Optimize Your Lease Management Processes
Intuitive
iLeasePro is straightforward and helps you manage leases easily. It allows you to improve how you manage your leases with little to no training needed.
Cost Effective
iLeasePro offers an affordable way to manage leases. It cuts costs by making tasks automatic and helps you get more value for your money and reduces overall costs.
Accurate
iLeasePro helps ensure greater accuracy managing leases. It cuts down on errors, automates tasks and supports compliance.
iLeasePro Product Tour
Key Features & Benefits
Real Estate Lease Accounting
iLeasePro helps accountants with lease accounting when leasing real estate assets like offices, stores, and storage spaces. It makes it easier to work out your lease liabilities and how to apply those assets on your balance sheet, and it helps you create clear reports for accurate financials.
Equipment Lease Accounting
For assets like vehicles, equipment, and computers that you lease, iLeasePro helps you keep track of them correctly. It calculates costs and helps you list your assets. It also makes sure you have the right management and financial reports for different kinds of equipment leases.
Day 1 ASC 842 Lease Accounting
LeasePro makes starting with new lease accounting rules simple. It helps you account for your leased assets and debts correctly from day one, making sure you're always in compliance.
Day 2 ASC 842 Lease Accounting
For everyday accounting, iLeasePro helps you keep track of your expenses, manage changes to leases, and review lease details easily. It makes sure you stay in line with the new standard rules and that your financial reports are always accurate.
Finance Lease Software
iLeasePro helps manage your finance leases. It offers benefits for putting leases into the right classification, for reporting finance leases correctly, and for keeping up with your lease liabilities. This makes it easier to follow the standard and helps you work more efficiently.
Operating Lease Software
For operating leases, iLeasePro automates the way you classify, record, measure, and report these leases. This keeps your financial reports accurate and makes following the rules simpler.
Short Term Lease Software
For short-term leases, iLeasePro helps you track and report these leases easily outside of the ASC 842 rules, so you don't have to treat every short-term lease like a big deal in your financial statements.
FASB Lease Classification Wizard
iLeasePro includes an easy to use guide to help you with FASB ASC 842 lease standard. It helps you sort out lease types for correct recording of assets and debts, following the right methods for recognizing expenses.
Consistent Amortization Schedules
By automating the creation of amortization schedules, iLeasePro ensures that all lease-related expenses (such as lease liabilities and right-of-use asset depreciation) are accurately tracked. This prevents inconsistencies in financial reporting and ensures that the data aligns with monthly requirements.
Automated ASC 842 Journal Entries
iLeasePro automatically generates the necessary journal entries for lease-related transactions, such as rent payments, interest, depreciation, and adjustments for lease modifications. This eliminates the need for manual data entry, reducing errors and ensuring compliance with ASC 842.
Lease Modifications and Adjustments
iLeasePro can handle lease modifications or changes in terms, such as renewals, rent increases, or early terminations. It automatically recalculates the necessary adjustments and incorporates them into the month-end process, preventing last-minute manual updates that can slow down closing.
Accurate Lease Payments
With iLeasePro, payments for lease-related expenses can be automatically calculated and applied. This simplifies the management of timing differences and ensures that financial statements reflect accurate values for lease liabilities and expenses.
ASC 842 Financial Disclosure Reporting
During month-end close, financial reports related to leases (such as balance sheet impacts, profit and loss implications, and future lease commitments) are often required. iLeasePro offers detailed, pre-built reports that can be generated with a few clicks, saving time and effort in preparing necessary financial disclosure data.
Audit-Ready Documentation
iLeasePro maintains a full audit trail for all lease-related transactions, including journal entries, modifications, and classification decisions. This feature ensures that all documentation is readily available for internal review or external audits, reducing time spent gathering documentation during the close.
Accelerate Monthly Closing
iLeasePro speeds up your end-of-month accounting by doing many of the repetitive tasks for you. This means less hand-written work and fewer errors. It makes your reporting smoother and keeps you in compliance. It also cuts down on the time you need to wrap up each month and gives you a clear record for any audits.
Reduction of Manual Reconciliations
By automating key aspects of lease accounting and aligning the lease data with the general ledger, iLeasePro reduces the need for manual reconciliations at month-end. This speeds up the closing process and ensures that the financials are accurate.
Consolidation of Lease Data
iLeasePro centralizes all lease information, making it easily accessible during the closing process. This reduces the time spent searching for lease agreements or key lease details, ensuring that accounting teams have all necessary information at their fingertips.
Real-Time Updates and Notifications
iLeasePro provides real-time updates on lease activity, ensuring that any changes to lease terms, payments, or schedules are reflected immediately. Accounting teams can stay ahead of deadlines and avoid last-minute scrambling to account for updated information.
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.
Comprehensive 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.
Integration with ERP Systems
iLeasePro can integrate with ERP systems, allowing seamless transfer of lease data and journal entries to the company’s general ledger. This reduces the need for manual uploads, ensuring that lease-related transactions are accurately reflected in financial statements.
Secure Access for Auditors
iLeasePro provides secure, no-cost access for auditors, ensuring they can efficiently review lease data while maintaining strict data confidentiality. Auditors can log in to the cloud-based platform to access key lease documents, schedules, and reports, streamlining the audit process without requiring additional licenses or fees.
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
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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
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iLeasePro successfully completed the SOC 1 Type 2 audit. This audit, performed by an independent CPA firm and certified by the American Institute of Certified Public Accountants (AICPA), provides a thorough assessment of our internal controls. It verifies iLeasePro's commitment to the highest standards in financial reporting accuracy, IT security, and data integrity over an extended period. This achievement further reinforces our dedication to operational excellence, transparency, and trustworthiness, solidifying our position as a reliable leader in lease accounting software solutions. |
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!
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blogs
The Ultimate Guide to Lease Accounting offers a comprehensive resource for mastering lease accounting under ASC 842. Explore key concepts, compliance requirements, example amortization schedules and journal entries, and expert tips to simplify managing your lease portfolio and ensure financial accuracy. Perfect for professionals seeking streamlined lease management and reporting solutions.
iLease Management LLC attains SOC 1 Type 2 certification, reinforcing its commitment to secure, reliable lease accounting with its iLeasePro ASC 842 software. 'This reflects our team’s dedication to maintaining the highest standards of security and reliability for our clients. The certification underscores our commitment to excellence and demonstrates our ability to meet the needs of our clients and the broader industry.' — John Meedzan, Managing Partner of iLease Management LLC
Lease accounting keeps evolving to adapt to new economic situations. Staying updated with these changes is crucial. Recently, new regulations such as ASC 842, GASB 87, GASB 96, and IFRS 16 have significantly altered the way we record leases. These rules affect everything from how leases are reported on financial statements to how they impact a company's financial health. It's important for businesses to understand and apply these changes to stay compliant and make informed decisions.
ASC 842 has changed the way we manage leases. Now, there are many different things we need to record and keep an eye on. Businesses are getting used to the new standards, shifting from the old ASC 840 to the updated ASC 842. This transition is challenging, especially when it comes to handling deferred rent. We're going to go over how to properly record and monitor leases with these new guidelines. Additionally, we'll explore what these changes mean and how they affect things.
The Financial Accounting Standards Board (FASB) brought in a new rule called ASC 842, which really changes how companies have to deal with lease accounting. Now, businesses have to show their lease debts and the right to use assets directly on their balance sheets. This makes it easier to see what a company owes from its leasing activities. So, how can companies make this shift smoothly and be sure they'll do well in audits?
The FASB ASC 842 Lease Accounting Standard changed how leases are accounted for, affecting many U.S. businesses. This made lease management and accounting more complex. Using spreadsheets for this became risky because of the increased chance of errors and compliance problems. The new rules pushed businesses to find better methods and tools for accurate lease accounting.