Lease Accounting Software:
Lease Accounting Software is a software that is used by companies to manage their lease portfolio by automating lease operations and comply with current lease accounting standards.
Features and Benefits of Lease Accounting Software:
The Lease Accounting Software has several features that can benefit the user in many ways to grow their business. Some of these include:
- Compliance can be maintained by constantly adjusting your leasing portfolio through all modifications, from impairments to early returns and rate changes.
- Your compliance can be automated with new lease accounting standards under FASB ASC 842 and IFRS 16 and inefficiencies can be targeted at the same time.
- Your lease accounting process can be automated and consolidated for the entire lease cycle.
- Business insights can be leveraged to make your leasing process better.
- Lease data can be managed seamlessly and your monthly close is easy, complete and accurate by integrating the software with ERP systems.
- Reports can be automatically generated throughout the entire lease lifecycle.
- Detailed and dynamic views can be used to examine multiple leases by group, classification, initial measurement of right-of-use assets, and liability.
- Short-term and long-term leases and transact can be onboarded in real time. So, more efficient business processes, quick information gathering, and more accurate reporting can be provided.
- General ledger journals can be automated for initial recognition, interest, interest accrual, payment to vendor/customer, present value calculation, and more.
- Your data can be accessed from any device, wherever you are working.
- Multiple leases can be examined by group, classification, initial measurement of right-of-use assets, and liability.
- The effect that lease regulatory changes have on your financials can be seen and analyzed.
- The risk of error by setting up a lease and the corresponding schedules can be reduced.
- Productivity can be gained with increased payment efficiency.
- Data can be centralized for strategic business insights and cost savings. All asset types and complex payment structures and schedules can be supported.
- Record-to-report process, including lease classification, modifications, re-assessments, and re-measurements can be automated.
- Journal Entry Reports, Lease Reporting, Classification of Finance and Operating Leases, General Ledger and Accounts Payable Integration are some of the common features of Lease Accounting Software.
- The software can empowers you to evaluate where your money is going and opportunities can be identified to cut costs by providing robust reporting suite with several different ways so that your leases can be analyzed. This include cost center, geography, rent commitment, and more.
- Accurate AP reports can be provided to validate the authenticity of invoices received along with critical date reminders.
- Refined collaboration can be promoted and reporting can be streamlined for teams across the organization, facilitating complete and accurate financial statements:
- Document can be easily retrieved and lease abstracts are quickly available to anyone on the team on central repository.
- Journal entries, consolidated disclosure and compliance reports are available at the click of a mouse.
- Material misstatements can be avoided by catching errors before they occur.
- Data integrity can be ensured by data entry validation, duplicate prevention, audit trail, lease change reporting and role-based access, which is also customizable by subsidiary or location.
- Clients' data can be kept safe by SSL Encryption. Data can be protected from unauthorized access by firewall and application security.
- Hosting and backup can be managed by AWS and ensures data is always available.