Searching for the best lease accounting software for your business?

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What is lease accounting software?

Lease accounting software is a tool that helps lessors manage the financial and reporting aspects of their leased assets. The tool automates tasks such as lease portfolio management, budgeting, and amortization schedule management. It also helps maintain compliance with international and domestic accounting standards such as the FASB ASC 842 and IFRS 16.
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What 4 key Lease Accounting Software features should I look for?

Asset management

Track and manage the legal, operational, and financial aspects of any type of leased asset such as real estate or equipment. Manage renewals and buyouts, terms and conditions, and servicing dates.

Amortization schedule management

Add amortization schedules, define the amortization period, calculate total lease charges, and lease duration. You can also view the opening asset and liability balance.

Critical date alerts

Track critical dates for term-end renewals, lease terminations, buyouts, and more.

Capitalization reporting

Import capital lease data such as periodic depreciation and salvage value from different geographical locations or business units and consolidate them into a single report.

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Showing 1 - 20 of 38 products
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Showing 1 - 20 of 38 products

ZenTreasury Lease accounting

ZenTreasury Lease Accounting Software is a cloud-based solution that helps organizations manage auditing, accounting, financial contracts and more. It enables administrators to log foreign exchange transactions, automate lease ope...Read more

5.00 (3 reviews)

Visual Lease

Visual Lease is the leading lease accounting and management solution, designed to simplify compliance with ASC 842, IFRS 16 and GASB 87. Built with years of embedded knowledge from leading lease experts and CPAs, Visual Lease's po...Read more

4.81 (36 reviews)

LeaseEagle

Designed specifically for tenants, LeaseEagle is an advanced software solution that delivers a centralized platform for the management of real estate assets. LeaseEagle's award-winning technology provides the functionality needed ...Read more

0.00 (6 reviews)

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LeaseQuery

LeaseQuery is cloud-based lease accounting software for lessees/tenants reporting under FASB and IFRS as well as both lessees and lessors reporting under GASB. The system generates accurate amortization schedules and journal entri...Read more

4.66 (43 reviews)

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Stessa

Stessa is a real estate accounting software designed to help businesses track and manage investments, finances and documents across rental properties on a unified dashboard. Administrators can use the platform to centralize detail...Read more

4.79 (63 reviews)

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CoStar Real Estate Manager

Lease Accounting Software by CoStar helps enterprises analyze and categorize leases to streamline processes related to new lease accounting, rent obligations, percentage calculations, taxes indexing, adjustment and more. The platf...Read more

4.06 (17 reviews)

6 recommendations

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Spacebase

Spacebase is a cloud-based lease management solution that assists real estate and hospitality firms with expense, portfolio and capacity management. Its key features include activity tracking, citation linking, data export and aut...Read more

5.00 (4 reviews)

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Leasecake

Leasecake is a cloud-based property management solution that helps real estate owners and tenants manage lease agreements and payments. The centralized platform enables landlords to receive automated alerts/notifications about lea...Read more

4.88 (8 reviews)

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Franchise Management

Progen is a cloud-based accounting management solution designed to help small to large businesses manage property and non-property leases in compliance with International Financial Reporting Standard (IFRS) 16. Key features includ...Read more

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Cradle

Cradle’s Lease Accounting solution is specifically designed to orchestrate and accelerate your lease accounting compliance with ASC 842 and IFRS 16. The new lease accounting standards are not only complicated; they're material to...Read more

4.50 (2 reviews)

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Software pricing tips

Read our Lease Accounting Software Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

nomos one

Nomos One is a lease management solution designed to help businesses manage client onboarding, accounting, contracts, asset portfolios and more. The platform comes with an event tracking module, which lets users create custom even...Read more

4.50 (2 reviews)

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Odessa Platform

Odessa is a web-based solution, which helps small to large businesses manage the entire lease/contract lifecycle for equipment and vehicle fleet. Features include asset management, credit processing, multiple user collaboration, d...Read more

3.00 (2 reviews)

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PowerPlan

PowerPlan is a cloud-based and on-premise lease accounting suite designed to help businesses across various industry verticals, such as manufacturing, healthcare, retail, mining and more manage the entire accounting lifecycle of o...Read more

4.00 (1 reviews)

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LeaseCrunch

LeaseCrunch is a cloud-based solution designed to help small to large certified public accountant (CPA) firms automate calculations of leases as per latest accounting standards. Features include policy election templates, workflow...Read more

4.60 (10 reviews)

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Accruent

vx Maintain by Verisae, Inc. is an end-to-end maintenance and facilities management solution that offers asset management, capital program management, and environmental sustainability capabilities. It is PC and Mac compatible....Read more

4.63 (19 reviews)

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abcoa Deal Pack

abcoa Deal Pack is a business management solution that helps automotive dealerships and finance businesses manage leads, campaigns, workflows, payments, complaints and more on a centralized platform. The built-in accounting functi...Read more

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AMTdirect

AMTdirect is a cloud-based lease accounting and administration software solution. It provides one central location to manage all real estate leases and equipment leases, while ensuring FASB compliance and improving process control...Read more

3.61 (18 reviews)

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FMIS Asset Management

FMIS Fixed Assets is a cloud-based fixed asset management solution. It caters to multiple industries including retail, healthcare, manufacturing, non-profit, education and oil and gas. Primary features include fixed asset deprecia...Read more

4.33 (18 reviews)

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Sage Intacct

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

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Lease Harbor

Three robust, fully integrated areas of functionality—100% web-based, easy to use, flexible, and secure, our system provides an intuitive interface offering unparalleled simplicity, without sacrificing flexibility or advanced feat...Read more

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Popular Lease Accounting Software Comparisons

Buyers Guide

Last Updated: March 10, 2022

Keeping up with compliance requirements is a major challenge for businesses that lease out assets. These requirements have been further expanded with the introduction of forms FASB ASC 842 and IFRS 16 that have significantly increased the volume of financial data being reported and have made the lease accounting process more complex.

These developments make the already data-heavy and effort-intensive lease accounting function impossible to handle using spreadsheets and instead demands specialized tools.

This buyers guide explains the basics of tools known as lease accounting software and discusses things to know to enable informed purchase decisions.

Here’s what we’ll cover:

What is lease accounting software?

Lease accounting software is a tool that helps lessors manage the financial and reporting aspects of their leased assets. The tool automates tasks such as lease portfolio management, budgeting, and amortization schedule management. It also helps maintain compliance with international and domestic accounting standards such as the FASB ASC 842 and IFRS 16.

The software can be used to manage lease accounting for individual assets or portfolios of assets.

Critical date alerts in Visual Lease

Critical date alerts in Visual Lease (Source)

Common features of lease accounting software

Lease accounting software includes features that help to reduce data entry, ensure compliance, and reduce costs. Here are the common features of the software:

Asset management Track and manage the legal, operational, and financial aspects of any type of leased asset such as real estate or equipment. Manage renewals and buyouts, terms and conditions, and servicing dates.
Amortization schedule management Add amortization schedules, define the amortization period, calculate total lease charges, and lease duration. You can also view the opening asset and liability balance.
Critical date alerts Track critical dates for term-end renewals, lease terminations, buyouts, and more.
Capitalization reporting Import capital lease data such as periodic depreciation and salvage value from different geographical locations or business units and consolidate them into a single report.

What type of buyer are you?

These are the two broad categories of lease accounting software buyers:

  • Buyers looking for portfolio accounting: If you lease out assets of the same category having the same start and end dates, such as a fleet of ships, you can go for portfolio lease accounting software. In this type of tool, transactions are reported based on each lease contract. This simplifies accounting compliance as calculations can be made in aggregate and you don't have to account for each asset individually.
  • Buyers looking for individual asset lease accounting: If you lease out different categories of assets that have different start and end dates, such as buildings or apartments, you can use a solution that supports lease accounting for individual assets. In this type of software, transactions are individually reported for each asset on a lease contract. As it involves diverse assets, making aggregate calculations, in this case, is a complex task.

Benefits of lease accounting software

By now you understand the core features of lease accounting software and its buyer types. Now let's look at some key benefits that will be of value to you:

  • Reduce unnecessary costs: The tool offers features that help you track variable expenses to ensure you don't pay for unnecessary costs. The tool also helps track critical dates in the absence of which your organization may continue to pay for expired leases.
  • Reduce errors: As opposed to spreadsheet-based lease accounting, the software automatically keeps track of the required financial fields to ensure accurate calculations. Data can also be extracted from any chosen field and populated directly into the formulae, which further increases accuracy.
  • Improve compliance: Lease accounting software helps simplify the transition to new accounting standards and helps comply with evolving regulations by allowing users to update lease disclosure regularly. This helps ensure the accuracy and relevance of lease data as users can be sure that the data is current.

Key considerations when buying lease accounting software

As the last step to purchasing lease accounting software, you need to keep a few additional things in mind:

  • Integration with ERP tools: It's advisable to check if the software supports integration with enterprise resource planning (ERP) systems. In case of a change in lease terms and conditions or changes in user decisions because of termination or extension, lease liabilities and right-of-use assets can go through multiple remeasurements. The impact of these changes reflects on the balance sheet and if regulations change, it will be difficult and risky to carry out a last-minute customization.
  • Deployment: You will need to consider the deployment options available based on your business requirements. If you select on-premise software, you will need to evaluate the complexity involved in installing, maintaining, upgrading, and backing up the software. You will also need to consider if your IT resources are sufficient for deploying the software. If you select a cloud-based solution, you will need to evaluate the vendor based on their data storage capabilities, security policies, and the professional services offered.
  • Reviews: Apart from the functionality your chosen software offers, it's advisable to check vendor reviews and choose a vendor with a good track record of offering help with implementations, data management, and customer support. You should also check if the vendor is financially stable or backed by a large firm and can support long-term data management and operations.

If you wish to further understand the features and benefits of lease accounting software, you may fill out this form for an obligation-free consultation. Our advisors will understand your requirements and guide you in shortlisting the options most suitable for your business.

Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.