Lease Accounting Software is a tool that simplifies a user's end-to-end lease accounting process and facilitates them in optimizing their lease portfolio management.
Lease Accounting Software minimizes the financial risk associated with the portfolio. Also, it helps in compliance with the current lease accounting standards, both international and domestic such as the FASB and IASB standards. Even when standards change in the long run, as long as the Lease Accounting Software is updated, the user can keep up. By opting for Lease Accounting Software, the user can take control of the numbers and manage their audits and reporting as seamlessly as ever.
What are the Best Lease Accounting Software Features?
For any business, the key to optimizing their lease accounting process lies in using good Lease Accounting Software. Read on to learn more about some of the general critical features of any Lease Accounting Software.
Automation
By automating the event tracking process, reminders and notifications, accounts payable, accounts receivable, billing and invoicing, disbursements and reconciliations, and disclosure reporting, the Lease Accounting Software will streamline the accounting workflows and optimize your financial strategies.
Single Repository
Lease Accounting Software will centralize your lease data in a single repository and enable authorized use. It makes keeping track of everything easier and ensures better data visualization. Data tracking will allow the users to view the complete lease cycle timeline and analyze the information while efficiently managing the lease payments and other expenses.
Seamless Integration
Your new Lease Accounting Software must integrate seamlessly with your current eco-system. The Lease Accounting Software can integrate with ERP systems, POS, real estate accounting software, and other accounting systems. Third-party integrations are highly beneficial for the user.
Cloud-Based Tools
Lease Accounting Software, a cloud-based accounting management software, allows the user to work in real-time and more flexibility, even allowing the user to work remotely from anywhere with access to a centralized database.
Custom Templates and Configuration
Lease Accounting Software allows businesses to tailor their reports as per their requirements. Custom data fields and templates can be created and saved for later use. It can also include a personalized dashboard view.
Multi-Currency Calculations
Lease Accounting Software allows users to manage and understand their finances and accounts in multiple currencies such as lease currency, reporting currency, etc.
Data Security
Data Integrity is essential for any business, especially where sensitive financial data is concerned. A good Lease Accounting Software focuses on SSL data encryption, multi-factor user authentication, user’s role, permissions and access, advanced firewalls, etc.
Compliance
Lease Accounting Software ensures the business’s compliance with accounting standards and regulations.
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What are the Benefits of Lease Accounting Software?
The best cloud based accounting software benefits include:
Improved Budgeting and Forecasting
Lease Accounting Software can help improve the budgeting and forecasting process by providing the user access to a centralized database in real-time. More accurate financial decisions can be made by generating custom reports and using insights and analytics, especially if you're managing inventory in accounting processes.
Cross Department Collaboration
With a centralized database and automated processes, Lease Accounting Software avoids bottlenecks and leaves more time and space for the departments to coordinate and collaborate.
Efficient Audits
A Lease Accounting Software ensures that the user’s data is kept audit-friendly. It can authorize the auditor with read-only access, allowing them to log in and access the required data without even bothering anyone.
Better Vendor Management
With its 360-degree view and features like event tracking, automation, insights, and analytics, Lease Accounting Software helps the business better manage their vendors and other relationships. It allows better visibility of the company’s leverage with the vendors. With streamlined processes, the Lease Accounting Software allows the user to have extra time to focus on these relationships and sharpen up their potential.
Who Uses Lease Accounting Software?
Lease Accounting Software is an all-in-one solution to the needs of the finance departments, accountants, audit teams, real-estate brokers, etc. It can be helpful to anyone dealing with a lease cycle which has to manage the activities and financial impacts associated with leasing. It can be the agent, tenant, lessor involved in property or tenant management, or the accountants or whole businesses.
How Do You Record Leases in Accounting?
Lease Accounting essentially refers to the process of recording the financial aspects of its leasing activities in a cloud computing accounting software. Leases can be classified into types, i.e., financing and operating leases.
The following steps can be considered when recording leases in accounting.
- Identify the lease according to the regulations.
- Non-Lease components have to be removed. Lease Accounting Software with an embedded lease management system eases out this process.
- Considering the current lease standards, the lease has to be classified according to the defined criteria.
- The present value of the lease and amortization (both are financial terms and techniques) should be calculated.
- Record the journal entry.
All of this process can be performed seamlessly using the Lease Accounting Software.
What are the Best Lease Accounting Software Systems?
Visual Lease
Visual Lease has features like disclosure reporting, roll-forward reporting, third-party integrations, embedded lease management, CAM/OpEx Auditing, Lease Configuration, and many more.
LeaseQuery
LeaseQuery centralizes all leasing information into a single cloud-based sub-ledger. It includes features like accounting intelligence, controls for data integrity, operational efficiency, robust reporting, lease administration, and all the other essential elements of Lease Accounting Software. Due to its versatility, it can be used to manage real estate and equipment leases.
Nomos One
Nomos One enables event tracking, equipment lease management, amortization schedule, capitalization reporting, and customized configuration.
Freshbooks
With its user-friendly interface, Freshbooks facilitates automation of billing and invoicing, tracking the lease cycle, and efficient client follow-up. It even has a free trial period.
LeaseAccelerator
LeaseAccelerator is a Lease Accounting Software developed explicitly for this purpose. It allows the user to take control of the lease lifecycle and includes features such as lease vs. buy analysis, lease data management, Lease accounting, and reporting and end-of-term management. Besides its various components, LeaseAccelerator assigns a Customer Success Manager to every business using the software.
An effective and efficient lease strategy is of paramount importance in any business, and this strategy can be optimized using good Lease Accounting Software.
