload Report
- Variable Payment Export Report
- Sublease Income Report
- Lease Dimensions Report
Lease Accounting Financial Reporting Disclosure Reports
- Finance Lease Report
- New Lease Liability Report
- Lease Liabilities Maturity Analysis
- Operating Lease Report
- Right of Use Asset Acquired Report
- Short Term Lease Expense Report
- Weighted Average Discount Rate Report
- Weighted Lease Term Report
Lease Detail Reports
- Lease Payments Due By Month
- Lease Payment Summary Report
- Lease Equipment Report
- Lease Abstract Report
- Lease Property Report
- Lease Clause and Option Report
- Lease Insurance Report
Lease Audit Reports
- Lease Change History Tracking Report
- Lease Sales Tax Report
- Lease Health Report
- Variable Payment Upload/Export History Report
- Lease Analysis Report
- Lease Analysis Comparison Report - Real Estate
- Lease Analysis Comparison Report - Equipment
- Admin User Listing
- Admin User Entitlement Report
- Admin Account Plan Report
- Admin Portfolio Group Setup Report
- Admin Lease Accounting Setup Report
- Admin Subsidiary General Ledger Account Report