What is lease management software?
Lease management software (or lease accounting software) is a digital program or application designed to streamline and simplify the management of lease agreements.
It automates various tasks, from tracking lease terms to ensuring compliance with accounting standards like ASC 842 and IFRS 16.
By centralizing all lease-related information, lease management software provides companies with a comprehensive overview of their lease obligations and financial impacts.
How can lease management software help?
For companies who want to manage their lease portfolio in-house, lease accounting software is an invaluable tool that can help companies:
- Track and monitor lease agreements from one, centralized location
- Use automation to complete complex calculations and generate detailed reports
- Manage their lease portfolio from anywhere with an internet connection (in the case of cloud-based products like IRIS Innervision)
What are the benefits of lease management software?
Designed to make lease management easier and more accessible, leasing management software can be a great choice for companies looking to power up their portfolios – and here’s why.
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Improve efficiency through automation
With lease accounting software, you can hit ‘close’ on complex spreadsheets and sit back while automation takes care of your calculations.
Labor-intensive tasks like ensuring compliance with accounting standards like ASC 842 and IFRS 16 are all taken care of. And that means you and your team have more time to focus on what matters – running your business.
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Make cost-effective decisions
Lease portfolio management software has a significantly lower upfront investment than solutions like lease management services.
For businesses that aren’t in a position to make big upfront investments, lease management software can give you almost all the benefits of a managed service but at a lower cost point.
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Rely on higher levels of accuracy
When you’ve only got people behind your portfolio calculations, human error is inevitable – and it only takes one inaccurate financial report to land your company in hot water.
Lease accounting software ensures accuracy by automating complex calculations and providing real-time updates.
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Get a clearer picture
By centralizing and organizing all your lease data in one place, you can finally get a crystal clear overview of your lease portfolio.
Whether you’re tracking lease terms, monitoring obligations, or flagging renewal dates, your lease management software gives you an invaluable overview of everything that’s happening.
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Scale to what you need
Lease management software is designed to grow with your business, making it suitable for organizations of all sizes.
Because software can be easily adjusted to suit different levels of need, it’s easy to scale up or down according to your shifting requirements.
Whether you have a small lease portfolio or manage hundreds of leases, the best lease management software has the ideal solution for you.
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Use with complete confidence
Modern lease management software is designed to be used by busy professionals who want to get in, get what they need, and get out again.
The best lease management systems will have user-friendly interfaces, so anyone can log in and get to grips with how it works quickly.
All this means your team will have less of a learning curve to becoming confident users – and you can transition to the new system smoothly.
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Integrate with your existing systems
By integrating and communicating with your existing systems, the best lease accounting software allows for seamless data flow across your company. In practice, this means:
- Less manual data entry, minimizing any risk of error and improving accuracy
- A reduced administrative strain on your staff, freeing up their time
- You can effectively track all lease agreements from one place, ensuring no critical dates or terms are overlooked.
Featured Guide
Lease Accounting: A Guide for Businesses, CPAs, and Finance Professionals
Download this go-to resource on lease accounting management, including solutions like lease accounting software and lease portfolio management.
An ASC 842 and IFRS 16 software solution
Ensuring compliance with legislation like ASC 842 and IFRS 16 is crucial – but how does lease accounting software help you achieve this?
- Automatically updating to reflect changes to lease accounting standards
- Identifying and collating detailed information about lease terms, timing, and amounts
- Automating journal entries for lease-related transactions, ensuring accuracy and simplifying the audit process
- Storing and organizing all lease data in a secure centralized system.
What about lease accounting services?
Lease management software isn’t the only way to manage your portfolio and ensure compliance with leasing standards.
Lease accounting services can help you optimize your lease portfolio, ensuring you remain fully compliant with accounting standards and allowing you to pursue better financial outcomes.
Learn more about lease management services, including how IRIS Innervision can support your business.
IRIS Innervision
“We decided upon IRIS Lease Accounting as our preferred technology partner for transitioning to IFRS 16 as we were seeking a comprehensive end-to-end solution that would support the complexities of our multifaceted lease portfolio.”
National Express
Unlock ASC 842 compliance with IRIS Innervision
IRIS Lease Accounting software is a powerful solution that ensures you’re fully compliant ASC 842 and other accounting standards.
From streamlining leasing processes to aligning strategies across your whole organization, IRIS Innervision is your key to unlocking lease management.
