Businesses normally perform accounting so as to understand their financial and operational positions. Accounting is a process through which the businesses identify, analyze, categorize, verify, interpret and present financial information. Also known as bookkeeping, this process occurs in a systematic way.
There are any types of accounting and one of these is lease accounting. This is financial management for the buildings or equipment which a business utilizes. Enterprises can use lease accounting software to manage the associated outflow of cash.
Best 5 Lease Accounting Software
1. Freshbooks
This is the best lease accounting software. FreshBooks makes it possible for businesses to perform efficient and effective billing. It has a simple and intuitive user interface. Therefore, accountants can quickly learn how to operate it for lease accounting tasks. This digital accounting tool is capable of creating professional financial documents. In addition to that, it can automatically perform tasks such as invoicing, tracking accounting periods and expense organization. FreshBooks also facilitates easy and efficient client follow up.
This accounting software is based on the Cloud. Therefore, you can access lease accounting data from any location worldwide. You can try it out for free over a 30 day trial period. After that, you have to make some affordable payments to keep using this FASB lease accounting software.
Pros
- It is affordable
- This software is based on Cloud infrastructure hence easy access to data
- It has a simple and intuitive user interface
- The software can perform accounting tasks automatically
- It allows for easy follow up of clients
Cons
- It cannot be integrated with other accounting software tools
2. LeaseAccelerator
This is specialized software which is developed to perform lease accounting. LeaseAccelerator is compliant with global accounting standards. It also assists you to perform efficient lease management by automating processes such as buyouts, renewals and terminations.
The software delivers access to a sub-ledger and a lease-accounting engine that spans the globe. By using LeaseAccelerator, you can perform asset level accounting and activate modifications in the middle of accounting periods. This software tool is also capable of reporting for disclosure purposes through processes such as amortization, payment schedules and reporting of maturity analyses. You can try it out through a personalized, free demo. After that, you have to pay a fee so as to use it further.
Pros
- This software is compliant with global accounting standards
- It performs lease accounting processes automatically
- This software, you can access a global lease-accounting engine
- It can create financial reports efficiently
- You can try it out through a free demo
Cons
- It is expensive
3. CoStar Real Estate Manager
This is a dedicated software solution that makes it easy and straightforward to perform lease accounting. CoStar Real Estate Manager makes it easy for businesses to perform property accounting that complies with global standards. The digital tool is capable of analyzing and categorizing leases for the purpose of new agreements. It is also capable of automatically calculating the percentage obligations for rent as well as adjusting costs that are indexed.
By using CoStar Real Estate Manager, you can also process taxes automatically. This lease accounting software ASC 842 can also add entries into your business accounting journal. As such, it is a versatile, multi-purpose lease accounting software.
Pros
- It is built specifically for lease accounting
- The software is compliant with global accounting standards
- It can automatically calculate lease accounting elements such as rent obligations
- This software tool can assist with processing taxesY
- can use it to create a customized business accounting journal
Cons
- The demo and paid product require lengthy bureaucratic processes
4. Appfolio
Built ideally to assist with lease accounting for businesses that own or rent property, this software allows you to make informed decisions by providing accurate, real-time financial reports. Appfolio is based on Cloud infrastructure. Therefore, business owners can gain access to enterprise performance metrics, keep an eye on maintenance numbers and communicate with stakeholders from anywhere in the world.
Appfolio provides business owners with the option to pick from a single-family or multifamily residential property management structure. It is especially helpful for businesses that own properties for lease. The software can be manipulated through a smartphone application. In addition to that, you can experience it through a demo version. Once the trial period is over, you have to begin making payments for more lease accounting software solutions.
Pros
- This software provides accurate financial reports automatically
- It is built on Cloud infrastructure hence you can access lease accounting data at any time
- The software equips business owners with access to a variety of financial accounting statements
- It can be manipulated through a smartphone application
- You can use it for free through a demo version
Cons
- Its best features are behind the pay wall
5. Leasequery
Developed specifically for lease accounting, this is an excellent software tool that complies with the required accounting standards. Leasequery assists accountants to avoid making errors during financial reporting. The software accomplishes this by making use of automation and relying on approved Information Technology (IT) strategies.
This software is quite versatile. Therefore, it can be used by both real estate professionals and accountants as well. Furthermore, it can manage both real estate and equipment leases. Leasequery can automatically determine the effects of new accounting regulations on your lease portfolio and also generate lease postings that are completely error-free. To experience its benefits, you can register for a free demo. Once its trial period is over, you are required to make payments.
Pros
- This software is compliant with lease accounting regulations
- It utilizes automation to enable error-free financial reporting
- It is a versatile software that can be used for real estate and equipment leasing as wellT
- software can determine the effects of regulation on your lease portfolio automatically
- You can use it for free through a demo
Cons
- Many of its powerful features require payment before access
It is important to ensure that you perform responsible accounting of your lease agreements. This is especially important for businesses because this industry is governed by universally accepted accounting standards. The software tools indicated above are the best for this purpose. They can ensure accurate, timely, reliable and flexible lease accounting practices.