Managing real estate leases is one of the most daunting tasks. Besides keeping tabs on all the complexities in the diverse leasing agreement portfolio, companies must ensure that they adhere to the ever-changing leasing agreements set by the government.
Luckily, lease agreement management solutions made it easy for companies to accomplish this without breaking a sweat. Integrating innovative lease management tools into your existing facilities will help your company disclose the impact of lease agreements in financial statements, improve operational efficacy, and streamline operational efficiency.
However, you must invest in the most effective, reliable, and relevant software to achieve this. Selecting the right software will depend on your real estate project's size, nature, and the number of operations. Keep reading to know how the right software will help you manage lease data.
The Right Leasing Agreement Software Will Help You Manage Lease Data in These Ways
Keeps All Your Lease Agreement Data in a Single Repository
The first step to improving operational efficiency and enhancing cooperation in your real estate or equipment lease company is to have all lease data centralized. Having lease agreements from different lessors and accompanying documents can create a real headache for finance and administration departments. However, when you hire a lease management software, it collects data into a single repository creating a single source of truth.
When teams work on fragmented data, typos and errors become the order of the day. The worst part is that these mistakes keep expanding until they become harder to fix. A cloud-based lease management software consolidates the lease data, simplifying the implementation checks and balances. This helps improve accuracy and eliminates opportunities for mistakes.
You can set up your teams for effective lease management when you have software that centralizes all data. Having a single source of information also fosters collaboration between various stakeholders, including lawyers, CPAs, and auditors. More importantly, your company can classify lease agreements into multiple categories, such as archived leases, active leases, and leases under consideration, for easier reporting and interpretation.
Automate Time-Consuming Lease Management Processes
Since lease management relies heavily on administration, it's imperative to leverage a tool that automates all time-consuming data entry and information relay processes. A lease agreement involves voluminous data that must be fed to various systems for effective management. Handling the information manually is labor-intensive and can be marred by entry errors that can be costly.
Leveraging a lease management software enables companies to automate bills, disbursements, invoices, and reconciliations. It also makes handling complex charges based on square footage, sales, and economic indices hassle-free. Automation cuts down manual entry errors and improves workflow. Automation leaves your workforce with enough time to deal with mission-centric tasks, such as fishing out inconsistencies, analyzing reports, and solving discrepancies.
Companies need consistent and reliable reporting to provide visibility and insight into their vast lease portfolios. Lease management software simplifies the tracking and reporting of lease payments. It also enables the preparation of comprehensive reports, management of milestones and deadlines, and generation of information needed for the end-of-year audit.
The current rental and lease business ecosystem data require a comprehensive tool that saves time and produces reporting in which everyone in the team has confidence. Using manual and outdated systems to create journal entries, notes, and reports can waste a lot of time that could be used in other integral activities. Lease management software enables companies to generate journal entries automatically and produce audit-ready notes and standardized financial reports.
Locate Information Faster
Storing and retrieving lease data is not a walk in the park, primarily when relying on manual entry or outdated systems. However, when you leverage the right lease management software, you can easily avoid these troubles.
A robust lease management software such as ILeasePro removes the hassle of retrieving and storing lease abstracts and other crucial documents. Furthermore, it enables teams to track updates or changes to lease agreement assets. A lease agreement provides a relatively accessible cloud-based platform where you can store lease agreement documents and pertinent information.
The most significant challenge when dealing with dynamic information is making regular updates. While manual records make it impossible to customize or track lease agreement data, lease software allows you to update and customize lease management data when necessary accurately.
When feeding lease agreement data into the lease software, the system prompts you to provide certain information. With this information, the solution processes data and highlights details that are crucial to remember. Furthermore, any information entered into the lease software can be easily updated, ensuring that your team works with the most current data. More importantly, you can personalize the data to be displayed based on your preferences.
Another crucial benefit of lease management software is data protection. When managing lease data, you want to be sure that all sets of data and information are solidly secure from hackers and malicious theft. Tools such as the ILeasePro leverage cutting-edge SSL encryptions to foul-proof lease data.
SSL encryption scrambles and conceals your data to ensure unauthorized parties can't access it. Besides the encryption technology, the software also backs up the information in servers secured with air-tight firewalls. Some solutions even allow companies to export and save data in external drivers or leverage cloud-storage providers.
Conversely, many modern leasing management software platforms have their systems deployed in the cloud. You get served in data centers with redundant safety measures and state-of-the-art IT infrastructure.
The most integral part of the lease agreement is data administration and management. To run a successful lease and rental firm, you must know how to handle all pertinent data and information. Although lease management tools have proved highly valuable in this department, you must ensure that the platform you choose has your lease management needs at heart.
To make the lease agreement processes efficient, reliable, and more productive, you must invest in cutting-edge lease management software. A lease management software such as iLeasePro is armed with advanced technologies that recognize your lease rental needs and provides a fast and effective solution.
This software will help you record, review, and manage property-related data in a single repository, allowing collaboration between various stakeholders. The platform fully integrates with accounting solutions like, Sage Intacct, allowing unyielding synchronization between two robust solutions. You can easily upload your lease payments and journal entries and download your respective dimensions with just a click of a button.
Ready to Begin?
iLeasePro lease accounting software is a robust solution that makes lease management and reporting a breeze. If you want to navigate the complexities of lease standard compliance with ease and have better data visualization, take a tour of iLeasePro to learn more.