We have some exciting news to share with all of our readers. iLease Management LLC will soon launch a lease management and accounting tool that will meet the critical needs of lessees as they react to the new lease accounting standards and continuously try and gain efficiency in their day to day operations. As we have emphasized a number of times in the past few months, an accounting change of the nature being proposed provides a perfect opportunity to review and improve operating procedures. We are confident that we are developing a technology solution that will accomplish that objective. Some of the features and capabilities of this tool are as follows:
- Dashboard – provides the user with the capabilities to see a high level view of all lease portfolios and critical dates.
- Property – provides key property metrics and details.
- Unit – drills down another level to provide critical unit level details.
- Lease– captures important lease information that will facilitate effective lease management.
- Rent– provides all critical rent information including base rent, free rent and rent steps.
- Insurance – captures key insurance information.
- Lease options – allows the user to effectively monitor option terms and conditions.
- Accounting – using the information that has been previously input, the accounting feature automatically generates the accounting entries that will be required under the new accounting standard, both by individual lease and in the aggregate. The user can export these transactions and is then ready to post these entries to the general ledger.
- Reporting – a full suite of Lease Management and accounting reports
Additionally, the user will have the capabilities to capture key information on retail leases, maintain critical contact information, define critical dates, add specific and customized information on unique lease options and clauses and attach images and key documents.
As you are aware, we are monitoring the FASB/IASB activities and developing the accounting solution to be consistent with the new standard. We expect the tool to be available as soon as possible after the new standard is released. We have been working on this project for a number of months and will keep you updated on our progress. Our product will make a significant improvement in your operations.
In the meantime, we are interested in your comments and feedback. Please update the Blog with your questions, comments and needs for additional information. Additional information can be found on the iLeasePro homepage.