Lease accounting software is a type of software that helps organizations manage and track their lease agreements. It is designed to automate the lease accounting process, making it easier and more efficient for businesses to comply with new lease accounting standards.
In recent years, there has been a significant change in lease accounting standards that has affected how companies account for leases in their financial statements. The new standards require companies to recognize most leases on their balance sheets as assets and liabilities, which has increased the complexity of lease accounting.
Lease accounting software helps companies comply with these new standards by providing tools and features that simplify the lease accounting process. These software solutions typically include features such as:
- Lease tracking: The software helps companies keep track of all their lease agreements, including key dates, payment schedules, and other important details.
- Automated calculations: The software automates the calculations required for lease accounting, such as calculating lease payments, interest expenses, and depreciation.
- Reporting: The software provides reports that summarize lease data and help companies comply with reporting requirements under the new lease accounting standards.
- Integration with other systems: Lease accounting software can integrate with other systems, such as general ledger and ERP systems, to ensure accurate and consistent data across all systems.
- Compliance: The software helps companies comply with the new lease accounting standards by ensuring that all leases are accounted for correctly and that financial statements are accurate.
There are several benefits of using lease accounting software for businesses:
- Increased efficiency: Lease accounting software automates many of the manual tasks associated with lease accounting, such as data entry and calculations, which saves time and reduces errors.
- Improved accuracy: By automating calculations and providing accurate data, lease accounting software helps companies ensure that their financial statements are accurate and compliant with the new lease accounting standards.
- Better visibility: Lease accounting software provides a centralized view of all lease agreements, making it easier for companies to track and manage their leases.
- Cost savings: By reducing manual tasks and improving accuracy, lease accounting software can help companies save money on accounting and auditing costs.
- Improved decision-making: With better visibility into their lease agreements, companies can make more informed decisions about their leases, such as whether to renew or terminate a lease.
There are several types of lease accounting software available in the market, each with its own set of features and capabilities. Some software solutions are designed for specific industries, such as real estate or equipment leasing, while others are more general-purpose solutions that can be used across different industries.
When choosing a lease accounting software solution, businesses should consider their specific needs and requirements, such as the number of leases they have, the complexity of their lease agreements, and the level of automation they require. They should also consider factors such as ease of use, customer support, and pricing when evaluating different software solutions.
Lease accounting software is an essential tool for businesses that need to comply with the new lease accounting standards. It helps companies automate the lease accounting process, improve accuracy, and save time and money. With the right lease accounting software solution, businesses can streamline their lease accounting processes and focus on growing their business.
LeaseQuery empowers accounting, finance, and IT professionals worldwide with top-rated lease accounting & SaaS spend management software.
- Knowledgeable support staff
- Automation and efficiency
- SOC reports
- Data security and support for your internal controls
With EZLease, you can get compliant in a day or less. No more juggling in-house spreadsheets or implementing expensive, complex solutions.
- Set up in minutes load leases right away
- Bulk upload and update leases easily with our simple template
- Manage always-accurate lease data with automated validation
- Use push-button accounting and disclosure reports to close quickly
LeaseCrunch – Lease accounting software for CPA firms and their clients. It’s designed to be collaborative and help firms achieve economies of scale.
- Input a lease in as little as three minutes
- Manage all clients in one place
- Scalable and cost-effective for one or thousands of leases
- Dual access allows CPA firms to collaborate with clients
Cradle – Lease accounting software, a turnkey solution for ASC 842 & IFRS 16 you can implement today.
- Engineered for your portfolio
- Instant financial reports
- Foreign exchange accounting
- Configurable lease management
- Work together
- Ease of use
Visual Lease, the complete lease accounting & management software for ASC 842, IFRS 16 and GASB 87 compliance, trusted by accounting experts & companies like yours.
- Don’t just run the numbers. Rule them.
- Be audit-ready all year long
- Take control of your portfolio and find insights in plain sight
- The controls you need to work as one, and get big things done
Accruent Lease accounting software so you can easily, efficiently, and securely manage complex real estate and equipment leases.
- Compliance with lease accounting standards
- User-friendly interface
- Integration with existing systems
- Reporting and analytics
- Automation and efficiency
- Customer support
CoStar Real Estate Manager saves hundreds of hours on ASC 842 lease accounting processes with industry-leading automation and enterprise-class controls.
- Accounting Workflow and Automation
- Lease Data Change Alerts
- Guaranteed Managed Integrations
MRI’s lease accounting software provides visibility & control of leased assets, enabling compliance with the IFRS16 lease accounting standard.
- Manage all of your property and equipment leases on a single platform
- Comply with core accounting and financial reporting regulations, including IASB IFRS 16 and FASB ASC 842
- Leverage AI to abstract lease data and gain an audit trail and make the audit process easier
Nakisa enterprise lease accounting and management software to easily manage 100K+ equipment, fleet, or property contracts A to Z and stay IFRS 16, ASC 842, GAAP compliant.
- Lease Data Capture
- Lease Accounting and Administration
- Transaction Posting and Payment
- Auditing and Reporting
Tango’s lease management and accounting software equips administrators and finance professionals to maintain compliance and manage lease activities.
- Lease Items
Q. What is lease accounting software?
a. Lease accounting software is a software solution designed to help businesses manage and track their lease agreements. It automates the lease accounting process, making it easier for businesses to comply with new lease accounting standards.
Q. What are the benefits of using lease accounting software?
a. The benefits of using lease accounting software include increased efficiency, improved accuracy, better visibility, cost savings, and improved decision-making.
Q. What features does lease accounting software typically include?
a. Lease accounting software typically includes features such as lease tracking, automated calculations, reporting, integration with other systems, and compliance tools.
Q. What factors should businesses consider when choosing a lease accounting software solution?
a. Businesses should consider factors such as their specific needs and requirements, the number and complexity of their leases, ease of use, customer support, and pricing when choosing a lease accounting software solution.
Q. Are there different types of lease accounting software available in the market?
a. Yes, there are different types of lease accounting software available in the market, including industry-specific solutions and general-purpose solutions that can be used across different industries.