Lease accounting and management have become a major challenge for those businesses dealing with a huge number of leases. Leases in themselves are quite complex documents with a different set of critical details. Plus, having a thorough understanding of different obligations and provisions is important to manage the costs and make profits.
According to the new lease standards which aim to make leases more transparent for financial statement users, non-compliance and reporting error would attract huge penalties and fines. Thus, lease accounting software and lease management software can help you save money and maximize ROI and profits.
Yardi’s Corom Lease Management Software which is a combination of lease accounting software and lease management software will help you avoid unnecessary costs and boost ROI. Let’s see in detail how the software will help.
First, lease accounting software will help you in mainly three areas; accounting, disclosure requirements and related reporting functions, and easy tracking of all obligations and provisions of hundreds of leases. Another advantage of lease accounting software is the visibility of important details like calculations, critical lease commencement, and expiration dates, termination rights, etc. Other essential insights will help you understand whether to continue with leasing and renewal or not.
When such a level of transparency is achieved, the risks involved are greatly reduced and the possibility of errors is almost null.
Secondly, the tracking feature of lease accounting software makes it easy to make the reports more transparent. This directly impacts and improves the auditing process of leases and the reporting. You can save a huge amount of money which are paid to auditors for multiple checks. Auditing fees which increase with extra work can be saved as well.
Thirdly, the extensive amount of insights can give you a larger and clearer picture of leases and your business. The vast amount of information can help you make better decisions. The best example would be the changes and modifications allowed in lease accounting due to Covid-19. A lease management software helps in determining the clauses and terms of each of the leases very easily. Also, a single glance at the data available will help you know if you have been paying anything extra without being aware. This would eventually help in making better deals and renewals.
Finally, outsourcing the accounting work can be too heavy on your purse. Instead, investing in lease accounting software will help businesses in the long run. It increases efficiency, automates the accounting process, analyzes better, and brings better Return on Investment. If you have a bigger company, more will be the benefits of a lease accounting software.
Yardi’s Corom Lease Management Software provides the best features to solve your lease accounting and management issues like compliance, reporting, tracking, and much more. For more details, visit www.yardicorom.com.