{"id":28949,"date":"2021-04-27T05:01:42","date_gmt":"2021-04-27T12:01:42","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=28949"},"modified":"2021-04-29T07:51:57","modified_gmt":"2021-04-29T14:51:57","slug":"lease-accounting-software","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/lease-accounting-software\/","title":{"rendered":"Lease Accounting Software"},"content":{"rendered":"<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing processes. As per the new <\/span><span style=\"font-family: 'Calibri',sans-serif;\">lease accounting standards<span style=\"color: #0e101a;\">, assets and liabilities need to be recognized by lessees in the balance sheet. The aim is to make reporting more transparent and allow companies to ascertain the nature of lease transactions. <img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-28950\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/04\/Yardi-Corom-lease-management-software.jpg?w=300\" alt=\"\" width=\"300\" height=\"200\"><\/span><\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Transitioning to&nbsp;<strong><span style=\"font-family: 'Calibri',sans-serif; font-weight: normal;\">lease accounting software will help your business achieve compliance without hassle<\/span><\/strong>. <\/span><span style=\"font-family: 'Calibri',sans-serif;\">A lease accounting software <span style=\"color: #0e101a;\">is a great tool to do calculations, produce journal entries and automate reporting compliant with the new <\/span><\/span><a href=\"https:\/\/www.ifrs.org\/issued-standards\/list-of-standards\/ifrs-16-leases\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: 'Calibri',sans-serif;\">IFRS 16 standards<\/span><\/a><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">The <\/span><a href=\"https:\/\/www.yardi.com\/blog\/technology\/choosing-software\/21212.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: 'Calibri',sans-serif;\">selection and implementation process for a software<\/span><\/a><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\"> can be a time-consuming endeavor. There are, however, certain criteria businesses can investigate to determine the best lease accounting software for their needs.<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">You should be clear on the software\u2019s data gathering and reporting capabilities, its cost-effectiveness, and the different benefits you will enjoy after the successful implementation of the software.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Here are some of the features you should look for when reviewing lease accounting software providers.<\/span><\/p>\n<p><strong><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Compliance with IFRS disclosure requirements<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">There are many software solutions on the market promising different sets of features to ease IFRS 16 implementation. However, you must choose a software that helps in meeting all disclosure requirements.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">The new standards demand more disclosures in the form of right-of-use assets, interest expenses, and information regarding the outflow of leases. A good lease accounting software should develop all disclosure reports as and when the company needs them.&nbsp;<\/span><\/p>\n<p><strong><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Look for maximum accuracy and flexibility of the software solution<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif;\">IFRS 16 standards<span style=\"color: #0e101a;\"> are very complex. A manual fixing of such complexities would take a lot of time, resources and may lead to errors. To prevent this, software solutions should have configurations that support data features that make the process easy.&nbsp;<\/span><\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">A company generally has a large lease portfolio. To maintain accuracy after every change operated by different stakeholders, internal control needs support. An advanced lease accounting software solution will help with the data entry validation mechanism and provide role-based access for optimal results.<\/span><\/p>\n<p><strong><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">A centralized data repository for easy collaboration<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">A large amount of lease data is one of the most difficult things to handle by account managers. A lease management software solution with a centralized data repository will not only save time but money, as well. It makes it easy for employees of different departments to access the information on the platform.&nbsp;<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Additionally, access should be granted to only those who need it, with complex data security protocols and security standards.<\/span><\/p>\n<p><strong><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Notifications and alerts are key<\/span><\/strong><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">As mentioned before, the lease portfolios of some companies are large. Thus, manually managing each facet of the contracts is a tedious task. It may include payment dates, renewals, events, etc. With lease software solutions, you can send automated notifications and get alerts for every important date or event in your lease contracts.<\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Making the transition to new standards takes time and effort. But it can be done at ease with <\/span><span style=\"font-family: 'Calibri',sans-serif;\">a powerful lease accounting software solution and the right support<span style=\"color: #0e101a;\">. <\/span><\/span><a href=\"https:\/\/www.yardicorom.com\/lease-accounting-software\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: 'Calibri',sans-serif;\">COROM Lease Management<\/span><\/a><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\"> from Yardi is a great lease accounting software solution that can help you implement IFRS 16 standards. <\/span><\/p>\n<p><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">Visit&nbsp;<\/span><a href=\"https:\/\/www.yardicorom.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: 'Calibri',sans-serif;\">www.yardicorom.com<\/span><\/a><span style=\"font-family: 'Calibri',sans-serif; color: #0e101a;\">&nbsp;for more details.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing processes. As per the new lease accounting standards, assets and liabilities need to be recognized by lessees in the balance sheet. The aim is to make reporting more transparent and allow companies [&hellip;]<\/p>\n","protected":false},"author":442,"featured_media":28950,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[945,2970,2972,2969,2971],"class_list":["post-28949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-compliance","tag-ifrs-16","tag-lease-accounting","tag-lease-management","tag-yardi-corom"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/lease-accounting-software\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lease Accounting Software\" \/>\n<meta property=\"og:description\" content=\"Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/lease-accounting-software\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-27T12:01:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-29T14:51:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/04\/Yardi-Corom-lease-management-software.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yardi Blog Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yardi Blog Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/lease-accounting-software\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/lease-accounting-software\/\",\"name\":\"Lease Accounting Software - 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