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What is iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Is the iLeasePro implementation difficult? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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!

Enabling Decision Support and Managing Performance with iLeasePro iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Does iLeasePro offer remote access? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Does iLeasePro have a mobile application? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Does iLeasePro offer data retention? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Is iLeasePro SOC 1 Type 2 Compliant? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Is training required to use iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Can iLeasePro handle our data proliferation needs? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Is iLeasePro is for Lessees or Lessors? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

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.

Does iLeasePro support the requirements to comply to the FASB ASC 842 Lease Standard Changes? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro is specifically designed to help businesses comply with the FASB ASC 842 Lease Accounting Standard, ensuring accurate and efficient lease accounting processes.

Key Features for ASC 842 Compliance:

Right-of-Use (ROU) Asset and Liability Calculations
- Automatically calculates ROU assets and lease liabilities for finance and operating leases based on lease inputs.

Amortization Schedules
- Generates detailed amortization schedules for both the ROU asset and lease liability, ensuring compliance with financial reporting requirements.

Journal Entry Automation
- Provides compliant journal entries for initial recognition and subsequent measurements of leases, streamlining your accounting process.

Lease Classification
- iLeasePro Lease Classification Wizard guides users through the lease classification process to determine whether leases are finance or operating, as required under ASC 842.

Modifications and Reassessments
- Handles lease modifications, remeasurements, and reassessments with precision to ensure ongoing compliance throughout the lease lifecycle.

Reporting and Disclosures
- Provides ASC 842-specific reports, including disclosure-ready data, Weighted Average Discount Rate Report and Weighted Lease Term Report for financial statements, ensuring your organization meets all required reporting standards.

Support for Multi-Lease Portfolios
- Scales to manage portfolios of varying sizes, from a few leases to hundreds, with consistent compliance across the portfolio.

Benefits
- Accuracy: Minimizes errors through automated calculations and compliant processes.
- Efficiency: Reduces time spent on manual compliance tasks, freeing up resources for other priorities.
- Confidence: Ensures your organization is audit-ready and aligned with FASB requirements.

By integrating iLeasePro into your accounting workflow, your business can seamlessly meet the demands of ASC 842 compliance while gaining greater control over lease management.

Intuitive Dynamic Online Help iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro offers an Intuitive Dynamic Online Help System to ensure users can access the guidance they need quickly and efficiently.

Key Features of the Online Help System

Context-Sensitive Assistance
- Help messages are embedded directly into each section of the platform, providing relevant tips and guidance based on the task at hand.

Step-by-Step Instructions
- Clear, concise walkthroughs guide users through complex processes, such as entering lease details, generating reports, or ensuring compliance with ASC 842.

Searchable Knowledge Base
- A comprehensive help website allows users to search for detailed articles, FAQs, and best practices to solve their queries independently.

Tutorial Videos
- Engaging video tutorials provide visual explanations of key features and workflows, making it easy to understand and follow.

Real-Time Updates
- The help system evolves dynamically with updates, ensuring users always have access to the latest information about new features and compliance changes.

Accessible Anytime, Anywhere
- Whether you’re on a desktop, tablet, or smartphone, the online help is always accessible, enabling support on the go.

Benefits
- Reduced Learning Curve: Users can get started with minimal training. - Time Efficiency: Quickly resolve issues without waiting for support. Empowerment: Enables users to independently explore and utilize the full potential of iLeasePro.

The Intuitive Dynamic Online Help system ensures that iLeasePro is not just a tool, but a solution that supports users every step of the way.

How Do I Know That My Data Is Protected and Secure with iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro leverages the robust security infrastructure of Amazon Web Services (AWS) to ensure your data is protected with industry-leading practices and certifications. Here's an overview of the measures in place:

1. World-Class Hosting Provider
iLeasePro's infrastructure is hosted on AWS, one of the most secure and reliable cloud platforms available.

2. Robust Security Certifications and Audits
AWS has successfully completed multiple certifications and audits to validate its security measures:
- SOC 1, Type 2 & SOC 2 Reports: Published under SSAE 16 and ISAE 3402 standards.
- ISO 27001 Certification: Demonstrates adherence to international security standards.
- PCI DSS Level 1 Provider: Ensures compliance with the highest level of payment security.
- FISMA Moderate Authorization: Meets U.S. government security requirements.
- DIACAP Authorization: Approved for defense applications.

These certifications are regularly updated, ensuring the highest level of ongoing compliance.

3. Physical Security
AWS data centers are highly secure:
- Locations are undisclosed and accessible only to those with legitimate business needs.
- Facilities are equipped with advanced physical controls, such as biometric access, surveillance, and 24/7 monitoring, to prevent unauthorized access.

4. Secure Services
AWS services are designed to:
Restrict unauthorized access through advanced architectural security. Provide flexibility without compromising on data security.

5. Data Privacy and Encryption
iLeasePro encrypts your data, ensuring it remains secure during transmission and storage. AWS implements rigorous backup and redundancy procedures to protect your data and ensure high availability. For more information, refer to AWS's whitepapers on Risk and Compliance and Overview of Security Processes.

6. Transparent Security Practices
The AWS Security Center provides regular updates, tools, and guidance to ensure continuous security awareness and improvement. Transparency in security bulletins builds trust and ensures proactive measures are taken to safeguard your data.

Your Assurance
By hosting on AWS, iLeasePro ensures your data is protected by the same standards trusted by government agencies, financial institutions, and enterprises worldwide. With these robust measures in place, you can be confident that your data is safe, secure, and always available.

How Does the Lease Accounting Feature in iLeasePro Work? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

The Lease Accounting Feature in iLeasePro is designed to automate and streamline the lease accounting process, ensuring compliance with FASB ASC 842 and providing accurate financial reporting. Here’s how it works:

1. Lease Data Input
Key Lease Details: Users enter essential lease information such as:
- Lease start and end dates
- Payment amounts and schedules
- Discount rates or incremental borrowing rates
- Lease classification details (e.g., operating or finance lease)

Ease of Entry: iLeasePro provides an intuitive interface with guided prompts to ensure all required data is captured.

2. Lease Classification
- Automated Classification: Based on user inputs, the system classifies leases as either operating or finance, per ASC 842 guidelines.
- Flexibility: Users can manually override classifications if needed, ensuring alignment with specific business requirements.

3. Right-of-Use (ROU) Asset and Lease Liability Calculation
Automated Calculations: The system calculates:
- The Right-of-Use (ROU) asset
- The lease liability for initial recognition and subsequent measurements

Accuracy: Ensures precise calculations based on lease inputs and compliance standards.

4. Amortization Schedules
Detailed Schedules: Automatically generates amortization schedules for both:
- Lease liability reduction
- ROU asset depreciation
Custom Reporting: Users can generate schedules tailored to their reporting periods.

5. Journal Entry Automation
Compliant Entries: Creates journal entries for:
- Initial recognition of ROU assets and lease liabilities
- Monthly lease expense, interest expense, and liability amortization
Export Options: Easily integrate with existing accounting systems or ERP platforms.

6. Lease Modifications and Remeasurements
-Dynamic Adjustments: Handles lease modifications, remeasurements, and reassessments, ensuring compliance throughout the lease lifecycle.
-Version Control: Retains a history of changes for auditing and transparency.

7. Reporting and Disclosures
ASC 842 Reports: Provides disclosure-ready reports for financial statements, including:
- ROU asset and lease liability balances
- Maturity analysis of lease payments
Customizable Reporting: Tailor reports to meet internal and external reporting needs.

8. Audit-Ready Documentation
- Traceability: Ensures all calculations, changes, and journal entries are well-documented for audit purposes.
- Exportable Data: Easily share detailed reports and schedules with auditors.

Key Benefits - Accuracy: Eliminates manual errors with automated calculations.
- Efficiency: Saves time by automating repetitive tasks like journal entries and reporting.
- Compliance: Ensures alignment with FASB ASC 842 standards for audit readiness.
- Scalability: Handles lease portfolios of all sizes, from small businesses to large enterprises.

The Lease Accounting Feature in iLeasePro provides a comprehensive solution for managing lease data, simplifying compliance, and ensuring accurate financial reporting.

What accounting systems has iLeasePro been fully integrated with? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro is fully integrated via web services with the Sage Intacct cloud accounting solution. Users can easy setup synchronization between the two solutions and automatically upload journal entries for its real estate and equipment lease into the General Ledger module, upload monthly payments into the AP Bill module and download Dimensions.

Journal entries can also be exported to csv or excel for manual import into any other accounting system or record.

Does iLeasePro support the requirements to comply to the FASB ASC 842 Lease Standard Changes? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro is specifically built to support businesses in meeting the requirements of the FASB ASC 842 Lease Accounting Standard, ensuring accurate compliance and streamlined reporting processes.

Key Features for ASC 842 Compliance
Lease Classification
- Automates the classification of leases as finance or operating based on the ASC 842 criteria.
- iLeasePro Classification Wizard guides users through the process to ensure proper categorization and compliance.

Right-of-Use (ROU) Asset and Lease Liability Calculations
- Automatically calculates ROU assets and lease liabilities for both finance and operating leases.
- Accounts for key inputs such as discount rates, payment schedules, and lease terms.

Amortization Schedules
- Generates detailed amortization schedules for ROU assets and lease liabilities, ensuring compliance with financial reporting requirements.

Journal Entry Automation
- Creates journal entries for initial recognition, subsequent measurement, and lease remeasurements as required under ASC 842.
- Simplifies integration with existing accounting systems.

Lease Modifications and Remeasurements
- Handles modifications to lease terms or payments and updates calculations accordingly.
- Ensures ongoing compliance throughout the lease lifecycle.

Reporting and Disclosure
Provides disclosure-ready reports required for ASC 842, including: - Maturity analysis of lease liabilities.
- ROU asset and lease liability balances.
- Expense reporting for operating and finance leases.
Customizable reports to meet the needs of financial statement preparation and audits.

Scalability
Supports compliance for portfolios of all sizes, from a few leases to hundreds, across various asset types (real estate, equipment, vehicles, etc.).

Audit Readiness
Maintains a clear audit trail with detailed documentation of lease data, calculations, and journal entries.

Benefits of Using iLeasePro for ASC 842 Compliance
- Efficiency: Automates complex calculations and reporting processes, saving time and reducing errors.
- Accuracy: Ensures compliance with the latest ASC 842 standards through robust, built-in functionality.
- Ease of Use: Intuitive design minimizes the learning curve, enabling quick adoption by accounting teams.
- Cost Savings: Reduces the need for external consultants or additional tools to manage compliance.

By integrating iLeasePro into your accounting workflow, your organization can seamlessly comply with ASC 842 requirements while gaining better visibility and control over its lease portfolio.

Does iLeasePro Provide a Solution to the Lease Accounting Changes for Real Estate, Equipment, Vehicles, and Other Types of Leases? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro is a comprehensive lease accounting and management solution designed to address the requirements of FASB ASC 842 for a wide range of lease types, including:

- Real Estate: Office spaces, warehouses, retail locations, etc.
- Equipment: Machinery, IT hardware, medical devices, and more.
- Vehicles: Fleet vehicles, trucks, and other transportation assets.
- Other Lease Types: Specialty leases like aircraft, vessels, and other unique lease arrangements.

How iLeasePro Supports Diverse Lease Types

Comprehensive Lease Data Management
- Centralizes data for all lease types in a single platform, allowing easy tracking and management.
- Flexible data entry fields accommodate lease-specific details, such as rent escalations, variable payments, and special terms.

ASC 842 Compliance
- Automates calculations for Right-of-Use (ROU) assets and lease liabilities for all lease categories.
- Supports both finance and operating leases with tailored amortization schedules and journal entries.

Flexible Reporting
- Provides detailed reporting for various lease types, ensuring accurate financial disclosures and compliance across your portfolio.
- Customizable reports for real estate, equipment, and vehicle-specific metrics.

Scalable Solution
- Handles portfolios with mixed lease types, making it ideal for organizations with diverse assets.

Lease Modifications and Renewals
- Tracks lease renewals, modifications, and terminations for all asset categories, ensuring ongoing compliance and accurate financial reporting.

User-Friendly Features
- Intuitive interface ensures that users can easily input, manage, and report on leases for all asset types.

Key Benefits

- Single Platform: Manage all lease types in one centralized system. Accuracy: Tailored calculations ensure compliance for diverse asset classes.
- Efficiency: Streamlines lease accounting and reporting processes, regardless of lease type.
- Audit-Ready: Maintains a clear audit trail for all asset categories.

iLeasePro provides a robust, all-in-one solution for businesses managing a diverse range of leased assets, ensuring compliance and operational efficiency under ASC 842.

Is iLeasePro a Cloud-Based System That Integrates with ERP, Accounting, and Accounts Payable Systems? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro is a cloud-based lease management and accounting solution that integrates seamlessly with your existing ERP, accounting, and accounts payable (AP) systems.

Key Features of iLeasePro Integration

Cloud-Based Platform
- No installation or hardware requirements—access iLeasePro from anywhere with an internet connection.
- Automatic updates ensure you’re always using the latest version without IT intervention.

ERP Integration
- Export files are compatible with popular ERP systems like SAP, Oracle, NetSuite, and Microsoft Dynamics. - Synchronizes lease data with ERP systems to streamline workflows and centralize information.

Accounting System Integration
- Currently integrates with major accounting platforms, including QuickBooks and Sage Intacct. We are continuously adding integrations!
- Automatically generates journal entries for ASC 842 compliance, which can be iploaded or exported to your accounting system for seamless reporting.

Accounts Payable System Integration
- Supports integration with AP systems to manage lease payments and ensure timely processing. - Tracks payment schedules and amounts, reducing errors and improving cash flow management.

Data Synchronization
- Ensures lease data, amortization schedules, and financial reports are always up-to-date and accessible across systems. - Eliminates duplicate data entry, saving time and reducing the risk of errors.

Customizable Exports
- Provides data export capabilities in various formats (e.g., CSV, Excel) for easy import into your ERP, accounting, or AP systems.

Benefits of Integration
- Streamlined Workflows: Centralize lease data while maintaining compatibility with your existing systems. - Efficiency: Automates repetitive tasks like journal entry creation and payment tracking. - Scalability: Handles integration for organizations of all sizes, from small businesses to large enterprises. - Compliance: Ensures consistent financial reporting across integrated platforms, supporting ASC 842 compliance.

By combining the flexibility of a cloud-based platform with seamless integration capabilities, iLeasePro enhances your lease management processes while fitting effortlessly into your existing financial ecosystem.

Does iLeasePro Provide Lease Activity Business Intelligence Reporting? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro includes powerful business intelligence (BI) reporting tools that provide actionable insights into your lease activity and portfolio performance. These reports help businesses analyze, monitor, and optimize their lease operations effectively.

Key Features of iLeasePro Business Intelligence Reporting

Comprehensive Lease Activity Reporting
- Tracks key metrics such as payment schedules, lease term changes, and lease renewals or terminations.
- Provides detailed views of lease obligations by category (real estate, equipment, vehicles, etc.).

Financial Analysis
- Delivers insights into the financial impact of leases, including Right-of-Use (ROU) asset balances, lease liabilities, and expense trends for both finance and operating leases.
- Facilitates compliance reporting for ASC 842, with ready-to-use financial disclosure data.

Portfolio Performance Metrics
- Monitors portfolio-wide metrics such as lease expirations and payment trends.
- Identifies cost-saving opportunities and underperforming leases.
- Portfolio Dashboard allowing users to view portfolio level data.
- Visualizations include graphs, charts, and tables for better data interpretation.

Drill-Down Capabilities
- Enables detailed exploration of lease data, from portfolio summaries down to individual lease records.
- Simplifies root cause analysis for variances or anomalies.

Forecasting and Projections
- Provides forward-looking insights to assist in financial planning and decision-making.

Export and Sharing Options
- Reports can be exported in various formats (PDF, Excel, CSV) for easy distribution to stakeholders.
- Integration with other systems ensures seamless data sharing.

Benefits of iLeasePro Business Intelligence Reporting

- Improved Decision-Making: Gain a clearer understanding of your lease portfolio and its impact on your organization.
- Efficiency: Save time with automated reporting that reduces manual effort.
- Compliance Confidence: Generate audit-ready, disclosure-compliant reports for ASC 842 standards.
- Scalability: Manage and report on portfolios of any size, from small businesses to large enterprises.

iLeasePro’s BI reporting equips organizations with the tools they need to manage leases effectively, make informed decisions, and maintain compliance—all from a single, easy-to-use platform.

Does iLeasePro Offer the Required Financial Disclosure Data for FASB ASC 842 Lease Accounting Changes? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes, iLeasePro provides comprehensive financial disclosure reporting to meet the requirements of FASB ASC 842 Lease Accounting changes. These reports are designed to simplify compliance and streamline the preparation of financial statements.

Key Financial Disclosure Reports in iLeasePro

Short-Term Expenses
Tracks lease expenses for leases with terms of 12 months or less, helping to meet short-term lease reporting requirements.

Maturity Analysis of Lease Liabilities
Provides a detailed breakdown of lease payment obligations over time, categorized by time intervals (e.g., within one year, one to five years, etc.).

Lease Liability Report
Displays the current and non-current portions of lease liabilities, ensuring accurate reporting of financial obligations.

Weighted Average Lease Term Report
Calculates the weighted average remaining lease term across your portfolio, a key disclosure requirement.

Weighted Average Discount Rate Report
Provides the weighted average discount rate applied to leases, as required for financial disclosures.

Right-of-Use (ROU) Asset Reports
Details the balance of ROU assets by lease type (finance or operating), ensuring alignment with ASC 842 standards.

Lease Expenses Report
Summarizes operating lease expenses, finance lease expenses, and variable lease costs for inclusion in financial statements.

Benefits of iLeasePro Financial Disclosure Reporting

- Audit-Ready Data: Ensures compliance with ASC 842 and provides detailed documentation for auditors.
- Time Savings: Automates complex calculations and consolidates data into pre-formatted reports.
- Customizable: Reports can be tailored to specific reporting periods or business requirements.
- Integration: Compatible with accounting systems to streamline data transfer and ensure consistency across platforms.

By using iLeasePro, organizations can confidently generate the required financial disclosure data, ensuring compliance with FASB ASC 842 standards while simplifying the reporting process.

Questions to Consider When Selecting a Lease Accounting Solution to comply with FASB Leases - Topic 842 iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

1. Does the solution provide the ability to manage and report on real estate, equipment and other leased assets?
2. Is the solution a cloud-based, SaaS (software-as-a-service) solution?
3. Are software updates and future versions free of additional costs?
4. Does the solution provide the ability to readily integrate with your ERP/Accounting Systems?
5. Does the solution provide a lease classification test feature?
6. Does the solution provide the ability to separate variable payments?
7. Does the solution provide portfolio level consolidation of leases and lease payments?
8. Does the solution provide the new "right-to-use" calculations?
9. Does the solution provide the ability to produce standard accounting reports?
10. Does the solution provide the ability to produce the required disclosure reports?
11. Does the solution provide the ability to provide detailed audit trails and tracking of all data changes?

If you cannot answer yes to all of the above questions, you should take a look at iLeasePro as your solution!

We are negotiating a new lease. How can iLeasePro help us with this negotiation? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro provides tools and insights that can significantly enhance your lease negotiation process, ensuring informed decision-making and optimal outcomes. Here's how:

1. Comprehensive Lease Scenarios and What-If Analysis
- Evaluate Multiple Scenarios: Run "what-if" analyses to compare different lease terms, such as varying lease durations, payment structures, or renewal options.
- Financial Impact: Understand the impact of different negotiation terms on Right-of-Use (ROU) assets, lease liabilities, and expenses under ASC 842 compliance.
- Cost vs. Benefit Analysis: Assess the total cost of the lease, including hidden costs, to identify the most favorable terms.

2. Market Comparisons and Benchmarking
- Historical Data: Use data from similar leases in your portfolio to benchmark against the proposed lease terms.
- Cost Trends: Analyze trends in lease costs for comparable assets to strengthen your negotiation position.

3. Visibility into Critical Lease Terms
- Key Clause Identification: Identify critical terms like escalations, termination options, and maintenance responsibilities that may significantly impact your lease obligations.
- Negotiation Focus: Highlight terms where negotiation can yield the greatest financial or operational benefits.

4. Long-Term Financial Planning
- Cash Flow Projections: Understand how lease payments will affect your organization’s cash flow over the lease term.
- Balance Sheet Implications: Assess the balance sheet impact of the lease to ensure alignment with financial goals.

5. Renewal and Termination Options
- Optimization of Terms: Use data from previous leases to negotiate favorable renewal, termination, or early buyout options.
- Cost Avoidance: Minimize penalties or unfavorable clauses through better foresight.

6. Robust Reporting for Stakeholder Alignment
- Customizable Reports: Generate reports that highlight the financial implications of lease terms for presentation to decision-makers.
- Transparency: Ensure all stakeholders have a clear understanding of the lease’s impact on operations and finances.

7. Proactive Risk Management
- Mitigate Risks: Identify potential risks such as variable payments or contingent liabilities and negotiate terms to minimize their impact.
- Compliance Assurance: Ensure the negotiated lease terms are structured in a way that aligns with ASC 842 compliance requirements.

Benefits of Using iLeasePro for Lease Negotiation

- Informed Decision-Making: Access detailed analytics to negotiate from a position of knowledge.
- Cost Savings: Identify terms that reduce long-term costs while maximizing value.
- Streamlined Process: Simplify lease evaluation and financial analysis with automated tools.

By leveraging iLeasePro’s powerful tools, you can approach lease negotiations with confidence, ensuring terms that align with your organization’s strategic and financial goals.

iLeasePro Lease Analysis Articles That May Help

How can I manage the financial risks? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro offers several ways to monitor and mitigate your lease related risks. iLeasePro offers Portfolio Management and has been designed to aggregate and disseminate your lease data into customized groups and subgroups to allow you to view your data both horizontally and vertically across your organization. The Dashboard gives you a high-level view at your portfolio to allow for quick determination of any upcoming issues. The Critical Date and Notifications feature monitors all of the defined critical dates in the solution and emails a notification alert of any upcoming due dates at intervals you select to keep you informed without having to log into the solution. The Report Center provide you with all of the reporting you will need to identify any potential risks or issues within your portfolio

We need detailed auditing of any changes made to the lease data on an ongoing basis. Can iLeasePro provide this level of detail? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. iLeasePro tracks and reports on every change made to any field value for each lease. Each change made is tracked with a date timestamp and the user id of the person who made the change.

Does iLeasePro offer User Entitlements and Restrictions? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. The Administrator of your account can allow or restrict access to any feature, group or subgroup and even down to the lease level to ensure only the right person has access to your critical lease data.

Does iLeasePro offer Lease Portfolio Management? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. The iLeasePro Portfolio Management feature is a very powerful feature that allows you to segment your portfolio of leases in whatever way you like. You can set up as many Groups or SubGroups as you like and assign leases to these Groups or Subgroups to allow for an enhanced data aggregation, accounting and reporting experience.

Does iLeasePro offer any type of contact management feature? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. iLeasePro allows you to link contacts by role with each lease. Add a contact only one time and link that contact to any number of leases. This gives you instant access to your key resources for each lease at the click of a button.

Can I abstract a lease using iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

iLeasePro is a lease abstraction tool that has been designed to minimize the abstracting effort and time to complete for both equipment and real estate leases. For equipment lease abstracting, iLeasePro enables you to walk through a lease in a wizard-like fashion and record the lease terms and dates, clauses & options, insurance, the critical equipment information like location of asset, asset description, serial number, useful life and asset value. For real estate lease abstracting, iLeasePro enables you to walk through a lease in a wizard-like fashion and record the Property & unit, lease terms and dates, clauses & options, insurance, the critical financial information including base rent, taxes, operating expenses, escalations, percentage rents and expense chargebacks or common area maintenance (CAM). In addition to these key lease values, iLeasePro allows you to record personalized Notes for each leases and keeps a History of every change made to the lease data.

Can I attach electronic documents to my lease? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. iLeasePro has a powerful Document Management feature that enables you to attach any electronic document to the lease. You can use the pre-populated values, or define your own Document Types and Descriptions of the documents that will be stored to ensure consistency across your organization. Each document is automatically categorized according to your location within the solution. For example, if you are in the Insurance section and attach an insurance related document, the document will be attached to the lease and categorized under Insurance. This feature works cooperatively with the Report Center to allow you to instantly identify the documents, or any missing documents, associated with each lease by category like Insurance, Rent, Expenses etc. Also note that this feature allows you to report by category across your portfolio.

Can I manage my equipment leases? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. iLeasePro offers you the ability to manage equipment leases. Once you start the process to add a new lease, iLeasePro asks you which type of lease you would like to add. Select Equipment and the iLeasePro solution will be customized for you to begin abstracting your equipment lease.

Can I manage my real estate leases? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. iLeasePro offers you the ability to manage real estate leases. Once you start the process to add a new lease, iLeasePro asks you which type of lease you would like to add. Select Real Estate and the iLeasePro solution will be customized for you to begin abstracting your real estate lease.

Can I attach pictures to a lease? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. Using the iLeasePro Document Management feature you can attach any type of electronic document to a lease. Any image that is stored with a lease can be accessed through the Document Management feature or as a collage from the lease List View.

I am looking for a solution that will calculate the rent payment automatically. Does iLeasePro do this? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. For both Real Estate and Equipment Leases. The iLeasePro Rent and Rent Step feature eliminates calculation errors and the need of a standalone calculation process when performing these complex lease term rent calculations.

- Pre-defined types of rent payments (by Year, by Month and for Real Estate lease PSF by Year and PSF By Month)
- Apply Free Rent concessions
- Amortize additional lease costs across the lease term
- Calculate rent steps as Flat Rent increases, Incremental increases or Simple or Compounded Percentage increases (for CPI based rents).

What is the maximum number of leases that iLeasePro can handle? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Unlimited. iLeasePro is a cloud-based solution = highly scalable

My firm has remote locations and I would like to segment our leases into these locations. Is this possible with iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

Yes. The Portfolio Management feature of iLeasePro allows you to segment your leases by groups and subgroups. There is no limit to the number of groups you can create. Once the Portfolio Management feature has been set up you can then determine user access to the groups that have been defined. For example, if you have your headquarters in New York and branch locations throughout the world, you could create a lease group for the headquarters with all leases and individual groups for each location, set access rights specific for each group which would allow branch autonomy but restricting individual branches from accessing other branch lease information while maintaining full access to all lease at the headquarters level. Once leases are grouped, data like total square feet, number of leases, total security deposits held, etc and the generation of accounting transactions, is aggregated and summarized for that group.

What is included as Standard Reporting for iLeasePro? iLeasePro Lease Accounting and Management Features iLeasePro Lease Accounting and Management Features

The Standard Report Center comes with the following reports to provide information on your Account, Lease Detail, Lease Accounting, ASC 842 Financial Disclosure, Auditing, Analysis and Administrative information.

Included is a powerful filtering feature that enables you to slice and dice your data to create your own reports.

Report data can be exported, save to a PDF or Printed to your local printer.

Reports Include;
Account Reports
- Account Contact Directory
- Document Inventory Report
- Account Subsidiary Report
- Lease Inventory Report
- Lease Critical Date Report
- Lease Expiration Report
- Security Deposit Report
- Base Rent Cash Flow Report

Lease Accounting Reports
- Lease Liability Amortization Report
- Accounting Lease Report
- Accounting Export Report
- Accounting Upload Report
- Variable Payment Export Report
- Sublease Income Report
- Lease Dimensions Report

Lease Accounting Financial Reporting Disclosure Reports
- Finance Lease Report
- New Lease Liability Report
- Lease Liabilities Maturity Analysis
- Operating Lease Report
- Right of Use Asset Acquired Report
- Short Term Lease Expense Report
- Weighted Average Discount Rate Report
- Weighted Lease Term Report

Lease Detail Reports
- Lease Payments Due By Month
- Lease Payment Summary Report
- Lease Equipment Report
- Lease Abstract Report
- Lease Property Report
- Lease Clause and Option Report
- Lease Insurance Report

Lease Audit Reports
- Lease Change History Tracking Report
- Lease Sales Tax Report
- Lease Health Report
- Variable Payment Upload/Export History Report

Lease Analysis
- Lease Analysis Report
- Lease Analysis Comparison Report - Real Estate
- Lease Analysis Comparison Report - Equipment

Administration Reports
- Admin User Listing
- Admin User Entitlement Report
- Admin Account Plan Report
- Admin Portfolio Group Setup Report
- Admin Lease Accounting Setup Report
- Admin Subsidiary General Ledger Account Report