7 Best Lease Accounting Software For A Centralized Process

best lease accounting software

Having the best lease accounting software in your organization could make a positive change in your business endeavors. The effective management and minimization of financial risk associated with lease portfolios is achieved through the use of lease accounting software.

This software centralizes the processes and lifecycles of lease portfolios, automating previously manual tasks such as tracking journal entries, auditing each lease’s trail, and determining whether a lease is an operating or financing lease.

While lease accounting functionality has existed in some capacity within lease administration or real estate asset management software, its current form facilitates compliance with FASB and IASB regulations. Lease accounting software also prepares businesses for critical dates for financial audits and reviews.

Furthermore, it can integrate with ERP systems to automate the creation of general ledger journal entries and with existing POS and accounting systems to provide full visibility of the entire lease portfolio.

Here are 7 of the Best Lease Accounting Software for Estate Asset Management.

1. Trullion

best lease accounting software

The Trullion Platform utilizes AI to ensure the utmost accuracy and transparency in the automation and streamlining of lease accounting workflows. By eliminating manual errors and expediting ASC 842 & IFRS 16 compliance, Trullion’s lease solution guarantees efficiency. With the utilization of reliable and proven technology, Leases by Trullion can be swiftly implemented and seamlessly integrated into your operations, allowing you to focus on your core priorities.

Consolidate both structured and unstructured data within a single platform by extracting and categorizing essential information from lease contracts, regardless of their format. Effortlessly incorporate numerous PDF or Excel files with a single click and effortlessly modify lease data on a large scale, without burdening your team with additional tasks.

2. EZLease

best lease accounting software

EZLease offers user-friendly and efficient lease accounting software for ASC 842, GASB 87, GASB 96, and IFRS 16, guaranteeing adherence to long-term compliance regulations for both lessees and lessors in real estate and equipment leases.

With a track record of over 15 years, EZLease has successfully implemented its software in various private, government, and public organizations worldwide, regardless of their size. By streamlining lease data management, lease accounting, and reporting, EZLease provides customers with top-notch support and extensive accounting knowledge.

3. NetLease

best lease accounting software

The arrival of the new lease accounting standard requires businesses of all sizes to comply with extensive reporting obligations. NetLease provides a comprehensive lease reporting solution that enables informed decision-making for businesses of different sizes. This includes small enterprises with a limited number of leases, as well as large multinational organizations with complex international lease agreements.

By entering lease data into NetLease, users can easily generate automated and precise lease amortization schedules, along with necessary disclosures, with just one click. Whether preparing for audits or seeking financing, a simple and efficient lease accounting solution is crucial.

4. Leasecake

best lease accounting software

Leasecake offers a streamlined solution for lease management and accounting processes for retail and restaurant owners, as well as franchise operators. Our cloud-based software simplifies the organization of lease and location details, time-sensitive events, rent schedules, and documents into a single, user-friendly platform.

As a Software-as-a-Service provider, Leasecake caters specifically to small to medium-sized property owners and managers, with the goal of enhancing the real estate leasing experience.

Our commitment is to ensure that lease renewals and critical lease information are never missed, allowing our clients to focus on scaling their businesses. With our extensive industry expertise, Leasecake collaborates with retail and restaurant franchises to alleviate administrative burdens and facilitate business growth.

5. Occupier

best lease accounting software

Our lease management software, Occupier, offers a unique collaboration opportunity for tenants and brokers throughout the entire lease life cycle. It is a seamless platform that eliminates any friction for businesses. Our team at Occupier has integrated Lease Accounting, Lease Administration, and Transaction Management into one automated platform.

Our software solution empowers companies to make informed real estate decisions and comply with lease accounting standards. With Occupier, your teams can avoid costly errors, stay ahead of crucial decisions, and manage the entire lease lifecycle with ease.

6. Entrata

best lease accounting software

Streamline your lease accounting processes with Entrata, an advanced property management software. Utilize its user-friendly interface to effortlessly track lease payments and generate comprehensive financial reports.

Tailor your dashboards and reports to align with your unique needs, making Entrata the ideal solution for property accounting teams. Opt for Entrata to save time and optimize efficiency in managing your properties.

7. Rentastic

best lease accounting software

Rentastic is a comprehensive platform that offers a range of features to efficiently manage your rental properties. With user-friendly tools accessible on both mobile and desktop devices, you can easily handle your properties, monitor expenses, and maintain an organized approach.

By adding your properties to the system, you can manage pricing, financial information, and property details effortlessly. Moreover, you can link your bank accounts to categorize your financial data, making it easy to match them with your properties.

Alongside our financial investment tools, Rentastic allows you to accurately determine rental rates, calculate future property mortgages, and assess the suitability of a particular deal. Additionally, Rentastic simplifies the process of generating reports for tax season, ensuring a hassle-free experience.

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