There are certain things in life that we can’t live without. Coffee in the morning is an example for many. Mustard on a hot dog is another. But when it comes to commercial lease accounting, once introduced to certain services it will make you wonder how you ever survived without them.
To maximize your portfolio, you need lease accounting software with features and services that you’ll actually use. Here are five lease accounting services that you can’t afford to live without.
1. User Activity Recording
Maintain accountability across your organization (or simply remember the actions and changes you’ve made yourself) with a lease accounting tool that records all authorized user activity per accounting guidelines. With Quarem, you can easily track changes made to your data so that reporting is easier than ever before.
2. Automated Calculations
We believe that CRE software makes an undeniable value proposition. It makes spreadsheets and other methods of calculating data obsolete by drastically reducing the amount of time calculations take and executing them all for you in the background while you focus on other tasks. Quarem saves you time and prevents human error with automated calculations, as well as journal entries. In fact, you can produce the latter over the term of the lease.
3. ASC 842 and IFRS 16 Compliance
This is a lease accounting service you MUST have, and is arguably an even more important lease account service than the others on this list. If you want to ensure you are covered when it comes to ASC 842 and IFRS 16 Compliance, you need to ensure the software you use has this integration and handles it automatically. Quarem captures all specific fields and meets the requirements for both of these standards.
4. Version Control
There’s nothing worse than losing changes because of a lack of version control. Especially important for CRE teams, a lease accounting software’s version control feature is a service that lets you seamlessly make adjustments to ensure reporting is accurate and consistent. (You also avoid rework and that’s worth it in itself.)
5. Helpful Customer Support
Finally, customer support and a smooth onboarding process are essential for using the lease accounting tool properly. And it’s always good to have a customer support team that is there for you and that you can trust. Quarem provides both and we’re confident you’ll love the ongoing support you receive from our team.
These are just a few of the features you’ll enjoy with Quarem. To see them in action for yourself, request a demo of Quarem today.