When it’s time to pay the lease amount to the landlord, do you pay the agreed amount or go back and check the details of your lease agreement to calculate if the payment is right? The chances are that you are just going to transfer the lease amount and get back to work. In many cases, the details of the lease are privy to the higher management and the staff in the accounts may not know the fine print. The staff go ahead and make the payment. Do you know that you could have overpaid your lease by not checking the details?
Smart organisations choose the best lease administrating software that supports the new reporting and disclosure requirements for both the new ASC 842 (US GAAP) and IFRS 16 (international) standards. When you have a lease accounting software in place, you can save on your expenses.
How a lease administration software helps you save money!
Avoid unnecessary payments
When the terms of the lease are not accessible to those making decisions at the ground level, you will end paying for things you shouldn’t. For example, specific maintenance charges may fall under the landlord’s expenses as per the lease contract. If the staff in the payables have no idea of this fact, they may make the payment. The lease accounting software tracks all the key contract terms of your lease and compares it with the current status. In case of discrepancy between the agreed details and the current lease bill, the software will alert you, and you can take the right steps to sort it out.
Avoid paying inflated shares
As per the lease contract, certain maintenance charges will be divided amongst all the tenants in the building and could depend on the percentage of space you are occupying in the building. If the landlord adds a wing, your portion of the payment will vary. When you update the lease administration software with the updated information, it can calculate the amount and save you from paying more.
Avoid overpayments
Some landlords promise certain terms such as first-month free rent, cleaning, carpet changing and so on. The services may not be done by the landlord, or you may have done it yourself. In such case, you need to make sure you don’t overpay the lease as you’ve haven’t received all that you’re due for. The software helps you keep track of the payments and alerts you in case of overpayment.
Most companies go by the fact that the lease is a fixed amount of money that needs to be paid out at said intervals. However, as they miss these fine points, they end up losing more money on the payments. Use a smart lease administrating software and stop making those unnecessary payments.
Looking for customised lease accounting software solutions? Contact Odessa. We are pioneers in lease management solutions and can help you find a leasing software tailored for your business needs and requirements.
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That package will also allow you to do a National Tenancy Database check (with the option of purchasing more if needed), and will also include a ‘For Rent’ board.As with both packages, your rental will be listed until leased.
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As with all other portals, you do not need to create your listing on their website.
Once you have created your listing in Rent Street’s system, this will be exported to all sites simultaneously.
