Frequently Asked Questions
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iLeasePro is a cloud-based lease management software and lease accounting software designed to help businesses comply with the ASC 842 lease accounting standard and manage a lease portfolio. It provides a comprehensive solution for managing any kind of lease including real estate, equipment, and vehicle leases.
Key features include:
1. Lease Portfolio Management: Centralized management of lease details for real estate, equipment, and vehicles.
2. ASC 842 Compliance: Generates accurate amortization schedules and journal entries based on lease data inputs, ensuring compliance with accounting standards.
3. Cost Reduction: Streamlines lease-related processes to help organizations reduce administrative and financial costs associated with lease management.
4. B2B Focus: Tailored for businesses of all sizes across industries like healthcare, transportation, not-for-profit, and higher education.
5. iLeaseXpress: A budget-friendly, streamlined version starting at $99/month for smaller businesses or those with simpler lease portfolios.
With a user-friendly interface and robust reporting tools, iLeasePro is ideal for accounting teams, controllers, CFOs and CPAs seeking a reliable and efficient solution to handle lease accounting complexities.
No - Not at all! Implementing iLeasePro is designed to be straightforward and efficient, even for organizations with complex lease portfolios. Here’s an overview of the implementation process and its difficulty:
1. Ease of Use
- User-Friendly Interface: iLeasePro features an intuitive, cloud-based platform that minimizes the learning curve for users.
- Guided Setup: Clear instructions and templates help streamline data entry and configuration.
2. Data Preparation
- Requirement: Gather key lease data (e.g., start/end dates, payment amounts, terms, discount rates).
- Support: iLeasePro provides tools and resources to assist in collecting and importing this data, reducing manual effort.
3. Implementation Time
- Quick Setup: Smaller lease portfolios (10–50 leases) can be operational within hours.
- Scalability: Larger portfolios may require more time for data migration, but iLeasePro supports batch uploads to expedite the process.
4. Support and Training
- Onboarding Assistance: Dedicated support is available to guide users through setup and answer questions.
- Training Materials: Includes video tutorials, a comprehensive knowledge base, and optional training sessions for teams.
5. Technical Requirements
- Cloud-Based: No software installation or IT infrastructure is needed. Users only need internet access and a web browser.
- Integrations: iLeasePro integrates easily with common accounting systems and tools, simplifying workflows.
6. Enhanced Decision-Making
- Benefit: Provides comprehensive reporting and analytics tools, enabling organizations to gain valuable insights into their lease portfolio, optimize lease decisions, and improve financial planning.
Implementing iLeasePro is designed to be simple, efficient, and hassle-free. For businesses with under 100 leases, iLeasePro can be up and running in under one day, allowing you to start reaping the benefits almost immediately. Even for larger organizations with complex lease portfolios, iLeasePro's batch upload tools, dedicated support team, and step-by-step guidance ensure a smooth and seamless transition. With iLeasePro, you’ll spend less time on implementation and more time leveraging the power of streamlined lease management and ASC 842 compliance!
iLeasePro goes beyond compliance and lease management by empowering businesses to make data-driven decisions and optimize performance. Here's how:
1. Enabling Decision Support
- Actionable Insights: Robust reporting and analytics tools provide a clear view of lease obligations, financial impact, and cost trends, enabling better strategic decisions.
- What-If Scenarios: Evaluate multiple leasing scenarios to understand potential impacts on financial statements and operational budgets.
- Real-Time Data: Access up-to-date lease information to ensure timely and informed decision-making.
2. Managing Performance
- Key Metrics Tracking: Monitor critical performance indicators like cost savings, lease renewals, and termination deadlines to stay proactive.
- Portfolio Optimization: Identify underperforming leases and cost-saving opportunities to enhance overall portfolio efficiency.
- Compliance Health Checks: Regularly track ASC 842 compliance to avoid risks and maintain accurate reporting.
By integrating decision support and performance management into one powerful platform, iLeasePro helps organizations not only manage their leases but also unlock hidden opportunities for growth and efficiency.
Yes, iLeasePro offers remote access as it is a fully cloud-based platform. This ensures that users can access the system anytime, anywhere, using any device with an internet connection. Key benefits of remote access with iLeasePro include:
1. Flexibility
- Work from the office, home, or on the go without being tied to a specific location or device.
- Seamlessly support hybrid and remote work environments for accounting and lease management teams.
2. Real-Time Collaboration
- Multiple users can access and update lease information simultaneously, ensuring everyone is working with the latest data.
- Ideal for teams spread across different locations or time zones.
3. No IT Infrastructure Required
- As a cloud-based solution, there’s no need for on-premise hardware or servers. iLeasePro is hosted on secure, reliable servers, eliminating the need for extensive IT support.
4. Enhanced Security
- iLeasePro uses modern encryption and authentication protocols to ensure data remains protected, even when accessed remotely.
With iLeasePro, remote access empowers businesses to stay productive, compliant, and efficient, no matter where their teams are located.
While iLeasePro does not currently have a dedicated mobile application, it is fully optimized to work seamlessly on mobile devices such as smartphones and tablets.
Key Mobile Features
iLeasePro provides a user-friendly experience whether you’re using a phone, tablet, or desktop.
- Full Functionality: Access all features, including lease management, reporting, and analytics, directly from your mobile browser.
- On-the-Go Access: Review lease data, generate reports, and stay compliant from anywhere, ensuring productivity and flexibility for remote and mobile users.
Benefits
No need for additional downloads or updates—simply log in through your preferred mobile browser.
Enjoy the same secure and reliable experience as the desktop version.
iLeasePro's mobile compatibility ensures you can manage your leases efficiently, no matter where you are.
Yes, iLeasePro offers robust data retention capabilities to ensure the safety and accessibility of your lease information.
Key Features
- Daily Backups: Your data is securely backed up daily, minimizing the risk of data loss and ensuring business continuity.
- Cloud Storage: All data is stored on secure, reliable servers with built-in redundancy to protect against hardware failures.
- Retention Policies: Data is retained for as long as your subscription is active, with options to retrieve historical records for auditing or reporting purposes.
- Secure Access: Advanced encryption and authentication protocols ensure that your data remains safe and accessible only to authorized users.
With iLeasePro, you can trust that your lease data is protected and readily available whenever you need it.
Yes, iLeasePro is SOC 1 Type 2 compliant, demonstrating its commitment to maintaining the highest standards of security, confidentiality, and operational controls.
What SOC 1 Type 2 Compliance Means
- Security Assurance: Ensures that iLeasePro has implemented robust processes to secure financial data and prevent unauthorized access.
- Operational Integrity: Confirms that iLeasePro's systems and controls are effective in producing accurate and reliable financial reporting information.
- Independent Audit: Compliance is validated by an independent third-party audit, ensuring transparency and adherence to industry standards.
Benefits for Users
- Data Protection: Confidence that your sensitive financial and lease data is stored and processed securely.
- Regulatory Compliance: Aligns with standards required by auditors and regulators, particularly for ASC 842 compliance.
- Trustworthiness: Reassures clients and stakeholders of iLeasePro's commitment to operational excellence and security.
With SOC 1 Type 2 compliance, iLeasePro provides a secure and reliable platform for managing your lease portfolio with confidence.
No, iLeasePro is designed to be highly intuitive, so formal training is typically not required. But the iLeasePro Support team is available for you if you are interested in a team training session!
Why iLeasePro is Easy to Use
- User-Friendly Interface: The platform is designed with simplicity in mind, ensuring even first-time users can navigate it effortlessly.
- In-Application Help: Every section and page features helpful messages to guide you through tasks and processes.
- Comprehensive Online Help System: If additional support is needed, the online help system provides detailed instructions to assist users.
- Extensive Knowledge Base: iLeasePro offers a robust help website featuring:
Step-by-step help guides.
- Tutorial videos for hands-on learning.
- Self-Paced Learning: Users can access resources as needed, making it easy to learn at their own pace.
This design ensures that users can get started quickly and effectively, with support readily available if questions arise.
Yes, iLeasePro is designed to effectively manage and scale with your data proliferation needs, ensuring that your lease management processes remain efficient as your portfolio grows.
How iLeasePro Supports Data Proliferation
Scalability
- iLeasePro can handle an expanding volume of lease data, whether you have a few leases or hundreds across multiple asset types, including real estate, equipment, and vehicles.
- Advanced cloud-based infrastructure ensures seamless performance even with large data sets.
Centralized Data Management
- Provides a single, secure repository for all your lease information, eliminating data silos and simplifying access.
- Enables easy retrieval and organization of data for audits, reporting, and analysis.
Advanced Reporting and Analytics
- Comprehensive reporting tools allow you to analyze growing data volumes efficiently, providing actionable insights for better decision-making.
- Customizable reports can handle diverse data points, ensuring you stay on top of your lease portfolio.
Automation Features
- Automatically generates schedules, journal entries, and compliance reports, reducing the burden of manual data processing as data proliferates.
Secure and Reliable Data Storage
- Cloud-based storage with daily backups ensures your data remains protected, accessible, and scalable without the need for additional IT resources.
Batch Uploads and Imports
- Easily import bulk lease data through batch processing features, making it simple to scale operations as your lease portfolio grows.
Future-Proof Solution
iLeasePro is built to adapt to the evolving needs of organizations, providing the flexibility and power required to handle data growth while maintaining accuracy, compliance, and efficiency. Whether your portfolio is growing in size or complexity, iLeasePro ensures your lease management processes can scale seamlessly.
iLeasePro is specifically designed for lessees to manage their lease portfolios and ensure compliance with the ASC 842 lease accounting standard.
Why iLeasePro is Ideal for Lessees
ASC 842 Compliance
- Provides tools to help lessees calculate right-of-use assets, lease liabilities, and generate journal entries required for compliance.
Lease Portfolio Management
- Centralizes management of real estate, equipment, and vehicle leases for better visibility and control over lease obligations.
Amortization Schedules
- Automatically generates amortization schedules for finance and operating leases, streamlining financial reporting.
Cost Optimization
- Helps lessees identify cost-saving opportunities by analyzing lease terms, renewal options, and performance metrics.
Ease of Use
- Designed to be intuitive, with in-app guidance, step-by-step help guides, and comprehensive reporting features.
Not for Lessors
- iLeasePro focuses exclusively on lessee requirements. Lessors looking for a solution to manage their lease portfolios under different accounting standards (e.g., IFRS 16 lessor requirements) would need a system tailored specifically for lessor operations.
With its robust feature set, iLeasePro is an excellent choice for lessees seeking a comprehensive, compliant, and user-friendly lease management solution.