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How Yardi’s corporate sales manager can help you save money. 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 or profits.
5 things to look for while deciding best Lease Accounting Software. With the introduction of new lease standards by FASB and IASB, there is a significant change in the way lease accounting is done.
Previously, operating leases were off the balance sheet and therefore accounting functionality was not a priority. But now, the transition to new lease accounting standards demands businesses to embrace new technology and solutions like lease accounting software as it is now risky to use spreadsheets. Why You Should Replace Spreadsheets With Software For Lease Accounting. The new lease accounting standards IFRS 16 and ASC 842 involve critical calculations and complex functions.
It applies a significant change in the way leases are accounted for in the balance sheet. Accounting and finance professionals of several companies who have implemented new lease accounting standards in the first year have realized that spreadsheets are not effective. It is difficult to use spreadsheets for long-term lease maintenance. To comply with the new standards and financial reporting requirements, it is imperative for businesses to use advanced lease management software.
How Lease Accounting Software improves ASC 842 disclosure requirement. The new leasing standard ASC 842 issued by the Financial Accounting Standards Board – FASB is one of the most significant changes in accounting in recent times.
It directs to record finance and operating leases on the balance sheet. The right-of-use (ROU) asset and lease liability of all leases having terms for more than 12 months needs to be recognized on the balance sheet. Real estate transaction management software by Yardi. Lease management software - Yardi Corporate. Best lease accounting software by Yardi. Lease administration solutions - Yardi corporate.