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3 Things to Consider When Selecting a Lease Accounting Software

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Odessa Leasewave

The Financial Accounting Standards Board (FASB), in 2016, recommended many changes in financial reporting on leases and gave time until 2019 for businesses to adopt the new model. It is 2019, and how far are you in the process of adapting to the new specifications and requirements?

 

The complex calculations and reports of the new system make it difficult to work out all the details in the company balance sheets. Your best option would be to choose a lease accounting software that comes with all these new requirements inbuilt into the system. The lease management system will allow you to seamlessly transfer your lease reporting, financials, and tracking to the digital platform, which will only benefit your business in the long run.

 

Here are three points that you need to carefully consider before you select a lease accounting software that will be perfect for your business.

 

  1. Can the new system be integrated with the existing ERP system?

If you have an ERP system for other processes, you need to look for a lease management software that seamlessly integrates with the current system. The new software should have the ability to connect with your existing digital data source and also transfer the lease reports to the existing platform.

 

  1. Check for maintenance costs, hidden costs and upgrade charges

When you bring a new software application into your system, you may have to spend on hiring staff to work on the new system or set up the infrastructure that is compatible with the lease management system. Apart from this, there could be hidden maintenance charges and upgrade fees that could rock your budget. Compare the pricing as well as maintenance and infrastructure costs of using different finance leasing software programs before you finalise on one. You can even have the vendor give you a demo so that you are very clear about investing in the accounting platform.

 

  1. Think of a long-term relationship

The current changes in the lease reporting system have come after 40 years. So, we can safely assume that the new set of standards will be in place for a long time. Look for a service provider who has an established track record with long-term data management and operations. The vendor should also offer installation, maintenance, and customer support services.

 

Odessa offers LeaseWave, a top-notch lease management software loaded with enterprise-class features. The platform has the flexibility to create tailored solutions for your industry requirements. Contact us, and we will help you find the best lease accounting system perfect for your business model and requirements.

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