Lease accounting and lease administration often involve tasks that require duplicate work. Such duplicate work often includes data-entry tasks that are time consuming and can cause errors when it comes to documentation and reporting. Relevant data required by both lease accounting and lease administration teams include rent amounts, payment dates and lease terms. This information is necessary for the lease accounting team to accurately calculate ROU asset and lease liability for each contract to create an amortization schedule as well as meet ASC 842 and IFRS 16 requirements for compliance. For the lease administration team, such information is key to ensuring that rent and fees are paid to the lessors according to the lease contract terms. Fortunately, Yardi Corom offers a solution that enables lease data to be updated and for each team to have access to it from a single, centralized platform. Here are 5 ways Yardi Corom helps eliminate double work.
A comprehensive lease accounting and administration software solution provides both departments with the possibility of properly and efficiently managing time by having a centralized database of all lease-related information and documents. Being able to eliminate the need to introduce the same data in two different platforms allows for teams to use their time more efficiently on other tasks, as opposed to both teams focusing on inserting and updating the same data into two different systems. Especially when both departments require the same data to perform calculations and ensure that procedures are completed accurately and on time, data entry becomes a poor use of time. For instance, if the lease administration team needs to input data into a system to ensure that they are scheduled to run on time and the lease accounting team requires the same data to perform ASC 842 calculations, they should be able to simultaneously access the data without having to input it twice.
Eliminating the need to enter the same data twice in two different systems also eliminates the chances of errors. With large amounts of data, the chances of error in data entry are high. Especially since data must be updated whenever there is a change in an existing lease, it is often hard to ensure accuracy and avoid duplicates in data. With the Yardi Corom software solution, all data needs to be introduced only once. This allows for the data to be checked for errors and both lease accounting and lease administration teams to easily access the same data whenever needed.
With the Yardi Corom software solution, lease accounting and lease administration teams can easily make decisions based on the data available. They can perform calculations that may be beneficial to each team without having to do it separately and use it according to each team’s needs and schedule payments all within the same platform. This way, the two teams can work together efficiently and accurately to make the best decisions and actions regarding a lease.
Easy Communication and Notification
Another essential feature of the Yardi Corom software solution involves easy communication and notifications. These are key for eliminating double work as they notify anyone within the lease administration and lease accounting teams about any changes that were made to the data or the lease agreements. This allows everyone to ensure that they are working with the most updated data to be able to make proper decisions for any actions regarding the lease. This ensures accuracy and time efficiency, making the entire process more productive and easier for all involved.
Report Generation and Compliance
Yardi Corom also provides a solution that enables report generation, calculations and compliance to be done efficiently and accurately. Through its all-in-one platform, both lease accounting and administration teams can complete all their tasks from a single, centralized location, without requiring them to keep track of their own systems and having to wait for certain data from the other team to be sent over. They can easily access all data and reports from a single platform which enables accuracy and compliance for both teams. Also, along with the notifications feature, they know when to update the calculations required for each lease agreement and for reports to be generated so that all data and documentation are up to date and available to all involved.
Having a software solution, like the one provided by Yardi Corom, which enables lease accounting and lease administration teams to work together efficiently and accurately, is key to ensuring that occupiers stay on top of their lease portfolios. Eliminating double work is important to ensure that time is spent more efficiently by those involved to complete tasks related to the lease portfolio, while maintaining documents and data error-free, updated and easily available to all involved. Everything from calculations, payment schedules, report generation and compliance can easily and accurately be done with the help of the Yardi Corom software solution.
Yardi Corom is a simple and comprehensive accounting, lease and workplace management solution for CRE tenants. Our cloud-based software solution increases efficiency and accuracy across your entire lease portfolio: manage leases and subleases, track key lease data, centralize transactions and become FASB/GASB/IFRS compliant. To learn more, you can visit our website or schedule a meeting with our team.
When it comes to lease accounting, companies must ensure accuracy…READ ARTICLE
The new ASC 842 lease accounting standards are in place…READ ARTICLE
With the new ASC 842 lease accounting standards in place,…READ ARTICLE
Lease accounting and lease administration often involve tasks that require duplicate work. Such duplicate work often…LEARN MORE
When it comes to lease accounting, companies must ensure accuracy and compliance when recording and reporting…LEARN MORE