What are lease management services?
Lease management services support companies by efficiently overseeing and managing the accounts for their lease portfolio.
This includes everything from lease negotiation and documentation to ongoing lease administration and compliance with accounting standards.
By outsourcing these tasks to specialized providers, businesses can rest assured that their lease agreements are managed effectively and comply with regulatory standards like ASC 842 and IFRS 16.
How do lease management services help?
Specialist lease management service providers like IRIS Innervision help businesses by:
- Producing accurate financial reporting
- Finding and fixing compliance issues in the existing portfolio
- Providing clients with lease management software to use
- Supporting clients to choose the best leases going forward
- Offering ongoing lease expertise and guidance.
What are the benefits of lease management services?
For some businesses, handing their portfolio over to lease management experts is a no-brainer – and there are plenty of advantages to using a lease management service.
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Get a clearer picture
When you’ve got lease management specialists handling your portfolio, one of the biggest positive outcomes is gaining a crystal clear overview of your lease portfolio.
From tracking lease terms, monitoring obligations, and flagging renewal dates, your lease management partner can give you invaluable insight into your portfolio.
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Save money in the long run
While effective lease portfolio management can be a big up-front investment, the right provider will help you take advantage of cost savings in the long run.
For example, if one of your leases is coming up for renewal, your provider could help you secure a more cost-effective option. This can save your company hundreds or even thousands of dollars, depending on your portfolio. -
Mitigate risk and ensure compliance
One of the biggest benefits of using lease management services is you can rest easy, knowing your organization is fully compliant with lease accounting standards.
By outsourcing to lease management experts, you’re also reducing the risk of human error affecting compliance and accuracy.
All this helps keep your company on the right side of the law – and more importantly, help you avoid costly fines or penalties.
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Grow and refine your portfolio
Keep an eye out for lease management services that are eager to help you improve your portfolio.
For example, proactive providers like IRIS Innervision help you negotiate better lease rates and source promising new deals.
It’s not just about making sure your portfolio is organized and compliant – service providers should be invested in helping you save money and grow or refine your lease portfolio.
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Free up time and resources
Managing a lease portfolio can feel like a full-time job – so when you outsource management to a service provider, you free up a lot of time internally.
With lease portfolio management taken care of, you and your team can focus on core business activities and planning for future success.
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Secure the right lease upon expiration
When a lease comes to an end, it’s the perfect time to reflect on whether there’s a better deal out there – and with lease management services, you’ve got everything you need to make the right call.
A great lease management partner will help you re-evaluate, renegotiate, or decide to walk away. Providers like IRIS Innervision ensure clients have the time and information they need to make the right decision.
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Lease Accounting: A Guide for Businesses, CPAs, and Finance Professionals
Download this go-to resource on lease accounting management, including solutions like lease portfolio management and lease accounting software.
The key to compliance
To ensure their clients are compliant with legislation like ASC 842 and IFRS 16, lease management services will:
- Regularly update and review lease data so financial statements are accurate
- Keep up to speed with lease accounting standards and take action if/when regulations change
- Identify and address potential compliance risks before they become issues
- Facilitate smooth audit processes by organizing lease records properly.
What about lease accounting software?
Lease management services aren’t the only way companies can take care of their lease portfolio.
Lease accounting software is a specialized tool, designed to make managing your lease portfolio easy and accessible – and with cloud-based software, all you need to get started is an internet connection.
With features like AI-powered automation and scalable models for growing businesses, lease accounting software is a solution worth exploring.
IRIS Innervision
“Today more than ever in business, I expect service providers like IRIS Innervision to bring value-add to any organization over and above the high standard of processing and reporting; particularly with leasing, which can be such a minefield for those not in that sector. IRIS Innervision does all of this and more for us in Capgemini, which is why we value our relationship.”
Capgemini
Next-level lease management services with IRIS Innervision
With a focus on compliance, customer service, and proactive portfolio management, IRIS Innervision is your trusted partner in lease accounting management.
Take a look at the scope of support and services we offer, and discover why so many businesses entrust their lease management to IRIS Innervision.
