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Best-in-Class Software Reviews Research
9.2
Editor’s Rating:
Best Overall
LeaseQuery
  • Role-based access
  • FASB ASC 842, IFRS 16, and GASB 87 reporting
  • Integrates with any ERP
8.8
Editor’s Rating:
Best for Real Estate Management
Visual Lease
  • Intuitive and easy to use
  • Compliant with ASC 842, GASB 87, and IFRS 16
  • Modules for additional portfolio compliance
9.0
Editor’s Rating:
Best for Long-Term Compliance
EZLease
  • Covers equipment and real estate assets
  • ASC 842, GASB 87, GASB 96 and IFRS 16 compliant
  • Customer-first support

1 LeaseQuery - Best Overall

LeaseQuery is a lease accounting software solution. Essential features include error-free amortization schedules and journal entries, critical date alert setting, and data entry validation. Role-based access and locked journal entries keep your company compliant with FASB ASC 842, IFRS 16, and GASB 87.

Seamlessly integrate with any ERP to improve your accounting intelligence and reporting.

Best Overall:
LeaseQuery
★★★★★
★★★★★
(12)

Dashboard
Journal Entries
Reports
Amortization Schedule
Reports
Journal Entries
What We Like
Role-based access
FASB ASC 842, IFRS 16, and GASB 87 reporting
Integrates with any ERP
Overview
Client OS: Web

2 Visual Lease - Best for Real Estate Management

Visual Lease is an enterprise lease accounting administration software is designed for managing real estate and equipment leases. This web-based solution integrates with ERP systems to give you complete control over your business operations.

Manage and maximize every asset in your portfolio all in one place by using Visual Lease to maintain compliance with ASC 842, GASB 87, and IFRS 16 to be audit-ready at all times.

Best for Real Estate Management:
Visual Lease
★★★★★
★★★★★
(1)

Dashboard
Financials
What We Like
Intuitive and easy to use
Compliant with ASC 842, GASB 87, and IFRS 16
Modules for additional portfolio compliance
Overview
Client OS: Web

3 EZLease - Best for Long-Term Compliance

EZLease provides fast, simple, and easy lease accounting software for ASC 842, GASB 87, GASB 96 and IFRS 16 . Designed to ensure long-term compliance for lessees and lessors across equipment and real estate assets, EZLease manages and automates the lease data management, accounting, and reporting processes.

With over 15 years of implementations across private, government and public organizations of all sizes, EZLease has no implementation costs and guarantees long-term compliance in hours.

Best for Long-Term Compliance:
EZLease

Importing Spreadsheet Data
Lease Number Spreadsheet
Configuration for ASC 842 Compliance
What We Like
Covers equipment and real estate assets
ASC 842, GASB 87, GASB 96 and IFRS 16 compliant
Customer-first support
Overview
Price Range: $$
Client OS: Windows

What is Lease Accounting Software?

Lease accounting software keeps track of the income and expenses primarily involved in equipment and property rental businesses. The accounting system will track payments made, send invoices, and create financial reports. These solutions are most commonly used by real estate professionals and equipment rental companies that need to ensure their financial records comply with FASB and IASB standards.

Staying in line with the new FASB and IASB standards requires complex calculations to determine which leases need to be included on the balance sheet. Lease accounting software streamlines these calculations, ensuring you're reporting in compliance with each standard. Having an up-to-date solution will keep you compliant even as the standards change over time.

Many lease accounting solutions can also store lease data. This allows you to keep tabs on lease terms, renewal deadlines, and lessee contact and payment information.

Features of Lease Accounting Software

Feature Description
Financial Accounting Record rental income and business expenses.
Billing and Invoicing Create and send invoices for rental payments. Set up recurring invoices for regular payment installments.
Financial Reporting Create reports in accordance with ASC 842 and IFRS 16 standards.
Lease Management Store lease data including terms, asset descriptions, and lessee information.

Financial Management in Lease Accounting Software

Lease accounting software manages the financial side of your rental business. The system will keep track of all rental income. Payment schedules can be set up to be automatically withdrawn from the customer's bank account or charged to a credit card on a certain date. Additional charges can also be added for security deposits and late fees.

Lease accounting software also assists with budgeting. Rental businesses need to track expenses like bank fees, maintenance and repair expenses, legal fees, and more. The system will also track revenue from rental payments, late fees, and security deposits. Compare the estimated budget to your actual financials during a set period to ensure you're making a profit and meeting your financial goals.

Enhanced budgeting in SKYLINE Property Management
Enhanced budgeting in SKYLINE Property Management software.

Financial Reporting Standards in Lease Accounting Software

Your lease accounting solution will ensure existing leases and new leases are reported correctly in accordance with domestic and international accounting standards. Two of the most recognized standards include the FASB ASC 842 and IFRS 16.

FASB ASC 842

The Financial Accounting Standards Board (FASB) released an update to ASC 840 known as ASC 842. 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 cost, complete disclosures reports, and more.

Lease classification is very similar in the new FASB ASC 842 standard compared to ASC 840.

Both standards classify leases as either a financial lease (capital lease) or an operating lease. Previously, operating leases were not required to be recorded on the balance sheet. In ASC 842, any lease that has longer than a 12-month term limit needs to be reported on your balance sheet--including operating leases.

Defining an operating lease and capital lease under ASC 842:

  Operating Lease Capital Lease
Asset ownership is transferred to the lessee at the end of the term. No Yes
Option to purchase the asset for under fair market value after the lease term ends. No Yes
The lease term is a major part of the economic life of the leased asset. No Yes
The minimum lease payments are a substantial part of the asset's fair market value. No Yes

Public companies were required to implement the new standards from ASC 842 in December 2018, while private companies follow suit on December 15, 2019.

Accounting classification analysis in LeaseAccelerator
Accounting classification analysis in LeaseAccelerator.

IFRS 16

IFRS 16 is a new standard from the International Accounting Standards Board (IASB). Lease accounting software ensures your reports are compliant with these international standards. Under IFRS 16, assets valued over $5,000 and lease terms over 12 months must be included on the balance sheet. However, short-term leases and low-value assets need to be still be disclosed.

The IFRS 16 lease standard went into effect for reporting periods starting on or after January 1st, 2019. This standard replaced IAS 17 to improve balance-sheet transparency. Previously, many leases that were considered operating leases could be left off of the balance sheet, while finance leases were required. IFRS 16 treats almost all leases as finance leases and virtually removes lease classification.

IFRS 16 reports in LeaseQuery
IFRS 16 reports in LeaseQuery include amortization of ROU assets, cash flows, interest on lease liabilities, weighted average discount rates, and weighted average lease terms.

Portfolio-Level vs. Asset-Level Lease Accounting

Lease accounting software can record transactions on a portfolio-level or asset-level basis. In portfolio-level lease accounting, transactions for a single lease contract are reported as a whole. This type of accounting is ideal for leases with only one asset per contract.

Asset-level lease accounting keeps track of every individual asset stated on a contract. For example, one lease contract that contains multiple segments or offices within a building. Both ASC 842 and IFRS 16 require each asset within a lease contract to be included in financial statements.

Lease Management Software

Lease accounting software often integrates with lease management and lease administration software to form an all-in-one solution. The lease management system helps you keep track of 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 lease management in one system ensures you meet all accounting standards and keeps track of lease terms in one place. Your lease management system can automatically update the accounting side when leases are signed, renewed, or ended.

Lease renewal management in AMSI Property Management Solutions
Lease renewal management in AMSI Property Management Solutions.

Types of Leases to Manage with Lease Accounting Software

Lease accounting software is beneficial to anyone that 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 keeps track of rental income from commercial properties, apartments, duplexes, and other property rentals. The system will also store lease agreements, so you can keep track of agreed-upon terms. Lease software will also notify you of any late payments, termination of contracts, and lease renewal deadlines.

All-in-one property management software can also be used for either commercial or residential real estate leasing. These solutions handle accounting, tenant management, work order management, and more.

Equipment Leases

Advanced lease management software can have features like GPS tracking and asset management. This allows 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 your equipment running longer.

Industry-specific software is also available--these include 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 out work through a professional employer organization (PEO). The PEO, also known as an employee leasing company, contracts out 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, as well as contractual agreements. If money was spent on additional equipment for the service, those costs can be factored into the total cost for the final invoice.

All Products

No products found
iLeasePro Screenshot
iLeasePro is an intuitive, cost-effective, and accurate cloud solution that simplifies the transition to and adoption of the ASC 842 Lease Accounting standard changes for Lessees. @youtube The key benefits of iLeasePro include: Automatically create ASC…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/month
Client OS
Web
Deployment
Cloud Hosted
LeaseQuery Screenshot

LeaseQuery

★★★★★
★★★★★
(12)
LeaseQuery is a FASB ASC 842, IFRS 16, and GASB 87 lease accounting software solution. Essential features include error-free amortization schedules and journal entries, critical date alert setting, and data entry validation. With LeaseQuery, public and…
Client OS
Web
Deployment
Cloud Hosted
Visual Lease Screenshot

Visual Lease

★★★★★
★★★★★
(1)
Visual Lease is an enterprise lease accounting software and lease administration software in one that is designed for managing real estate and equipment leases. This solution integrates with ERP systems to give you complete control over your business…
Client OS
Web
Deployment
Cloud Hosted
LeaseAccelerator Screenshot

LeaseAccelerator

★★★★★
★★★★★
(2)
LeaseAccelerator helps clients manage the lease lifecycle and drive digital finance transformation across real estate and equipment leases. Thousands of users rely on LeaseAccelerator’s SaaS solution to optimize and manage their leasing process. From…
Client OS
Web
Deployment
Cloud Hosted
UGAAP Screenshot

UGAAP

★★★★★
★★★★★
(3)
UGAAP is a lease accounting software solution that organized lease records and documents. This Cloud-based and on-premises system keeps journal entries organized, keeps track of an audit trail of individuals that make changes to a lease, provide…
Starting Price
$3,600 (perpetual license)
Client OS
Web, Windows
Deployment
On-Premises
Cradle Accounting Screenshot

Cradle Accounting

★★★★★
★★★★★
(4)
Automate arduous tasks that come with complying with the new lease accounting standards ASC 842 and IFRS 16. With Cradle’s lease accounting software, standardize your lease financial reporting process across your entire organization not only drastically…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$79/month
Client OS
Web
Deployment
Cloud Hosted
EZLease Screenshot
EZLease helps lessees and lessors get compliant with the latest lease accounting standards, including IFRS, ASC, and GASB. This software is both user-friendly and intuitive and requires no prior knowledge of new and old standards…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows
Deployment
On-Premises
Bloomberg Tax & Accounting Leased Assets Screenshot
Built by accountants for accountants, Bloomberg Tax & Accounting Leased Assets provides accurate classification, accounting, and reporting for leased assets under the standards IFRS 16 and ASC 842. A SaaS solution, Leased Assets integrates with ERP…
Client OS
Web
Deployment
Cloud Hosted
Soft4Lessee Screenshot

Soft4Lessee

Soft4Lessee is a lease accounting software that can be purchased as a subscription-based (SaaS) solution hosted in the cloud or on-premise. This solution handles all of the complex calculations to ensure your leases meet the IFRS 16 and ASC 42 standards…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/month
Client OS
Mac, Web, Windows
Deployment
Cloud or On-Premises
CoStar Real Estate Manager Screenshot

CoStar Real Estate Manager

★★★★★
★★★★★
(1)
CoStar Real Estate Manager is a suite of solutions that assists with both real estate management and lease management. Having access to accurate real estate and lease data will help you make better business decisions. This solution will ensure your…
Client OS
Web
Deployment
Cloud Hosted
AMTdirect Screenshot

AMTdirect

★★★★★
★★★★★
(3)
AMTdirect is a web-based lease accounting solution designed to save money and improve the life-cycle management of their real estate assets…
Client OS
Web
Deployment
Cloud Hosted
TURBO-Lease Screenshot
TURBO-Lease is a lease accounting program capable of processing all types of equipment and vehicle lease portfolios. Designed for use on Microsoft Windows, it is easy to use, yet its power, flexibility, and completeness surpass those costing many times…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$25/month
Client OS
Windows
Deployment
On-Premises
Odessa Platform Screenshot

Odessa Platform

★★★★★
★★★★★
(1)
Odessa Platform is a comprehensive internet based leasing software solution. Its suite of 120 configurable modules fully automates the operations of leasing companies. This is complemented by its capabilities as lease accounting software: the accounting…
Client OS
Web, Windows
Deployment
Cloud Hosted
MRI ProLease Screenshot

MRI ProLease

★★★★★
★★★★★
(1)
ProLease Real Estate and Facilities Management software is comprised of four integrated modules that are extremely powerful yet, very easy to use. These best-in-class solutions work together seamlessly or may be implemented separately. Since 1991…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$6,000/year
Client OS
Web
Deployment
Cloud Hosted
Nakisa Lease Administration Screenshot

Nakisa Lease Administration

★★★★★
★★★★★
(1)
Nakisa Lease Administration is a lease accounting and management solution that ensures your lease data is in one centralized location. This solution manages lease portfolios, streamlines accounting, and gives you better insights into financial data. This…
Client OS
Web
Deployment
Cloud Hosted
CCH Tagetik Screenshot

CCH Tagetik

★★★★★
★★★★★
(1)
CCH Tagetik is an innovative software that unifies all of your organization’s finance processes. Lease accounting multi-GAAP reporting includes IAS, IFRS, and more…
Client OS
Web, Windows, iOS, Android
Deployment
Cloud or On-Premises
OnCite Screenshot
OnCite property management software provides lease accounting for real estate and government entities. Includes features for requirements gathering, customization, conversion, integration, testing, training, support, system hosting, and more…
Client OS
Windows
Deployment
Cloud Hosted
ACS Property Management Screenshot

ACS Property Management

ACS Property Management software is no longer sold or supported. Please consider other options on this list or visit the property management software guide for more alternatives…
Client OS
Windows
Deployment
Cloud Hosted
SKYLINE Property Management Software Screenshot

SKYLINE Property Management Software

★★★★★
★★★★★
(3)
SKYLINE Property Management software sets the industry standard in commercial, retail, residential and industrial property management, including lease accounting and management…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$1,000 (perpetual license)
Client OS
Windows
Deployment
On-Premises
AMSI Property Management Suite Screenshot

AMSI Property Management Suite

★★★★★
★★★★★
(6)
Infor | AMSI Property Management Suite is a cloud-based residential and commercial property management software. Extensive industry knowledge allows AMSI to deliver proven, business-specific software solutions with experience built in. @youtube AMSI helps…
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Web, Windows
Deployment
Cloud or On-Premises

We searched and searched, but we couldn’t find any products in our database that match your criteria. Perhaps our team of software experts can help? They’d be happy to provide a list of free lease accounting software recommendations that meet your exact requirements.

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