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.
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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.
Automated ASC 842 Amortization Schedule
Our software also automatically creates daily and monthly amortization schedules for your ROU Assets and Lease Liabilities for each lease. It covers all your leases and helps make accounting less of a chore.
Automated ASC 842 Journal Entries
iLeasePro helps you avoid mistakes by making monthly journal entries for you, providing the ability to upload or import right into your accounting system, keeping your financial reporting on track and making it easier to stay in compliance.
ASC 842 Financial Disclosure Reporting
For reports that you need to share, with shareholders, the government or auditors, iLeasePro automatically fills in the details. This includes how much your leases cost, how long of a lease term exists, and the average discount rate, to make sure your lease information is correct.
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.
Lease Portfolio Management
iLeasePro's portfolio management software boosts your lease management efficiency by centralizing documents in an electronic library, enabling tailored organization and analysis. Its flexible design lets you sort leases by location, type, access rights, and more, streamlining lease administration and enhancing lease portfolio oversight for strategic insights.
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.
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.
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.
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 has completed the SOC 1 Type 2 audit with 100% accepted requests as of August 20 2024. The final report is expected to be available in October 2024. This audit was conducted by an independent CPA firm and certified by the American Institute of Certified Public Accountants (AICPA). This comprehensive evaluation confirms iLeasePro's adherence to stringent controls in financial reporting, IT security, and data processing over time, underscoring our commitment to operational excellence and trustworthiness in lease accounting software. |
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
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.
In its constant effort to offer a top-notch, affordable solution, iLease has moved ahead by teaming up with Auth0 by Okta, a worldwide known platform for managing identities. This key partnership enhances iLeasePro's features, showing its dedication to giving users safe, easy access to its complete lease accounting solution.
Since 2012, iLease Management LLC has offered valuable insight, research and advice on lease accounting. In this whitepaper, we give a quick summary and the latest updates on these proposed changes. However, you'll notice this whitepaper stands out from others we've written. Check it out!