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Lease Management Software

If your business relies on leasing as part of your profits and revenue formula, you owe it to yourself and your employees to pay attention to your lease portfolio.

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  • iLeasePro Cloud Lease Management Solution

    At a minimum, it pays to stay on top of the financial transactions and key dates pertaining to your leases, especially the larger ones that provide work space, equipment and other basic business essentials.

    But your lease portfolio represents a lot more than that. It’s also a collection of assets you need to manage properly, and your lease portfolio can also be a tool you can use to enhance your business practices, not to mention your revenue and profits.

    To do this, though, you need effective lease management software. There’s a lot that goes into finding and using the software that’s right for your business needs, so let’s examine some of the major factors and issues and see what’s involved.

  • iLeasePro Automated Journal Entries

    How Lease Management Software Works

    While the definition of lease management software is fairly obvious, the way it works can seem both confusing and labyrinthine to newcomers, so we’ll start with some simplification.

    The best way to do this is with an example, and since leasing is at the core of most real estate businesses, we’ll use that as an example.

    The software process starts by extracting data from leases. You get to prioritize this data extraction process, but here are some common examples of what’s included:

    • Basic tenant information
    • Information about the property
    • Terms of the lease
    • Financial data
    • Key dates (payment, expiration, renewal, etc.)
    • Important calculations and subsequent results

    All of this information is stored in a central database, which means anyone in the company who needs access can get it at any time, provided they have the proper authorization.

Benefits of Lease Management Software

Data collection is just the tip of the iceberg when it comes to the benefits of lease management software, however. Here are some of the others:

Shared Lease Data After Tracking

  • Having access to data is important, but much of the power of the collected data is lost if it can’t be shared. Data sharing helps each department perform better, and it increases the efficiency of the workflow process.

Get a Complete Overview of Your Leases to Augment Your Accounting Software

  • For companies with a significant lease portfolio, it’s often difficult to see the forest for the trees, i.e., there’s so much focus on individual leases that it’s hard to see how leases are performing as an aggregate.
  • Lease management software is a game changer in this area. It gives you a complete overview of your leases, which allows you to see which ones are making you the most money as well as those that aren’t performing as well.

Better Budgeting and Cost Management with Your Leases

  • Having an overview of all the financial details of your leases from your leases allows you to turn on a dime when it comes to your budgeting and spending. The decisions you make can also have a ripple effect throughout your company, increasing both revenue and profitability.
  • With the right lease management software, you can easily store documents, form new equipment lease agreements and manage existing lease documentation. It makes equipment lease easier as there is minimal risk of data loss. In addition, you can create easy-to-fill lease templates and save the time you would use creating a new lease agreement each time you have a new contract.

Improved Managerial Decisions for Your Lease Portfolio

  • Getting that overview of lease performance also helps executives and managers make better decisions, which improves both business operations and efficiency.

Lease Management Software, Tracking and Relationships with Vendors

  • For companies that do a lot of equipment leasing, one of the hidden benefits lease management provides is better relationships with vendors. It improves communication about payments, possible changes in the terms of the lease, specifics regarding equipment needs, and so on.

Lease Management Software, Tracking and Relationships with Vendors

  • For companies that do a lot of equipment leasing, one of the hidden benefits lease management provides is better relationships with vendors. It improves communication about payments, possible changes in the terms of the lease, specifics regarding equipment needs, and so on.

Reporting and Analysis with Lease Management Software

  • Every company needs effective reports that provide financial breakdowns and analysis, information about how different departments are performing and so on.
  • Lease management software is designed in part to provide this kind of reporting. Moreover, the data in the reports it generates is always current and accurate because of the software, and both the data and reports can be shared between departments as needed.

Balance the Balance Sheet with Lease Management Software

  • Your balance sheet should accurately represent the financial state of your company, and lease management software helps make sure that happens. It gives you accurate data about financial transactions both large and small, and it helps financial managers provide projections that can help executives make better decisions about future investments.

Get Compliance with Lease Management Software

  • Compliance is a significant part of lease management software. There are several accounting standards that pertain to the recording of financial transactions in your leases, and lease management software typically includes accounting software to make sure that happens.
  • But compliance isn’t just an accounting issue for some companies. Many businesses have to ensure compliance with any number of industry standards, and the financial and operational details that are part of your business are part of the compliance process as well.
  • You can set up your lease management software to ensure compliance with he appropriate standards, then operate more efficiently knowing the terms of those standards will be observed and enforced.

How Your Lease Management Software can Improve Data Security

  • iLeasePro Automated Journal Entries

    Every company has sensitive data that should only be seen by employees with proper access, and some of that data is almost always contained in their leases.

    Fortunately, lease management software is structured to provide the necessary security. Data access can be restricted or enhanced as necessary, and preventing data leaks can actually improve efficiency and performance for many companies.

  • iLeasePro Document Management

    Document and Data Management

    Another must-have feature of the right lease management software is data and document management features. Such enables you to easily access a variety of lease documents from the comfort of wherever you are. You can also easily retrieve important information on lessee details, lease contacts, lease expiry and renewal details, equipment photos, etc.

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    Lease Management Software and Your Lease Administration Software

    Broad-based benefits aside, lease management software can also help you with your day-to-day admin needs. Your managers and admin people will have accurate information they can call on instantly to get things done, which will help your company perform more efficiently.

What You Can Do With Lease Data When You Go With iLeasePro

At iLeasePro, we understand every aspect of leasing, including lease management software. That means we know what lease features are involved, what security protections need to be included, and how they can best be applied to your business leasing situation.
We also know the ASC 842 standard inside out, and as such we know how lease accounting software has to work to be in compliant with that standard.

We’ve provided lease accounting software for small business, and for larger companies as well. Our lease accounting software pricing is among the best in the industry, and when you call us we can set you up with a lease accounting software free demo.

To do this, call us at 888-351-4606, or you can email us at info@ileasepro.com. We also have plenty of great information about lease accounting software on our website, which is ileasepro.com, and you can chat with a live representative there as well.

Let iLeasePro Simplify Your Lease Accounting

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Related: Free Trial, Express Subscription, ASC 842 Financial Reporting, ASC 842 Balance Sheet Reporting, ASC 842 Income Statement Reporting, ASC 842 Cash Flow Reporting, ASC 842 Statement of Shareholder Equity, ASC 842 Disclosure Notes, ASC 842 Management Discussion, ASC 842 Comprehensive Income, ASC 842 Glossary of Terms, ASC 842 Journal Entries, ASC 842 Software, When Is the ASC 842 Compliance Date, FASB Lease Accounting Software, Understanding the New FASB ASC 842 Lease Accounting Standard, How Does a Lease Balance Sheet Change After the New Standard?, Tracking Lease Details After ASC 842, Deferred Rent Explained Under the ASC 842, Guide to Lease Classification, Overview of Relevant Borrowing Rate, ASC 842 Footnote Disclosure, Lease Accounting, What Does Lease Accounting Software Do?, Key Features of A Lease Accounting Software, How to Never Miss Important Lease Dates, Scaling Your Lease Accounting Software to Your Business Needs, How to Select the Right Lease Solution, How to Set Up Lease Accounting Software, What is the Best Lease Accounting Software?, Overview of the Types of Leases, Equipment Lease Software, Lease Tracking Software, How The Right Software Can Help You Manage Lease Data, Five Benefits of a SaaS Lease Management Solution, A Centralized Lease Portfolio Making Asset Management Easier, Lease Analysis 101, Lease Analysis: The Financial Metrics, Lease Abstraction, The Importance of Lease Abstraction for Lessees, The Lease Data an Abstract Should Include, What Software Do I Need for Lease Abstracting?, Navigating The ASC 842 Accounting Audit, Ultimate Lease Accounting Audit Checklist, Essential Guide To Engaging Auditors, Leveraging AI for Enhanced Year-End Audits