There are “haves” and there are “wants” when it comes to lease accounting. Reports that can be fully customized?? That’s a must. Market Data? They’re nice to have, but not essential.
“Must-haves,” on the other hand, are more than crucial. They should be required.
Before trusting a commercial lease accounting software company with your lease compliance, there are certain features the software absolutely must have. Let’s look at three of them.
1. Seamless User Experience
From clickability and navigation to dashboards and organizational features, the lease accounting software should be easy to use. You should be able to tell within half an hour or an hour using the tool if it is intuitive and has a good user experience or not. If there are slow transitions, loading hiccups, complex navigation menus or you’re simply lost, these are all good signs that the lease accounting software you’re considering isn’t an ideal fit. A seamless user experience is a must.
2. Robust Data Management Features
Data is the most important aspect of lease accounting. After all, you’re likely interested in the software because of the power data can give you to make informed decisions. But if the lease accounting software you’re considering doesn’t have the data management features you need to stay organized, transparent and on track, then it’s not the best option out there.
Here are some examples of robust data management features that are must-haves in lease accounting software:
- Ability to create a master list of all leases
- Easy-to-capture-and-arrange lease abstracts
- Income/Expense Schedule tracking
- Activity log and time/date/author stamping
- Strict user access controls
- Intuitive reporting
3. Collaboration-Friendly Attributes
Finally, if you’re a team or report to other individuals in your company, collaboration-friendly attributes are a must. The right lease accounting software should be easy to access and share with others. Quarem, for example, lets you access the tool at any device and at any time. You also get to enjoy the collaboration-friendly benefits that come with a support team dedicated to your cause. Our reps are experienced CRE industry experts and can go through the tool with you to make sure you’re getting the most out of it that you can.
If you’re interested in lease accounting software with all of these features and more, request a demo of Quarem today.