The Best Lease Accounting Software
We’ve reviewed the top lease accounting software on the market, evaluating features such as compliance with FASB ASC 842, GASB 87, and IFRS 16. Whether you manage a commercial real estate portfolio or equipment and vehicle leases, we can help you find a system that fits your business.
- Role-based access
- FASB ASC 842, IFRS 16, and GASB 87 reporting
- Integrates with NetSuite, Sage Intacct, and Acumatica
- Bi-directional API for ERP and BI integrations
- Compliant with ASC 842, GASB 87, and IFRS 16
- Customizable reporting engine
- Fast implementation time compared to similar products
- Simplifies lease data input processes
- Custom pricing built for CPA firms
Lease accounting software auto-calculates, tracks, and provides reports of lease liabilities and assets. We’ve examined 20+ providers across seven metrics to help CFOs and accountants meet ASC 842, IFRS 16, and GASB compliance requirements.
Our advanced review methodology considers factors such as usability, support, scalability, security, value, performance, and the range of features offered.
- LeaseQuery: Best Overall
- Visual Lease: Best for Large Portfolios
- Crunchafi: Best for CPAs
- Spacebase: Best for Finance & Real Estate Teams
- MRI ProLease: Best for Global Lease Accounting
- Occupier: Best for Commercial Real Estate
- Trullion: Best for Large Accounting Firms
- Black Owl Lease Accounting: Best for Lessee & Lessor Accounting
- EZLease: Best for Equipment Leases
- Leasecake: Best User Interface
- LeaseAccelerator: Best for Enterprises
LeaseQuery - Best Overall
LeaseQuery from FinQuery was purpose-built by accountants for lease accounting. It works best for retail chains, franchises, corporate tenants, and healthcare companies with over ten leases. Overall, LeaseQuery is adept at accurate amortization schedules and journal entries
We like that LeaseQuery allows you to quickly generate reports based on attributes like location, lease type, and square footage. Additionally, the platform offers role-based access and locked journal entries to keep your company compliant with FASB ASC 842, IFRS 16, GASB 87, and GASB 86.
LeaseQuery integrates with ERP systems like Acumatica, Sage Intacct, and NetSuite to improve your accounting intelligence and reporting. However, it can be difficult at times to change lease details after approval. And lease lookup can be tricky, particularly if you don’t have specific details to input into search.
Visual Lease - Best for Large Portfolios
Visual Lease offers an extensive and customizable reporting engine to better manage enterprise-level real estate or equipment portfolios. The system automates report creation for several key reports, such as journal entries, payment schedules, and amortization tables. This helps you create accurate FASB ASC 842-compliant reports with one click, consolidating data from hundreds of properties.
The reporting engine can be customized anytime, allowing you to configure fields to your exact specifications. For example, you can tailor a report to focus on a specific lease type, like commercial office buildings. This helps your accounting team accurately consolidate lease liabilities and right-of-use assets across your portfolio.
Visual Lease sets itself apart from other reporting modules through its API, which offers extensive integration options. It syncs with major ERP systems like Microsoft Dynamics 365 and SAP Cloud ERP. Other integrations can include any BI tools you use, enabling a bi-directional data flow. Journal entries, schedules, and lease modifications export directly into your financial systems, so your general ledger stays in sync with your lease data.
Crunchafi - Best for CPAs
Crunchafi, formerly LeaseCrunch, provides step-by-step lease calculation wizards that comply with major lease accounting standards, including ASC 842, IFRS 16, FRS 102, and GASB 87, 94, and 96. It also covers GASB 94 for public-private partnerships and GASB 96 for subscription-based IT arrangements.
Crunchafi makes it easy for accounting firms to organize client lease data in a single central system. It provides a shared dashboard that lets clients enter their own leases, while role-based permissions control what each user sees.
CPAs can also generate and download audit-ready reports using the report center. These include journal entries, footnote disclosures, or amortization schedules. The audit trail helps you eliminate accounting errors and always provides your clients with accurate information. Crunchafi also provides annual SOC 1 Type II and SOC 2 Type II reports, so you can show clients the controls behind your calculations and data security.
Crunchafi offers per-lease pricing with custom plans built exclusively for CPA firms, featuring flexible billing and no fees for modifications or remeasurements. Companies can start with the pay-as-you-go Starter plan, move to the Professional plan to get discounts on upfront commitments, or get custom Enterprise pricing for portfolios of 50+ leases. That flexibility makes it a practical fit for small to midsize CPA firms that need cloud-based lease automation for their clients.
Spacebase - Best for Finance & Real Estate Teams
Spacebase is designed for organizations that need lease accounting alongside operational lease administration. Finance teams can manage ASC 842, IFRS 16, and GASB 87 schedules, modifications, journal entries, and disclosures while real estate teams maintain the underlying lease documents, terms, and obligations. This makes Spacebase a great fit for lean, cross-functional teams looking to replace disconnected spreadsheets or legacy systems.
It handles complex arrangements such as subleases, CPI escalators, and master leases. Upload a lease, and Spacebase’s abstraction service pulls renewal options, rent tables, and CPI clauses to prep schedules for calculation. From there, the embedded schedule generator allows you to fine-tune frequencies and patterns, whether fixed, step-up table, CPI-linked, or usage-based. This means changes flow directly into your amortization and liability computations.
Plus, its expense allocation tools map pass-through costs like CAM and property taxes to the correct accounting periods, auto-post accruals, and create export-ready entries for your general ledger. You can tag each charge as billable or payable or choose a rule, and Spacebase auto-schedules the cash flow, posts the accrual, and generates an export-ready invoice.
Spacebase is a great option for companies seeking to comply with ASC 842, IFRS 16, and GASB 87 lease accounting standards. However, some users reported needing better help guides and documentation while learning the system. Pricing for Spacebase requires a custom quote based on selected modules, lease portfolio requirements, and your implementation scope.
MRI ProLease - Best for Global Lease Accounting
MRI ProLease helps multinational organizations manage lease accounting across different entities, regions, and accounting standards. It supports compliance with the most popular U.S. and international standards, including ASC 842, IFRS 16, and GASB standards.
We like how its AI-powered lease abstraction helps global accounting teams intake complex lease agreements at scale and standardize them across multiple currencies and languages. The system then automatically extracts key lease details such as payment schedules, renewal options, and obligations. Once a lease is onboarded, the data flows automatically into amortization schedules, monthly journal entries, and disclosure reports. If a lease is amended due to a change in terms or payments, ProLease automatically recalculates the downstream accounts to reflect the changes. This reduces the need for any spreadsheets or manual rework.
MRI ProLease Enterprise is not a lightweight lease accounting tool, and some users report a steep learning curve due to its complexity and a slightly dated interface when compared to newer platforms. That said, once teams are fully onboarded, ProLease is considered one of the most reliable options for managing lease accounting at scale. MRI also offers ProLease Direct, an all-in-one lease accounting and administration option, and ProLease Central for lease administration across real estate and equipment portfolios.
Occupier - Best for Commercial Real Estate
Occupier is built for commercial tenants managing as few as 30 to a few hundred leases, giving accounting teams and outsourced CPAs one place to stay compliant with ASC 842, IFRS 16, GASB 87, and FRS 102. Its lease accounting engine takes every key term from your commercial leases, like commencement dates, payment schedules, and renewal options, and converts them into automated amortization schedules and monthly journal entries.
The engine continuously scans your lease data. When your real estate team changes a commencement date, adjusts terms, or makes amendments, Occupier instantly reprocesses the affected journal entries and schedules. From there, it updates right-of-use assets and liabilities, keeping your books accurate and audit-ready across multiple entities and locations.
Occupier also generates the disclosures auditors look for, including footnote disclosures, roll-forwards, maturity schedules, and weighted-average metrics. However, its only pre-built ERP integration is with NetSuite. Other systems like SAP, Oracle, and Sage rely on journal entry exports, and custom integrations and SSO are limited to Enterprise plans.
Trullion - Best for Large Accounting Firms
Trullion is our top choice for growing and large accounting firms, in part due to its AI-driven insights into lease portfolios and financial impacts. Its AI technology complies with ASC 842, IFRS 16, and GASB 87 standards. Additionally, Trullion calculates the incremental borrowing rate (IBR) instantly across various regions, asset classes, and currencies.
We particularly like Trullion’s AI tools, which generate accurate journal entries, amortization schedules, and disclosure reports. The system automates audit logs to verify and track changes for internal and external stakeholders. Additionally, Trullion can report under IFRS 16 and ASC 842 from a single contract record, and every journal entry and disclosure links back to its source document for faster audit review.
However, our research indicates that some users desired more robust customization in Trullion. Specifically, they wanted more capabilities catering to specialized accounting needs. Also, the onboarding process can be complex and time-consuming for extremely small teams.
Black Owl Lease Accounting - Best for Lessee & Lessor Accounting
Black Owl Software offers a streamlined lease change tool that makes it easy for CPAs to quickly make modifications. You can modify fields like asset adjustments, associated fees, pay frequency, or amount within any lessee detail. This gives you total control over every agreement throughout the entire lifecycle. Plus, the user-friendly interface makes it easy to navigate and get tasks done faster.
Once changes are made, they go through an approval workflow, so nothing slips through the cracks. Black Owl keeps a reliable audit trail for every lease change, so any mistakes can be traced back and accounted for.
Black Owl is a great option for both lessee and lessor accounting, complying with ASC 842, IFRS 16, and ASPE 3065. However, the system is not GASB 87 compliant, so governments and public-sector organizations may need to look elsewhere. Pricing is based on your number of leases, and there are different packages to support companies of all sizes. Every plan includes unlimited users.
EZLease - Best for Equipment Leases
EZLease is well-suited for larger organizations managing a substantial number of leases. It ensures compliance with intricate accounting standards while offering bulk lease data uploading features, automated validations, and custom report generation. This makes EZLease a compelling choice for equipment leases, where maintaining accuracy and efficiency in lease accounting is crucial.
Additionally, EZLease is proficient at managing various lease types, including fair market value, bargain purchase options, SBITA, and TRAC leases. It also handles end-of-term lease events like renewals, buyouts, and returns. The software’s extensive range of over 15 pre-built accounting and disclosure reports minimizes manual effort for generating reports across a company’s lease portfolio.
EZLease facilitates compliance with lease accounting standards, but the process for extending or revising leases isn’t always intuitive. The Essential plan is free and supports up to five leases for two users, which may not suffice for larger operations with many equipment leases. Paid plans start at $4,000/year, though you’ll need a custom quote for exact costs.
Leasecake - Best User Interface
Leasecake offers an easy-to-use user interface that helps mid to large-sized companies navigate high data volumes fast. You can configure customizable dashboards that help you view KPIs at a glance to help make informed decisions without sifting through spreadsheets or reports. KPIs can include upcoming renewals, compliance deadlines, and contract information. This can save you and your team a ton of time, especially when managing tens or even hundreds of assets.
Additionally, Leasecake can help you keep track of all of your assets from a central hub. Because if you managed leased assets, like vehicle fleets or manufacturing equipment, they still fall under ASC 842 and IFRS 16’s right-of-use (ROU) recognition rules. So for high volumes, the system’s assets module streamlines the processes of classification, status, and accounting. The intuitive navigation makes it easy to set filters, drill into individual items, and input all essential info.
Leasecake has a scalable architecture, which is best for organizations with 30 to 200 commercial locations in retail and food and beverage. It offers a pricing plan that adjusts based on the number of locations you have. However, if you need just standalone accounting, you may want to look at something like Spacebase, since you need the base lease management platform before purchasing the accounting and asset management add-ons.
LeaseAccelerator - Best for Enterprises
LeaseAccelerator, now part of Insight Software, is a good fit for large organizations managing high volumes of real estate and equipment leases across multiple countries. The software offers detailed reporting capabilities for global operations. These include full reports for lease data, accounting, and management, with many built-in controls that ensure data integrity and compliance.
Overall, LeaseAccelerator streamlines lease management throughout its lifecycle and ensures compliance with both US GAAP and IFRS standards. We particularly like its asset-level accounting and audit trail documentation, useful for audit readiness. It simplifies real estate lease administration with centralized contract management, rent payment tracking, and the ability to monitor contract modifications and rent changes.
However, our research shows that many users found the implementation process time-consuming and resource-intensive. They also recommended thorough training, as LeaseAccelerator is feature-rich. Fortunately, LeaseAccelerator University offers role-based training and hands-on practice environments to help new users get up to speed.
Other Systems We Like
iLeasePro is another solid lease accounting system for small to mid-size companies. It’s compliant with GAAP and ASC 842, though it’s not suitable for large public companies with 500+ leases in their portfolio. It offers an easy-to-use system with document management, financial reporting, and KPI dashboards.
What is Lease Accounting Software?
Lease accounting software is a specialized financial management system that helps businesses comply with lease accounting standards like ASC 842, GASB 87, and IFRS 16. These systems will automate the tracking, calculation, and reporting of leased assets, liabilities, and disclosures for both lessees and leesors.
It is primarily used by accountants, CFOs, real estate professionals, and consultants to replace manual spreadsheets and determine which leases must appear on the balance sheet. Lease accounting software typically works alongside lease management solutions to track lease details, automate renewals, and manage terminations or buyouts.
Key Features
| Feature | Description |
|---|---|
| Centralized lease database | A centralized database stores all lease-related data, such as asset-level terms, payment schedules, location details, and critical dates. This ensures everyone is working off the same up-to-date data. |
| Lease liability calculations | Automatically calculate right-of-use (ROU) assets and lease liabilities in accordance with accounting standards. Software handles complex variables like lease terms, payment frequency, and discount rates. |
| Compliance with lease standards | Ensure every lease is reported in accordance with ASC 842, IFRS 16, or GASB 87. Software supports proper classification, journal entries, and disclosures required for full compliance. |
| Automatic notifications | Get alerts for upcoming renewals, expirations, required reassessments, and other critical lease events. Notifications help prevent missed deadlines and ensure timely accounting updates. |
| ERP and software integrations | Integrate directly with your general ledger, ERP, or accounting system to automate journal entries, reduce manual input, and keep financial records synchronized across platforms. |
| Footnote disclosures | Generate standardized reports and disclosures for financial statements, including roll-forward tables, maturity analyses, and weighted average calculations required by auditors and regulators. |
| Document management | Store and organize lease contracts, amendments, and supporting files in one place with version tracking and audit trails. Easily retrieve documents for review, compliance, or internal records. |
| Reporting and dashboards | Visualize key metrics such as lease obligations, asset balances, and compliance status through built-in dashboards. Reporting tools provide real-time insights into portfolio performance, audit readiness, and financial impact. |
Lease Accounting Standards
Your lease accounting solution will ensure that existing and new leases are reported correctly in accordance with various domestic and international accounting standards. Three of the most widely used standards are FASB ASC 842, IFRS 16, and GASB 87.
FASB ASC 842
The Financial Accounting Standards Board (FASB) issued ASC 842 through ASU 2016-02 to replace ASC 840. Lease accounting systems help create ASC 842-compliant reports, including amortization of right-of-use (ROU) assets, cash flows, interest on lease liabilities, variable lease costs, complete disclosure reports, and more.
The biggest change from ASC 840 is that operating leases now go on the balance sheet. Lessees record an ROU asset and a lease liability for both operating and finance leases. Leases with a term of 12 months or less can stay off the balance sheet, but only if you elect the short-term lease exemption, an optional accounting policy you set by class of asset.
ASC 842 also replaced the term “capital lease” with “finance lease.” A lessee classifies a lease as a finance lease if it meets any one of the five criteria below. If it meets none, it’s an operating lease.
| Criteria | Finance lease if… |
|---|---|
| Transfer of ownership | The lease transfers ownership of the asset to the lessee by the end of the lease term. |
| Purchase option | The lessee is reasonably certain to exercise an option to purchase the asset. |
| Lease term | The lease term covers the major part of the asset’s remaining economic life. |
| Present value | The present value of the lease payments plus any residual value guaranteed by the lessee equals or exceeds substantially all of the asset’s fair value. |
| Specialized asset | The asset is so specialized that it has no alternative use to the lessor at the end of the term. |
ASC 842 doesn’t set hard cutoffs for “major part” or “substantially all,” but many companies use 75% of economic life and 90% of fair value as reasonable benchmarks.
Public companies adopted ASC 842 for fiscal years beginning after December 15, 2018. After two deferrals, private companies adopted it for fiscal years beginning after December 15, 2021.
IFRS 16
IFRS 16 is the lease standard from the International Accounting Standards Board (IASB), effective for reporting periods beginning on or after January 1, 2019. It replaced IAS 17, under which many operating leases stayed off the balance sheet. Lease accounting software ensures your reports comply with these international standards.
For lessees, IFRS 16 uses a single model with no operating and finance distinction. Nearly every lease creates an ROU asset and a lease liability and is accounted for much like a finance lease under ASC 842. Lessors still classify each lease as operating or finance.
Lessees can also elect two optional exemptions. The short-term exemption covers leases of 12 months or less, and the low-value exemption covers assets of low value when new. IFRS 16 doesn’t set a dollar threshold, but assets worth about $5,000 or less when new, such as laptops and small office furniture, are commonly treated as low-value. Lessee that use either exemption still disclose the related lease expense.
GASB 87
GASB 87 is a standard issued by the Governmental Accounting Standards Board (GASB). It applies to US state and local government entities, including public universities, school districts, and municipalities. Lease accounting software helps these organizations generate GASB 87-compliant reports, including right-to-use lease assets, lease liabilities, amortization schedules, and required note disclosures.
Unlike ASC 842, GASB 87 takes a single-model approach and eliminates the distinction between operating and capital leases. Any lease with a maximum possible term greater than 12 months, including options to extend, is treated as a financing arrangement, with the lessee recognizing an intangible right-to-use asset and a corresponding lease liability. Lessors report a lease receivable and a deferred inflow of resources.
Portfolio-Level vs. Asset-Level Lease Accounting
Lease accounting software can account for leases individually at the asset level or in groups at the portfolio level. Asset-level accounting tracks each leased asset separately. That matters because ASC 842 and IFRS 16 require you to identify and separate each lease component in a contract. For example, a single contract covering several offices with different start dates may contain multiple lease components, each needing its own calculations.
Portfolio-level accounting groups similar leases, like a batch of copiers on identical terms, and accounts for them together. Both ASC 842 and IFRS 16 allow this approach when the results wouldn’t differ materially from accounting for each lease on its own. Look for software that supports both, so you can separate components where the standards require it and group similar leases where it saves time.
Lease Management Software
Lease accounting software often integrates with lease management and administration software to form an all-in-one solution. The lease management system helps you track and maintain lease portfolios, tenants and customers, documents, deadlines, and more.
Lease data stored within the system can be updated easily. Important information like lease term length, rate, expiration, and tenant or customer information is stored within the solution. Lease contracts and other important documents can also be added, so you can easily pull them up as needed.
The system will automatically notify you of upcoming deadlines and other important dates. For example, if a payment is missed or a lease contract is coming up for renewal, the system will send you a notification.
Lease Accounting vs. Lease Management
Many solutions also include lease management as part of the accounting system. Lease accounting software allows you to create reports for public financial disclosures, as well as record income and expenses. Lease management software, on the other hand, tracks lease details and automates lease renewals, termination processes, and buyouts. Having both lease accounting and management in one system ensures you meet all accounting standards and keep track of lease terms in one place. The system can automatically update the accounting side when leases are signed, renewed, or ended.
Types of Leases
Lease accounting software is beneficial to anyone who rents out their assets. Some leases you can manage with lease accounting software include:
Residential and Commercial Real Estate Leases
Real estate lease accounting software tracks rental income from commercial properties, apartments, duplexes, and other property rentals. The system also stores lease agreements so you can keep track of agreed-upon terms. The software also notifies you of late payments, contract terminations, and lease renewal deadlines.
All-in-one property management software can also be used for commercial or residential real estate leasing. These solutions handle accounting, tenant management, work order management, and more.
Equipment Leases
Advanced lease management software can include features like GPS tracking and asset management. These allow you to track the location of your equipment in real time. The condition of your equipment is also stored within the system. Knowing when your equipment was serviced and important upcoming dates for preventative maintenance will keep it running longer.
Industry-specific software is also available, including equipment rental software and fleet management software. These solutions feature lease management, accounting, asset tracking, and more.
Employment and Service Contracts
Lease accounting software helps businesses keep track of income and expenses from contracted services. For example, small—to medium-sized businesses sometimes contract work through a professional employer organization (PEO), also known as an employee leasing company. The PEO contracts employees to help businesses with tasks like training, payroll processing, recruiting, and performance management.
The lease accounting software will track payments from the business for services rendered and contractual agreements. If money is spent on additional equipment for the service, those costs can be factored into the total cost for the final invoice.
Pricing Guide
Lease accounting software can start anywhere from $1,000 to $150,000+ annually. Pricing varies across four distinct tiers, each catering to different types and sizes of organizations.
Basic Tier ($1,000 - $5,000 per year)
- Target Market: Small retail businesses, independent landlords, and new startups with up to 10 leases. These users typically have straightforward lease management needs, often with several property or equipment leases.
- Common Use: Ideal for entities needing basic compliance and reporting without extensive customization or integration requirements.
Standard Tier ($5,000 - $30,000 per year)
- Target Market: Mid-sized companies in sectors like manufacturing, healthcare, and small to mid-sized commercial real estate firms. These companies often have 25-150 employees and manage 10 to 50 leases.
- Common Use: Suitable for businesses needing enhanced functionality to manage a moderate lease portfolio with greater emphasis on compliance, reporting, and operational efficiency.
Premium Tier ($30,000 - $150,000 per year)
- Target Market: Large entities in industries such as retail chains, extensive healthcare networks, and multinational corporations with anywhere from 150 to 500 employees and up to 200 leases.
- Common Use: These organizations typically face complex leasing scenarios and require comprehensive management, reporting, and analysis tools to support strategic decision-making across different regions and currencies.
Enterprise Tier (over $150,000 per year)
- Target Market: Very large or multinational enterprises with more than 500 employees and over 200 leases; these are generally in sectors such as global financial services, large-scale manufacturing, and international retail and hospitality groups.
- Common Use: Tailored for entities that manage extensive, global lease portfolios with sophisticated needs, including advanced compliance management, integration capabilities, and predictive analytics for forecasting and risk assessment.
