If you’ve got a significant leasing portfolio, you already know you need lease accounting software. You’re probably already aware of most of the features you need, but there a lot of choices, with each one claiming to be the best, of course.
So how do you differentiate between them? You use the feature set, schedule a couple of demos, and proceed accordingly.
The part we can help with here is the feature set. What follows is a list of what you’re looking for to determine the best lease management software for your needs, and when we’re done we’ll also reveal the choice if you want the best lease accounting software.
What Functionality Does the Software Have?
One of the first questions you should ask yourself when you go to evaluate and buy lease accounting software is about the functionality.
Simply put, it should be comprehensive and handle every aspect of lease management, focusing on the specifics of your business. But how does all that work? First, the lease management software you’re considering should allow you to quickly calculate all your expenses, as well as any other monetary numbers pertaining to your lease.
Second, it should provide the ability to see your entire lease portfolio, including both equipment and real estate. You should be able to track and manage any transaction or date you choose, and it should give you a high level of visibility into the inner workings of your portfolio.
Finally, it should help you run both your business and your leasing portfolio more efficiently. All of your processes and workflow should be automated, and the software should also help you mitigate risk when you go to do your business planning.
That means being able to analyze your leasing needs in detail to understand exactly what you need, then being able to shift your budget, add or cut back on whatever equipment, facilities, or property you’re leasing, and so on.
The Data Tracking Piece
Data tracking essential in any software leasing solution, and while it is part of the overall feature set, it also constitutes its own separate category. The key to data tracking with lease accounting software is the ability to provide and use a centralized database.
This will give you deeper insights into the strengths and weaknesses of your leasing portfolio, and you should look for the ability to manipulate and use the data to meet your needs, too.
The most basic capability you should look for is to be able to manage and make lease payments efficiently and quickly. You should also be able to prepare abstracts with all the right information where it should be, for this will give you a snapshot overview of your leasing portfolio.
The ability to do financial analysis is also critical. This is a next-level capability that allows you to set up and maneuver your leases and leasing plans as precisely as possible, and that includes the ability to see the timeline of every single lease agreement from start to finish.
The Ease-of-Use Conundrum
Even the most sophisticated leasing software won’t meet your needs if it’s not easy to use. You can have all the information and advanced capabilities you need to take your lease management to the highest level, but if you get frustrated trying to access this information and use it effectively, your lease accounting software will end up holding you back.
So what do you need to do to make your leasing software is easy to use? Start with the dashboard, because that’s usually where your basic capabilities begin, and it’s also what you’ll use to add the more advanced features you need.
As you do, ask yourself some pertinent questions. Is the dashboard simple to set up? Does the configuration make sense?
Can you add and subtract features easily, and make whatever financial numbers you need visible and enhanced when you need to do that? Can you generate lease abstracts in a series of simple clicks, and can manipulate the information they contain easily?
As you go through those dashboard features, keep in mind that you’ll want them to work on all your mobile applications.
Do a parallel test on your smartphone and tablet if that’s possible, and make sure the ease of use you’re seeing on the dash is duplicated on your devices.
The Integration Question
One of the best things about modern lease accounting software is that the information you enter and access can be used across multiple departments. But some lease accounting software packages don’t have that capability, while others make it hard to set up and put in place.
If the same documents aren’t available from one department to the next, important chunks of information can get lost in translation, and your leasing data can quickly turn into an unmanageable sprawl.
Effective integration solves those kinds of problems. It should be easy to set up that integration, and just as simple to manage to flow of information as it goes from one department to the next. There’s no need for individual departments to be calling each other or setting up meetings—the software should just do that for them.
Can your account leasing software do custom setup when it comes to your configuration? This can be a real challenge with some packages, but if you don’t have it you’re going to have a tough time managing your leasing data.
So what should a custom configuration include? Start with the ability to personalize the dashboard for each user, and it should also be able to provide user-defined fields. You should also be able to customize reports and initiate tracking with a series of simple clicks.
Finally, the editing process for this data and information should be simple and clear, and what you get should be in compliance with the appropriate standards while meeting the demands of whatever best practices you’ve set up.
The iLeasePro Solution
So what package is the best when it comes to doing all this? At iLeasePro, we’re industry leaders who specialize in meeting all your needs as listed above, and if you schedule a demo with us, we’re sure you’ll quickly agree.
If you’ve got a leasing portfolio that isn’t doing all it can to help you run your business and increase both revenue and profits, you’ll be glad you did! Try it today and see for yourself how easy it is to use! View our pricing and Schedule A Demo Now to learn more and see how iLeasePro can work for you.