Implementing the Right Lease Management Software can Benefit your Company, Here’s how
Effective lease management is becoming more and more necessary as a result of its impact on financial performance, compliance, and financial reporting. While choosing lease management software, a business should search for a platform that can be customized and offers benefits such as smooth processes, easy sharing, boosted security and many others. With an increase in remote work, having an efficient leasing management solution that offers centralized access to crucial data promotes operational perfection and efficiency.
Are you aware that the demand for effective lease management services is getting higher and higher? Businesses in all industry sectors have turned to lease because of its convenience and cost advantages. Up until recently, renewals, on-time rent payments, and reimbursements were merely the extent of lease management. However, the emphasis on lease management has altered with the implementation of the new lease accounting standards (ASC 842 and IFRS 16).
Lease management is no longer just a concern for the real estate industry. Effective lease management is becoming more and more necessary as a result of its impact on financial performance, compliance, and financial reporting. In an effort to ensure efficient corporate operations, precise financial reporting, and timely compliance, companies are competing with one another to streamline their lease management methods. And the statistics by a report by Research Dive bear this out: The global lease management market is expected to grow with a CAGR of 6.9%, surpassing a revenue of $8,990.6 million in the 2022- 2031 timeframe.
What is Lease Management?
The process of managing a lease portfolio of a business is known as lease management or lease administration. It keeps track of and improves real estate and equipment leases, helping businesses save their money and comply with regulations.
In the past, keeping track of obligations and lease terms was not a key priority because the lease was primarily perceived as a cost to the business. However, lease management has emerged as a crucial practice as it creates an impact on financial reporting and the outcome.
What Features Should a Lease Management Software Have?
The majority of firms manage a staggering number of leases as part of their regular operations. As a result, success now depends on having a stable platform and effective leasing management solution. The hard work has to be done for you by a centralized lease management software solution, which automates lease procedures that are too intricate to handle with a simple tool like an Excel spreadsheet. While choosing lease management software, a business should search for a platform that can be customized and offers the following benefits.
Benefits of Lease Management Software
- A Quicker Procedure
Working using templates is significantly quicker than writing a contract from scratch. A property business that is scaling up could need to produce hundreds of contracts every day; manual production simply isn't efficient in this case. Additionally, by keeping existing papers available and editable digitally, leasing management software speeds up the modification and updating of such documents.
- Easy and Improved Collaboration
Contract management software enables real-time online execution of any modifications to the same document whether working on a contract internally or with the other concerned party. This avoids the lengthy email exchanges that go back and forth while revising a lease agreement.
- Smooth and Easy Sharing
Lease management software allows a business to send a link to the lease agreement to several people at the same time. The live lease paperwork can be shared with all parties simultaneously instead of needing to attach a static PDF file to an email. There is no need to repeatedly distribute copies of the document to each recipient when modifications are made because they are reflected everywhere automatically.
- Search Easily
Lease management software uses structured data to make it simple for a business to look for and recall every clause. Compared to manual searching and revision, this approach is substantially faster.
- Boosted Security
Any type of contract can never be entirely secure in its physical form. Contracts are kept in file cabinets at the end of the day. To ensure that the digital version of your contract cannot be accessed without the proper set of digital credentials, lease management software uses encryption and many layers of security protocol at each stage of the process.
The Bottom Line
The technologies and methods for lease management will continue to develop in order to support and carry out lease commitments. With an increase in remote work, having an efficient leasing management solution that offers centralized access to crucial data promotes operational perfection and efficiency. A leasing management software is a productive tool that has multiple advantages for both you and your company. It is undoubtedly ideal to consider implementing a lease management solution and make it a top priority if you haven't already.
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