As a business that rents assets or leases from others, tracking the financial impact of those activities on the financial health of your business is essential to ensuring that those activities are profitable. It’s for this reason that lease accounting became not only legally required, but an effective way to keep businesses organized and successful. Fortunately, lease accounting software has become the tool to help corporate occupiers handle all accounting matters and FASB and IFRS standard compliance in a single portfolio solution. But how do you know which software to choose? We made it easy for you. Here’s why Yardi Corom Lease Accounting Software is the best solution for your business.
Flexible and Automated Solution
When dealing with sensitive lease information, you want to make sure that all your calculations and reports are as accurate as possible. For this reason, using lease accounting software is a great way to ensure that all calculations are completed accurately and free of errors. The Yardi Corom Lease Accounting Software takes care of all lease activities in the portfolio that are usually very tedious and prone to errors. It ensures financial compliance and the assurance that all transactions and calculations are performed correctly. With this solution, your accounting team can be sure that all actions regarding your leases, from expansion, contraction, renewals, terminations, blend and extend, to name a few, are executed automatically, efficiently and successfully without any concerns for inaccuracies.
Each business has its own needs that may differ from those of other businesses. As such, having lease accounting software, like the one provided by Yardi Corom, that can accommodate all the individual needs and requirements is key to making the lease accounting process easy and accessible to all. The software lets you view all financial information alongside lease administration workflows to compare and make connections, which then allows you to create disclosure reports across asset types or portfolios, all with the press of a button. Furthermore, with a built-in scenario modeling feature, your accounting team can look at different discount rates, time periods, landlord incentives and impairment provisions which enables them to calculate and generate reports accurately and with confidence.
End-to-end Integrated Solution
When using lease accounting software, you want it to support your work process by allowing you to access all necessary information and documentation with ease and within one platform. With Yardi Corom, you have the option to create journal entries, record and track all financial activities and even send information to the core accounting platform. This allows for ease of access to all documents and information within a portfolio to be easily managed and used according to whatever calculations and requests are needed.
Handling a lot of different lease portfolios requires an organized system that allows accounts to stay on top of schedules and due dates to prevent late payments, reporting and any other transaction with specific time frames. As such, receiving notifications about when things are due prevents tasks from being late, which prevents other complications and issues when it comes to lease accounting. With Yardi Corom, lease accounting software enables the automatic generation of reminders for all tasks related to all portfolios. This ensures that the finance team can stay on top of payment activities, contract renewals, terminations and reporting based on specific due dates and deadlines. Furthermore, it can notify anyone on the team, accountants, stakeholders and any other involved in the lease portfolio processes, of any changes, approvals and new contracts or reports. This not only facilitates the workflow, but it reduces the chances of errors and data risks.
Accurate and Comprehensive Reports
The Yardi Corom Lease Accounting Software ensures accurate and comprehensive reporting functions which allow a business to become ASC 842 and IFRS 16 compliant, minimize audit risks and even share critical data with the entire team. It also provides businesses with easy access to all the most common reports required for lease accounting, which makes reporting effortless, precise and accessible directly from the system. As such, compliance and accuracy are withheld, and corporate lease portfolios are handled efficiently and productively.
With lease accounting software, reporting, staying compliant and taking care of lease accounting task is made easy. However, choosing the right lease accounting software is key to ensuring all of your business’s needs are met efficiently and effectively. With Yardi Corom, corporate occupiers can manage and stay on top of all lease portfolios, easily generate reports, notify the parties involved of any changes, requests or approvals, perform calculations, and all this with a centralized, automated, accurate and error-free 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.
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