Lease accounting is complicated, and finding the right software to automate and make the process more efficient is not going to be an easy task. There are many factors to take into account and it’s easy to pick the wrong choice or a software solution that does not provide what an organization needs.
Featured below are five of the leading lease accounting software companies. They offer software products that represent the best features enterprises need. Also, they are among the most reputable options, so choosing any of them is unlikely to be a bad decision.
Trullion is a relatively new player in the lease account software market, but it offers one of the best ways to address the complexities of lease accounting. Harnessing the benefits of artificial intelligence and automation, Trullion is designed to “create a single source of truth for financial leaders.” It enables real-time visibility into an organization’s finances while unifying unstructured and structured data obtained from Excel, PDF, and other file formats.
The platform focuses on simplifying the process of lease-accounting not only by providing an intuitive interface but also by allowing users to “fish out” all of the important details from their accounting documents and tools. It scans documents using OCR technology and uses AI to intelligently capture information. It effectively takes out the burden of conducting manual information reading and encoding while ensuring compliance with accounting standards such as ASC 842, IFRS 16, and GASB 87. All of these are achieved without the involvement of the IT department.
Trullion invested heavily in perfecting its AI technology to ensure accurate document scanning and the extraction of various information including dates, payment details, and options. However, the company designed its automated and AI-driven lease accounting software to accept inputs and modifications from users overseeing the process. Nothing can be perfect, so there will be instances when human users will have to select the correct information to record in the system and include it in the official reports.
Committed to ensuring ceaseless improvement, Trullion continues to update its functions and capabilities with the help of feedback from users. Its machine learning algorithm constantly learns and becomes better as more organizations use the system.
Another lease accounting company is Visual Lease. As the name suggests, it emphasizes the ability to undertake lease accounting by visually examining documents then extracting data for recording, analysis, and reporting purposes. Visual Lease markets its product as the complete lease optimization solution that allows organizations to be on top of complex scenarios.
Just like Trullion, Visual Lease is also built to ensure compliance particularly with ASC 842, IFRS 16, and GASB 87. Its lease accounting solution is developed by experienced practitioners in the field of lease accounting to provide a complete lease optimization solution. It is already being used by more than 800 customers and has already processed more than half a million real estate leases.
The Visual Lease lease accounting solution features an integration hub to streamline data across tech ecosystems and portfolios while providing excellent data analytics. It can also conveniently connect lease financials with the accounts payable system. Additionally, it is designed to enhance business intelligence and maintain data integrity with real-time visibility over every transfer including scheduled data imports and exports and the API feeds.
An accounting software firm in Dunwoody, Georgia, LeaseQuery aims to simplify the complexities of lease accounting through its intuitive lease management solution. The company has already helped more than 2,000 users across 87 countries. It also takes pride in having a high 99 percent retention rate and great ratings and feedback from users.
Known as a CPA-built lease management software solution, LeaseQuery is designed to make it easy to maintain records and generate reports that comply with relevant regulations. It has a robust search function that makes it easy to pull up contracts and find relevant information. It also has alert and reminder features as well as tools that facilitate secure collaboration among teams across an organization.
LeaseQuery enables more efficient lease management by streamlining processes and internal controls while preventing human errors and simplifying accounting tasks. As a solution developed by a certified and experienced accountant, this lease management solution also ensures that the reports produced are accurate and compliant with applicable regulations.
Moreover, LeaseQuery is designed to enable integrations with related applications and services. It can connect to ERP systems and other tools organizations use for resource management. The efficiency benefits provided by LeaseQuery result in significant cost reduction, timely reporting, better decision making, as well as risk minimization.
AMTdirect (MRI Software)
A private lease administration and accounting software company founded in 1996, AMTdirect was one of the first players in the real estate software industry. It offered cloud-based solutions that enable companies to produce accurate, timely, and actionable information that benefits their bottom line. The company, however, was eventually acquired by MRI Software in 2019.
Despite the acquisition, the AMTdirect brand still exists and has a loyal user base. AMTdirect continues to provide fully integrated and easy-to-use tools for lease management businesses. It offers lease management solutions that can handle all types and classifications of leases under a unified system with a powerful search facility. It is designed to simplify accounts receivable and accounts payable processes.
Additionally, AMTdirect comes with an Operating Expense Manager component that is useful for CAM reconciliation management. It can also rapidly compute financial disclosure deadlines and amortization schedules. It also has an advanced reporting feature capable of producing more than 250 kinds of reports for key stakeholders and regulators.
Under MRI Software, AMTdirect continues to provide one of the best solutions in simplifying lease portfolio management. It automates processes and also helps ensure regulatory compliance.
CoStar Real Estate Manager
CoStar Real Estate Manager is a private company that holds the distinction of providing the only commercial real estate platform that brings together market data, research analytics, and management functions. Founded in 1999, the company is now offering a comprehensive solution for the management of corporate and retail tenants.
The integration of market data, analytics, and management features is an advantage as it results in better decision-making for businesses. Because of this unique approach, CoStar Real Estate Manager makes it easy to calculate lease and sale comps, project space availability, quickly pull out property information, plan portfolios, oversee projects, and manage transactions.
CoStar Real Estate Manager provides real estate managers with the right and timely information they need to direct brokers more effectively, reduce costs, and comply with regulations. It also supports the setting of multiple alerts for team members to avoid overshooting deadlines while having ample time to plan business actions. It provides real estate managers with the right and timely information they need to direct brokers more effectively, reduce costs, and comply with regulations.
What makes a lease accounting company better than others? It’s the right expertise and experience. Companies that offer lease management or administration tools must be taking full advantage of new technologies and approaches. It does not matter if a company has been in business longer than others if it is not in tune with the times and the needs of the present. Also, a good lease accounting solution provider knows the importance of complying with regulatory requirements.
All of the companies mentioned above are good options. It is up to organizations to examine them further to find out which ones provide the best set of features and the reliability that is crucial for the success of organizations in the field of lease management.