Lease accounting software is not a substitute for a good lease accountant. The person entering the data in a lease accounting software must understand the lease accounting requirements and interpret lease contracts correctly. Leases that require frequent reassessments of discount rates, lease terms, lease payments, and lease classification are not good candidates for such software. Complex lease contracts require a bespoke Excel-based solution.
If you still haven’t transitioned to the ASC 842 Standard and looking for help, or have already transitioned and are looking to streamline your lease accounting and lease management processes – iLeasePro and iLeaseXpress can help you out. Click here to schedule an iLeasePro demonstration or simply get started with iLeaseXpress.