Lease accounting software is a technology-based solution that helps companies manage their lease asset portfolio and other related financial information. It provides data on all types of leases, including finance leases, operating leases, and capital leases. The software can also be used for managing inventories by tracking inventory items over time and creating reports on each item’s life cycle. This type of accounting software can also be used by businesses that own equipment or other assets. With the rise of technology, lease accounting software is becoming more popular each day.
Here’s a look at the hidden benefits of lease accounting software.
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Easier to maintain data
You can easily store and manage your lease data with lease accounting software. You no longer have to manually enter details about leases. Leases are also easier to find. This makes it much easier for you to track which properties are on leases or not. The software also makes it easy for users who want to access their own personal reports, such as financial statements and transactions. The data is maintained in an organized and automated fashion allowing for accurate, easier-to-search records.
Improved compliance
The lease accounting standard has been in place for a few years now, but it’s only recently that the world has had the opportunity to begin using new lease accounting software. The lease accounting software you use is designed to help you comply with all standards and regulations. This helps you avoid any penalties and fines. Lease accounting software such as EZLease helps with ASC 842 lease accounting compliance so you’re always in compliance with the standard and avoid any irregularities, fines, or penalties. The software can help you minimize the risk of being sued for any missed or incorrect lease payments because everything is taken care of.
Immediate access to critical lease data
Lease accounting software provides immediate access to lease information. The software tracks all of your assets, including equipment and vehicles and other assets such as furniture or fixtures which you have leased. You can leverage this data for improved business processes and operational efficiency. The software automatically generates reports based on this information so that you can easily see how much money is being spent each month. You can also use this information when deciding whether it makes sense to purchase certain types of equipment.
Manage financial reporting and analytics
Lease accounting software is one of the most effective tools that help companies manage financial reporting and analytics associated with leases. It’s used to manage financial reporting and analytics associated with leases, which includes tracking information about how much money has been spent on each lease, what type of equipment or vehicle is being leased out, how long it will take before the equipment/vehicle can be delivered or used by its owner (and so on). The lease accounting software also allows you to easily view all expenses related to a particular period, whether one month or several years! This makes reporting easier when compared with paper-based systems.
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Efficient preparation, filing, and tracking of SEC filings
Lease accounting software can help you track and report on your SEC filings by generating reports for both internal and external use. It also allows you to track changes made to leases that are subject to SEC filings. This means that if a change is made in one lease that affects another lease owned by the same company, it will be recorded automatically in its own separate file with all necessary information, so there is no need for manual entry of data into Excel sheets or PDFs saving time, effort and money.
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Streamlined internal audit tests and external audit coordination
Lease accounting software can help you streamline your internal audit tests and external audits. With lease accounting software, you will be able to automate the process of conducting internal audits on leases to ensure compliance with industry standards and regulations. This saves time and money and ensures that all relevant information is readily available at any given time. Lease accounting software makes it easy for companies with multiple locations or divisions (for example, retail stores) to coordinate their audits across all offices by allowing them access to each others’ databases.
Faster financial reporting, including footnote disclosures
Lease accounting software is the best way to generate your financial reports promptly and effectively. With lease accounting software, you can quickly and easily generate financial reports that include lease information. Lease accounting software also allows you to generate an additional type of report: the footnote disclosure. With this feature, users can enter any text or data they want into their leases and then upload it into their system as an attachment alongside other attachments, such as purchase orders. This allows users to easily track and manage their data, making it easier than ever before to generate financial reports that include lease information.
On-demand production of reports
As a leasing company, you will want to keep track of all the information in your lease files. You can do this by using lease accounting software with drill-down capabilities. This allows you to see all the details related to each file at once without having to open multiple documents individually. Drill-downs also allow users on different platforms (desktop/mobile) access to every field in their database so they can easily retrieve information when needed, whether it’s during audits or just general business operations like producing reports for management purposes.
Greater operational visibility
A very important benefit of lease accounting software is the ability to view the entire portfolio in one place. Rather than having to log into each individual lease, you can see everything at once and make changes as necessary. This gives you greater operational visibility across global portfolios. Lease accounting software also allows you to see how individual leases are performing on an ongoing basis so that you can spot trends and patterns in your lease portfolio.
Support for multiple currencies and languages
While most people associate leasing with U.S.-based companies only, many international transactions are happening every day, and it’s important to track them all effectively so they don’t get lost. Lease accounting solutions support multiple currencies so everyone involved knows exactly how much money is coming in/going out at any given time; this will help avoid confusion over who owns which asset at any given moment during negotiations or disputes over payment terms.
Conclusion
The benefits of lease accounting software are numerous. These systems provide an easy way to manage your company’s leases and track their financial impact on your company’s bottom line. Lease accounting software will help you easily manage your leases, comply with all the accounting standards and regulations, and generate on-demand reports. This will help you save money, time, and effort, which you can utilize to scale and grow your business.
