An equipment lease allows you to use a piece of equipment without paying the initial purchase cost. It involves various parties and the execution of contracts or agreements alongside the exchange of other documents.
A lease management software assists various professionals in the lease equipment process to store and manage essential data about leased equipment such as vehicles, machinery, tools, etc. They help eliminate the complexities of managing these assets, which arise with keeping up with the details on each lease agreement for a variety of leased equipment.
Having a lease management software can make leasing equipment easier. An effective lease management software depends on factors, including the nature and size of operations. Here is how the right lease management software can help you make your equipment leases easier.
Benefits of Lease Management Software in Equipment Leasing
- A lease management software makes it easy for you to retrieve information about a particular equipment lease. You can easily access this information, whether you need to verify the lease terms, dates, expiration, or any other data. It goes a long way in saving you time that you would spend retrieving and perusing through files.
- In addition, some of the software can be accessed through a mobile phone. Thus, you can access data 24/7, which saves you the time you would spend going to the office or your PC.
- A lease management software can remind you of vital dates such as lease expiration, lease renewal, and payment dates. The right one will enable you to set up the system so that it sends you an email reminder notification days before such dates. It, therefore, enhances efficiency and helps you avoid penalties or missing important notifications to clients.
- The software can also help you send an automatic reminder to your equipment lessees and remind them of payments that are due or upcoming lease renewals. With seamless, efficient operations, you will have an easier time managing equipment leases.
Eases Document Management
- Leasing equipment involves the execution of various documents, including lease contracts. Manually sorting, storing, and retrieving these leases can be tedious and creates room for errors, among other challenges such as loss, theft, or damage.
- With the right lease management software, you can easily store documents, form new equipment lease agreements and manage existing lease documentation. It makes equipment lease easier as there is minimal risk of data loss. In addition, you can create easy-to-fill lease templates and save the time you would use creating a new lease agreement each time you have a new contract.
- The software will enable you to store lease information electronically from existing and potential customers, key contacts, and related parties.
Enhances Client Relations
- An excellent lease management software facilitates effective customer service and communication. Doing so needs you to pay a lot of attention to managing contacts which can be tedious.
- Gladly, you can easily access accurate information on the contracts relating to the lessor and related entities such as the brokers, legal advisors, and related lease management personnel by having a lease management software. Managing your equipment lease contacts does not become overwhelming with such a tool.
- Besides helping you manage the existing lease contacts, a lease management software with a contact management feature can also help you effectively manage details on lead contacts when they show interest in leasing equipment. The tool makes it easier for you to reach potential clients once the equipment is available before you start marketing to outsiders.
- Effective lease management software incorporates mapping features that help you track where the particular equipment is. This feature makes equipment leases easier by enabling you to identify the current location of the equipment without having to keep all the information off your head, which can be difficult.
- Besides knowing the location, the software can also help you track the status of the equipment before the lease at a glance. Such details come in handy when the lease period expires, as you can quickly tell if the equipment's condition has deteriorated during the lease period.
- It will also notify you which equipment is due for maintenance and when. Such information goes a long way in ensuring that the equipment remains optimal.
Critical Features of the Right Lease Management Software
The ability to integrate your lease management with a lease accounting feature or software is something to look out for. The feature facilitates projections of how much lease income, advance payment, and maintenance costs you expect within a particular duration.
Further, a lease management software that incorporates accounting features or whose provider also has a lease accounting feature you can integrate enables you to track the status of receivables and payables. The lease accounting should also be compliant with the current lease accounting standards such as FASB.
Document and Data Management
Another must-have feature of the right lease management software is data and document management features. Such enables you to easily access a variety of lease documents from the comfort of wherever you are. You can also easily retrieve important information on lessee details, lease contacts, lease expiry and renewal details, equipment photos, etc.
Analysis and Reports
An effective lease management software will provide various reports that will detail the financial status, equipment status, lease contracts, and other administrative details status at a glance.
With such, you can advise your potential clients on the future availability of the equipment. The analysis and reports feature also gives you an overview of the overall well-being and performance of the business.
You need to ensure that the data you upload and save on the software is safe. Data protection is a feature to pay attention to, and it should have a secure data center with solid IT systems and infrastructure.
The right leasing management software will enable you to ease and streamline your equipment leases and related activities. iLeasePro can help you get all these benefits. It is well curated with vital features to make your equipment lease management easy and seamless at an affordable cost. It is integrated with Sage Intacct for seamless downloads and uploads.
Ready to Begin?
iLeasePro lease accounting software is a robust solution that makes lease management and reporting a breeze. If you want to navigate the complexities of lease standard compliance with ease and have better data visualization, take a tour of iLeasePro to learn more.