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Lease Accounting Software

Lease accounting software is a tool that helps lessors manage the financial and reporting aspects of their leased assets. The tool automates tasks such as lease portfolio management, budgeting, and amortization schedule management. It also helps maintain compliance with international and domestic accounting standards such as the FASB ASC 842 and IFRS 16.

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Showing 1 - 20 of 39 products
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Showing 1 - 20 of 39 products

Buildium is a cloud-based property management software that enables managers of residential and association properties to take control of every aspect of their business, whether in the office or fully ... Read more

191 recommendations

SimplifyEm is a property management software designed to meet the requirements of small and mid-sized landlords and property managers. The web-based solution offers features like property accounting, tenant management, lease tr... Read more

126 recommendations

Rent Manager is a software system for both residential and commercial real estate companies. The financial accounting component of Rent Manager has full integration and includes standard functionality such as a general ledger w... Read more

20 recommendations

SKYLINE from SS&C Technologies is a web-based property management and accounting solution suitable for small to midsize real-estate firms. Designed to handle an array or key operations, SKYLINE is capable of offering integr... Read more

3.39 (38 reviews)

19 recommendations

RealPage is a cloud-based property management solution suitable for businesses of any size. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and reporting. RealPage ena... Read more

4.06 (16 reviews)

17 recommendations

RentRedi is landlord-tenant software for landlords to easily manage their properties. RentRedi provides an all-in-one platform that enables landlords to collect mobile rent payments, send in-app notifications, prescreen... Read more

4.90 (10 reviews)

12 recommendations

FRONTSTEPS solutions improve communities by streamlining communication from management offices to homeowners. FRONTSTEPS provides an inclusive system for communities including accounting, communications, day-to-day operations, ... Read more

3.42 (19 reviews)

11 recommendations

Budgetrac is a cloud-based, comprehensive property management and accounting solution suitable for commercial properties such as industrial, office and retail. Budgetrac shares real-time information across organizations... Read more

3.76 (21 reviews)

4 recommendations

RentMoola is a secure payment platform designed for residents to pay rent, access consumer credit , tenant insurance and security deposit alternatives. The platform accepts credit and debit cards, funds transfers, in-store cash... Read more

4.67 (3 reviews)

3 recommendations

MRI Affordable Housing is intuitive, web-based solution that automates compliance processes, drives efficiency with process and role-based dashboards, and provides better insight into investment and financial data. Multi-layere... Read more

4.30 (68 reviews)

1 recommendations

ADDA is an Apartment or Housing Society Management Software used by 3500+ Apartment Communities Globally. It helps the Apartment Association MC Members manage the society accounting, billing, expense tracking, resolve helpdesk ... Read more

5.00 (3 reviews)

Schedule My Rent is a rental management software designed to help landlords collect rent, manage expenses and streamline screening processes for tenants. Landlords can invite applicants to fill online rental applications with d... Read more

5.00 (2 reviews)

ZenTreasury is a cloud-based accounting and portfolio management solution, which helps non-financial and accounting businesses manage finances, vouchers, foreign exchange operations and more. The platform enables users to autom... Read more

5.00 (3 reviews)

EmpoweredHOA is a property management software that helps real estate companies and self-managed homeowner associations manage communication, deals, accounting, employees, costs and more. It offers white-label capabilities, whi... Read more

5.00 (1 reviews)

Rentler is a property management solution designed to help landlords streamline the entire rental lifecycle, from property listing, tenant screenings and payments to maintenance and accounting operations. Managers can set up pa... Read more

Accruent is a cloud-based real estate and facilities management solution that helps businesses of all sizes to manage their day-to-day buildings and premises related operations and activities. The solution can be tailored to su... Read more

PropertyMe is a cloud-based property management solution that helps businesses manage accounting, inspections and customer communications across real estate projects. Administrators can use the maintenance module to create task... Read more

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Cozy is a property management solution designed to help landlords list properties, screen tenants and receive rental payments on a unified dashboard. The application enables proprietors to track expenses per property, assign th... Read more

Yardi Voyager is a cloud-based property management and accounting platform for both residential and commercial entities. This software product is designed for small portfolio real estate owners as well... Read more

RealPage Commercial is a cloud-based property management solution suitable for commercial and industrial businesses. Key features include accounting, budgeting, facilities maintenance, purchasing, document management and report... Read more

Popular Lease Accounting Software Comparisons

Buyers Guide

Last Updated: August 03, 2020

Keeping up with compliance requirements is a major challenge for businesses that lease out assets. These requirements have been further expanded with the introduction of forms FASB ASC 842 and IFRS 16 that have significantly increased the volume of financial data being reported and have made the lease accounting process more complex.

These developments make the already data-heavy and effort-intensive lease accounting function impossible to handle using spreadsheets and instead demands specialized tools.

This buyers guide explains the basics of tools known as lease accounting software and discusses things to know to enable informed purchase decisions.

Here’s what we’ll cover:

What is lease accounting software?

Lease accounting software is a tool that helps lessors manage the financial and reporting aspects of their leased assets. The tool automates tasks such as lease portfolio management, budgeting, and amortization schedule management. It also helps maintain compliance with international and domestic accounting standards such as the FASB ASC 842 and IFRS 16.

The software can be used to manage lease accounting for individual assets or portfolios of assets.

Critical date alerts in Visual Lease

 

Critical date alerts in Visual Lease (Source)

Common features of lease accounting software

Lease accounting software includes features that help to reduce data entry, ensure compliance, and reduce costs. Here are the common features of the software:

Asset management Track and manage the legal, operational, and financial aspects of any type of leased asset such as real estate or equipment. Manage renewals and buyouts, terms and conditions, and servicing dates.
Amortization schedule management Add amortization schedules, define the amortization period, calculate total lease charges, and lease duration. You can also view the opening asset and liability balance.
Critical date alerts Track critical dates for term-end renewals, lease terminations, buyouts, and more.
Capitalization reporting Import capital lease data such as periodic depreciation and salvage value from different geographical locations or business units and consolidate them into a single report.

What type of buyer are you?

These are the two broad categories of lease accounting software buyers:

  • Buyers looking for portfolio accounting: If you lease out assets of the same category having the same start and end dates, such as a fleet of ships, you can go for portfolio lease accounting software. In this type of tool, transactions are reported based on each lease contract. This simplifies accounting compliance as calculations can be made in aggregate and you don't have to account for each asset individually.
  • Buyers looking for individual asset lease accounting: If you lease out different categories of assets that have different start and end dates, such as buildings or apartments, you can use a solution that supports lease accounting for individual assets. In this type of software, transactions are individually reported for each asset on a lease contract. As it involves diverse assets, making aggregate calculations, in this case, is a complex task.

Benefits of lease accounting software

By now you understand the core features of lease accounting software and its buyer types. Now let's look at some key benefits that will be of value to you:

  • Reduce unnecessary costs: The tool offers features that help you track variable expenses to ensure you don't pay for unnecessary costs. The tool also helps track critical dates in the absence of which your organization may continue to pay for expired leases.
  • Reduce errors: As opposed to spreadsheet-based lease accounting, the software automatically keeps track of the required financial fields to ensure accurate calculations. Data can also be extracted from any chosen field and populated directly into the formulae, which further increases accuracy.
  • Improve compliance: Lease accounting software helps simplify the transition to new accounting standards and helps comply with evolving regulations by allowing users to update lease disclosure regularly. This helps ensure the accuracy and relevance of lease data as users can be sure that the data is current.

Key considerations when buying lease accounting software

As the last step to purchasing lease accounting software, you need to keep a few additional things in mind:

  • Integration with ERP tools: It's advisable to check if the software supports integration with enterprise resource planning (ERP) systems. In case of a change in lease terms and conditions or changes in user decisions because of termination or extension, lease liabilities and right-of-use assets can go through multiple remeasurements. The impact of these changes reflects on the balance sheet and if regulations change, it will be difficult and risky to carry out a last-minute customization.
  • Deployment: You will need to consider the deployment options available based on your business requirements. If you select on-premise software, you will need to evaluate the complexity involved in installing, maintaining, upgrading, and backing up the software. You will also need to consider if your IT resources are sufficient for deploying the software. If you select a cloud-based solution, you will need to evaluate the vendor based on their data storage capabilities, security policies, and the professional services offered.
  • Reviews: Apart from the functionality your chosen software offers, it's advisable to check vendor reviews and choose a vendor with a good track record of offering help with implementations, data management, and customer support. You should also check if the vendor is financially stable or backed by a large firm and can support long-term data management and operations.

If you wish to further understand the features and benefits of lease accounting software, you may fill out this form for an obligation-free consultation. Our advisors will understand your requirements and guide you in shortlisting the options most suitable for your business.

Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.