Lease Management
Overpayments from Mismanagement of Lease Portfolios
Overpayments in lease management often result from mismanaged data, billing errors, unutilized options, and overlooked market changes. Strategies like centralized systems, proactive monitoring, audits, and renegotiation can minimize costs. Tools like iLeasePro ensure compliance, accuracy, and efficient lease management, reducing unnecessary expenses and optimizing lease portfolios…
Cost Management Strategies for Lease Management
Cost management in lease accounting is essential for minimizing expenses and ensuring compliance with standards like ASC 842 and IFRS 16. This blog outlines key strategies such as lease cost optimization, utilization efficiency, centralized management, and compliance integration. Discover actionable insights to rationalize your lease portfolio, leverage technology, and enhance decision-making to achieve better financial and operational outcomes…
The Link Between Documents and Compliance in Lease Management
We all know that documentation and compliance has become extremely important in our current business environment, i.e., clear and complete explanations as to why certain actions or changes have been made and the ability to identify the source of those changes. But sometimes it can be time consuming and difficult to provide the documentation and identification…
Mastering Lease Management: Tips for Lessees and Tenants
Lease management is a fundamental skill for lessees, allowing businesses to access assets and properties without the burden of ownership. Whether you’re a small business owner or a corporate entity, understanding the intricacies of lease agreements is crucial for efficient operations and financial stability. In this blog, we’ll explore some essential tips for lessees to…
Lease vs. Buy: Making the Right Decision for Your Business
When it comes to acquiring assets for your business, such as office space, equipment, or vehicles, one of the fundamental decisions you’ll face is whether to lease or buy. The correct choice depends on various factors, including your business’s financial situation, long-term plans, and specific needs. Here are some key factors to consider in the…
Negotiating Favorable Lease Contracts: A CFO’s Guide
For a Chief Financial Officer (CFO), understanding the intricacies of lease contracts is paramount. Not only do these contracts dictate the terms of asset utilization, but they can also significantly influence a company’s financial standing and tax exposure. In the context of the ASC 842 lease accounting standard, the importance of contract negotiation becomes even…
Lease Critical Dates: Stay On Track to Avoid Issues
Missing lease renewals due to dates can have several consequences for companies, and the trends among such companies may vary depending on the specific circumstances. Here are a few potential outcomes: Increased costs: Companies that miss lease renewal deadlines might end up paying higher rent if their landlords decide to increase rates for new lease…
Lease Accounting Changes: Impact on the Hospitality Industry
Lease accounting, particularly as it relates to lessee accounting, has been a controversial topic for a number of years. The fact that a lessee under current generally accepted accounting principles (“GAAP”) can execute a contract to make legally binding payments over a period of time, structure the contract so that it is classified as an…
Optimize Your Lease Portfolio: 10 Smart Tips
As a lessee, optimizing your lease portfolio involves strategically managing your leases to maximize efficiency, reduce costs, and minimize risks. Here are some steps you can take to optimize your lease portfolio: 1. Consolidate and centralize lease data: Start by gathering all your lease agreements and centralizing them in a lease management system or database….
Critical Date Notifications: Key for Lease Compliance & Risk
In lease management, critical date notification refers to the process that alerts the involved parties about important dates and deadlines related to a lease agreement. These notifications help ensure that both the landlord and the tenant are aware of upcoming crucial dates, such as lease expiration, rent increases, option exercise periods, renewal deadlines, or any…
Unlocking Cost Savings with Cloud-Based Lease Management
The property management industry is continuously evolving, driven by advancements in technology and the ever-changing needs of property owners and tenants. One significant development in recent years is the increasing adoption of lease management solutions. These solutions enable property managers to streamline their operations, offer enhanced services to their clients, and ultimately drive greater success…
Maximizing Property Management Efficiency with a Lease Repository
A centralized lease data repository is critical for a property manager for several reasons: Efficiency: A centralized system consolidates all lease information in one location, making it easier for property managers to access and manage data. This saves time and effort, as they no longer need to search through multiple sources or physical files. Accuracy:…
The Future of Property Management: Embracing Lease Solutions
The property management industry is continuously evolving, driven by advancements in technology and the ever-changing needs of property owners and tenants. One significant development in recent years is the increasing adoption of lease management solutions. These solutions enable property managers to streamline their operations, offer enhanced services to their clients, and ultimately drive greater success…
Cloud Lease Accounting & Management Benefits for Property Managers
There are several benefits of a cloud lease accounting and lease management solution for property managers, including: Improved accuracy: Cloud lease accounting and lease management solutions automate the lease accounting process, reducing the potential for human error. This results in more accurate financial reporting and better decision-making. Centralized data: Cloud solutions provide a centralized location…
Benefits of a Centralized Contract Management Solution
Centralized contract management solutions in the cloud offer several benefits to organizations, including: Accessibility: With a cloud-based solution, contract information is accessible from anywhere and at any time, as long as there is an internet connection. This enables organizations to manage contracts remotely and provides flexibility to access important information when needed. Efficiency: A centralized…
Why Spreadsheets Are Not Ideal for Managing Leases Under ASC 842
The FASB and the IASB (“the Boards) held a joint meeting on October 22, 2014 to continue deliberating the proposals in the May 2013 Exposure Draft, Leases. The discussion centered exclusively on the definition of a lease and, for the most part, reiterated the tentative conclusions that had been previously discussed. The Boards indicated that a…
Tech Solutions for Efficient Lease Management
Lessees often underestimate the transformative power of technology when it comes to effectively managing their lease portfolios. Within the complex landscape of lease agreements, there are frequently option features and triggering events buried in the fine print that demand vigilant monitoring. Relying on outdated methods such as Excel spreadsheets or paper files stashes in cabinets…
Highlights from the FASB and IASB Joint Meeting
We’ve written this free whitepaper for bank executives with real-world responsibility. We’ve all seen endless hypothetical blather about the proposed lease accounting changes - but most of it is generic…for someone with a lease. So we created a fully researched and documented deep dive into the specific implications to banks. It covers topics that aren’t…
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