November 29, 2022
Lease accounting software is a very specific type of accounting software that helps those in the lease and property management industry to manage as well as track professional or industry standard lease agreements. These agreements often include both financial and operational elements. Lease accounting software often provides a comprehensive digital platform for companies so that they can capture, store and have access to lease data, ensuring compliance with accounting standards such as ASC 842 and IFRS 16, among others.
What does lease accounting software typically provide for users? The most effective applications, like Quarem, allow users to enter lease agreements, including details such as lease terms, payment schedules and asset descriptions. This is standard but critical data which professionals rely on day to day and often in real time.
Other expected functions include lease tracking, amortization calculations, expense recognition, balance sheet reporting, cash and flow data and compliance reporting. A well-rounded application also allows full integration with other systems, including financial systems, ERP systems, general ledger systems and accounting packages.
Lease accounting software is generally used by real estate companies, manufacturing companies with equipment leases, tech companies with software or hardware leases, financial institutions with loan or lease portfolios and government agencies with leased assets.
We look to tackle every angle of lease accounting software in these posts.