Lease accounting software efficiently handles and reduces financial risk related to lease portfolios. Further, it centralizes the lifecycles and processes of lease portfolios. The application automates the manual procedures of tracking journal entries, the audit trail of each lease, and whether a lease is a financing or operating lease.
What to Look For In Lease Accounting Software
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FinQuery is an intelligent subledger that simplifies lease accounting compliance (ASC 842, IFRS 16, GASB 87 & 96, SFFAS 54, and FRS 102) and automates prepaid and accrual accounting. Built …
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SOFT4 is an international brand for industry-specific software solutions built on the Microsoft Dynamics 365 Business Central platform. We have helped 400+ customers and 70+ partners grow and improve their …
Tango is the leader in Store Lifecycle Management and Integrated Workplace Management System software, delivering a single solution spanning real estate, energy and sustainability management, design & construction, lease administration …
ZenTreasury is a modern lightweight finance platform for treasury and lease management. They help enterprises around the world by providing practical solutions to complex financial problems. At ZenTreasury, they all …
Lease accounting software efficiently handles and reduces financial risk related to lease portfolios. Further, it centralizes the lifecycles and processes of lease portfolios. The application automates the manual procedures of tracking journal entries, the audit trail of each lease, and whether a lease is a financing or operating lease. In addition, the program enables businesses to comply with IASB and FASB regulations.
Lease accounting tools prepare companies for crucial dates for financial reviews and audits. The platform typically integrates with ERP tools to automate the production of general ledger journal entries. It can also integrate with accounting and POS solutions to provide firms full visibility into their whole lease portfolio.
Lease accounting software helps to precisely compute lease data and create journal entries, categorize lease types, and arrange notifications for vital dates, and supports data importing from existing spreadsheets and repositories into the system’s database. Further, you can store and monitor data on each lease, asset, and journal entry, and ensure lease compliance with the latest leasing accounting regulations.
You can easily produce various types of finance and operating lease liabilities inside journal entries by utilizing data maintained in the application. After your data is populated in the program, you can automatically generate everything from journal entries to calculations to disclosure reports.
Strong reporting features enable you to access and see information stored in the software, through both ad-hoc and standard reports. You can opt to review standard reports or create your own ad-hoc, configurable reports on any field in the software.
Lease accounting software offers lease administration functionality that tracks data and helps to generate precise calculations. Lease administration includes the following:
Management of lease documentation
Preliminary and continuing input of lease data
Management of financial and legal payments/obligations
The following important lease administration tasks offer checks and balances in the lease accounting solution functions, including:
Running backup and disclosure reports
Creating journal entries to ledger
Preliminary and continuing accounting computations based on lease data
A configurable lease accounting platform helps you to capture particular fields and monitor lease information to meet both IFRS 16 and ASC 482 requirements. You can leverage a system that permits you to effortlessly configure pertinent lease information. This assists you to organize your data to fit your workflows.
The vendor will provide you comprehensive implementation support to help you get started quickly with the lease accounting software. An effective implementation strategy offers milestones for each stage, including:
Pinpointing crucial project goals
Consultation on best practices
Import templates for data migration
Training, support, and sign-off
Go-live
Lease accounting software helps your company to track your equipment and real estate leases, handle routine changes, and be compliant with the latest lease accounting regulations, all using a single platform. In addition, the vendor will typically provide the following deployment services:
The vendor’s services team will schedule and conduct several training sessions for your different user groups. You can generally opt for training via web meeting or onsite at your premises.
The lease accounting software will be integrated with your current accounting applications to automate your accounting journal entries, rent payment procedure, and more.
In addition, the vendor will help you get started quickly by migrating your current lease data into the lease accounting program from virtually any file format or database.
The vendor will collaborate closely with you to abstract and input leases straight into your lease accounting software database as part of your implementation and ongoing support processes.
Finally, the vendor will provide dependable technical and customer support to quickly resolve your issues and queries.
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