As a business owner, keeping track of one or two leases is one thing. However, when your business and operations start to grow, you might find yourself in charge of managing more leases.
As your number of leases grows, the work and complexity behind managing the leases also grows. Manually keeping track of all your leases and the important lease data within them is almost always going to lead to a headache, especially if you hold another role in the business besides accounting. There has to be a better solution. And there is: lease tracking software.
A lease portfolio management software solution makes the job of a lease accountant far easier, and much less prone to error. With the help of digital tools like lease accounting software, it becomes a breeze to store and centralize important information, manage lease data and documents, stay on track with vital expiration and renewal dates, and of course, staying in compliance with ever-changing lease accounting standards like ASC 842. Simplicity is the name of the game when it comes to software solutions to track your commercial leases. Learn a bit more about lease management software, and how it can improve your business operations.
What is Lease Management Software?
For those unfamiliar with lease management software, you might be wondering, "what is it?" and "what does it do?" In the most basic terms, lease management software is a solution that helps businesses manage one or more leases. This could be anything from a single office space to an entire fleet of vehicles. Commercial lease management software solutions make it easy to store and access important data and documents related to your leases, schedule and track key dates, and automate many of the manual tasks that come with being a lease administrator.
Lease tracking software is designed to save businesses time and money by automating many of the tasks that come with manually managing leases. Automating these processes allows businesses to put their focus back on running and growing their business, rather than getting bogged down in the details of their leases.
The Merits of Lease Management Software
The best lease management software makes life easier for the user, and this happens in several ways. Increased convenience, reduced risk of error, and making it simple to stay in compliance with standards, are just a few of them.
A Centralized Repository for Lease Data
First of all, the simple concept of having one single area to manage all of your lease information and documentation cannot be understated. As the world moves into a digital future, the importance of centralized applications is growing. Having a digital space to manage the critical aspects of your business is key. A lease management system like iLeasePro allows businesses to create an electronic library of all leases in one place. This saves a ton of time and frustration spent searching for documents, as well as going paperless which helps the environment.
Upload and store important lease details digitally
- Another key advantage to using lease management software is the ability to upload any electronic document. This means that you can store not only leases themselves but also amendments, photos, floor plans, and insurance certificates. This allows businesses to keep track of what they need without having to stuff physical copies into a filing cabinet somewhere.
Track your important dates
- Having one centralized lease management app is also important because it makes it much easier to keep track of important dates. From lease expiration and renewal dates to bill payment deadlines, a lease management software will remind you of what needs to be done and when. This is vital for businesses that don't want to miss a beat, or worse – incur late fees. A lease management app like iLeasePro can even send out email notifications to remind team members of critical dates.
Manage contacts in one place
- iLeasePro lease management systems also provide easy contact management for all of your leases. This means that you can store contact information for lessors, asset managers, bankers, brokers, attorneys and utility providers – all in one place. This is important because it allows businesses to have a single source of truth when it comes to their lease-related contacts.
Eliminating the Risk of Human Error
When it comes to manually managing leases, there is always the risk of human error. From accidentally forgetting to renew on time to losing track of documents, and making errors on complex lease calculations, mistakes happen. And they can be costly.
Lease management software takes the risk out of manual lease management by automating tasks and reminders. This reduces the chances of human error, and helps businesses avoid costly mistakes. Take the complexity out of complex lease term rent calculations. Just enter the required information, and iLeasePro handles the complicated bits. There is also detailed, automated reporting right out of the box, so it is easy to view and share accurate reports showing the data that is pertinent to you and your business.
Staying in Compliance
Staying on the topic of reporting, the last significant advantage we will discuss is staying in compliance with accounting standards. As we briefly mentioned before, standards like ASC 842 are always changing, and it can be tough for businesses to keep up. Thankfully, many lease accounting software solutions offer compliance tools and features to help business owners stay on top of the latest changes. This is a vital feature for businesses of all sizes, but it is especially important for larger organizations that might have hundreds or even thousands of leases to keep track of.
If you are not a lease accounting expert, you can imagine how difficult it is just keeping a few leases in compliance with updated standards. When the number of leases your enterprise is responsible for grows, this problem grows exponentially. This is where a lease management software solution can save the day. By making it easy to track and report on your leases, you can rest assured knowing that your organization is equipped with the necessary tools to stay compliant.
Selecting the Right Lease Tracking Software
The best lease software should offer robust and comprehensive features while still being relatively simple to use. After all, the goal is to make your life easier, not to add more complexity. Here are some key features you should look for when evaluating different lease tracking software solutions:
- The ability to track and manage an unlimited number of leases
- A user-friendly interface that is intuitive and easy to use
- Cloud-based storage for ease of access from anywhere
Let's go through all three of these key features and why they are important.
Tracking an Unlimited Number of Leases
As a business owner, things can ramp up quickly, and the number of leases you are in charge of can increase with the blink of an eye. It is important to stay ready and prepared for the future and any potential growth you might experience. You want a lease management platform that will grow with you. It is vital that you ensure you are tracking an unlimited number of leases.
A User-Friendly Interface
While many business owners are not tech-savvy, that does not mean you should have to sacrifice features for a user-friendly interface. The best lease management software will offer a robust platform with lots of features while still being relatively simple and easy to use. iLeasePro proudly offers full functionality while maintaining a simple to use, customizable, and easily accessible interface.
One of the most important things to look for in a lease management software solution is cloud-based storage. This allows you to access your data from anywhere at any time. Whether you are in the office or out on the road, as long as you have an internet connection, you can access your lease data. This is a game-changer for business owners who need to be able to access their data on the go.
What About the ASC 842 Lease Accounting Transition Period?
One of the main questions you might have when implementing or switching lease management software is about the transition period. Is it going to be an easy, seamless switch? Or will there be many growing pains in the process and make your life more difficult than it needs to be? We are happy to say that iLeasePro is highly customizable and can integrate with existing lease accounting systems. For example, iLeasePro fully integrates with Sage Intacct, allowing for seamless synchronization between the two solutions. Remember, our job is to make your life easier, not more difficult. Part of the core benefits of our lease management software is ensuring a great, simple, and efficient user experience, and that includes the transition period. The point of lease administration software is to make things easy, and that holds true through the entire process of integrating iLeasePro's cloud-based solution. When it comes to intuitive lease management software, iLeasePro is a fantastic choice for businesses of all sizes.
Now that you know a little more about lease management software and what to look for, it's time to take the next step. The best way to see how iLeasePro can benefit your business is to explore the solution for yourself.
Change the Way You Look at Your Lease Portfolio - Contact Us to Book a Demo
If you are interested in features detailed here becoming part of your lease management software, or if you would like to learn more about iLeasePro, we would be happy to show you what our software can do. Get in touch with us to book a demo with one of our lease management experts.
With iLeasePro, tracking your leases is easy. Stay compliant with the latest accounting standards and save time with our highly efficient, user-friendly solution. Don't wait, contact us today to book a demo.