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Navigate the complexities of the ASC 842 Lease Accounting Standard with ease.

iLeasePro Intuitive Interface

Intuitive

A friendly user interface that stays out of your way and lets you get to what you need quickly, easily, and without an instruction manual.

iLeasePro Cost Effective

Cost Effective

You don’t have to pay outrageous subscription fees for your lease accounting solution. iLeasePro is developed and priced to support small to mid-market companies to be successful.

iLeasePro Accurate

Accurate

Minimize compliance risk. iLeasePro calculates the Daily Amortization of ROU Asset and Lease Liability to offer you the most accurate ASC 842 calculations.

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iLeasePro Product Tour

Key Features

Real Estate and Equipment Lease Accounting

The iLeasePro addresses the provisions of the new lease accounting standards which requires that the vast majority of real estate and equipment lease obligations be recognized on the balance sheet of lessees.

SOC 1 Certified

The SOC 1 Type 1 certification evaluates the design and implementation of a company's controls at a specific point in time. iLeasePro's successful certification, after a rigorous evaluation of its control environment and IT controls, emphasizes its commitment to client data security within the lease management sector. SOC 1 Type 2 is in process to be completed by June 2024.

FASB Lease Classification Wizard

The FASB decided on a dual model, under which different types of leases have different accounting treatment subsequent to the initial recognition of leased assets and liabilities. The principal distinction between the two types of leases is in the manner in which lease related expense is recognized. iLeasePro offers a Lease Classification Wizard to walk through a set of questions to help you identify the classification of the lease.

Automated ASC 842 Amortization Schedule

Automatically generates daily and monthly Right of Use Asset and Lease Liabilities Amortization and Expense Schedule for an individual lease or your entire lease portfolio.

Automated ASC 842 Journal Entries

Automatically generate monthly journal entries for posting into your accounting system of record. Once generated, the journal entries can be uploaded directly or exported from iLeasePro and imported into your accounting system’s General Ledger.

ASC 842 Financial Disclosure Reporting

A lessee will now need to disclose quantitative information about its leases, the related significant judgments made in measuring leases and the amounts recognized in the financial statements. iLeasePro provides the data to help you report the required disclosure information for your lease portfolio.

Day 1 ASC 840 Adjustment Journal Entries

Automatically generate the initial transition journal entries from the ASC 840 adjustment payments and allowances/incentives to recognize a right-of-use asset and lease liability at the transition date.

Lease Portfolio Management

iLeasePro's portfolio management feature offers the ability to create an electronic library of all of your leases in one centralized location. It is very flexible and fully customizable to allow you to organize, manage and analyze your lease portfolio by geographic location, property type, access rights or any other category that’s important to you and your organization.

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.

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.

Payments

Build a view of all of the monthly rent payments across all leases within your lease portfolio. Upload or export these monthly payments directly into your accounting system’s accounts payable module.

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.

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.

Lease Portfolio Management

iLeasePro's portfolio management feature offers the ability to create an electronic library of all of your leases in one centralized location. It is very flexible and fully customizable to allow you to organize, manage and analyze your lease portfolio by geographic location, property type, access rights or any other category that’s important to you and your organization.

SOC 1 Type 1

AICPA

Reports on System and Organization Controls (SOC), produced by an independent CPA firm and endorsed by the American Institute of Certified Public Accountants (AICPA), evaluate the internal mechanisms of a software business across areas like financial reporting, IT security, and the integrity of data processing. For lease accounting software, the SOC 1 Type 1 report is very important and it's crucial that your supplier can offer a report to confirm the effective operation of their controls.

SOC 1 Type 2

AICPA

In Process with planned completion in June 2024. The SOC 1 Type 2 report, endorsed by the American Institute of Certified Public Accountants and prepared by an independent CPA firm, is essential for evaluating a software business's internal processes in financial reporting, IT security, and data processing integrity. Specifically vital for lease accounting software, this report surpasses the SOC 1 Type 1 by validating not only the design but also the effective implementation of internal controls over a period of time. It assures clients of the software's robust, consistently applied, and effective controls, crucial for accurate financial reporting. Thus, obtaining a SOC 1 Type 2 report from your software supplier is key to ensuring the sustained effectiveness of these controls.

Customers That Trust iLeasePro for ASC 842 Lease Accounting Compliance

Amerivet

BetterMed

Goodwill

Subway

Proliance Surgeons

Grand Fitness

Key Integrations

iLeasePro is integrated with accounting solutions to allow you easy synchronization. Seamlessly upload and download your data at a click of the button. Quickbooks Online integration is coming soon!

Sage Quickbooks Online

blogs

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?

iLeasePro, the cost-effective cloud lease accounting solution, recently released a new feature specifically for CPA, Advisory, and Consulting firms that need to manage and support multiple clients transition and adoption to the ASC 842 Lease Accounting Standard. This enhancement offers the ability to link across multiple accounts within iLeasePro at the click of a button.

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.

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…

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…

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