Lease Accounting Software

Get the best lease accounting software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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LeaseQuery is a FASB ASC 842 and IFRS 16 lease accounting software solution that was built by accountants for accountants. This solution ensures you’re meeting auditor and regulatory requirements, and helps you generate…
Client OS
Web
Deployment
Cloud Hosted
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…
Client OS
Web
Deployment
Cloud Hosted
LeaseAccelerator is an enterprise lease accounting software solution that will ensure your business complies with the ASC 842, IFRS 16, and GASB 87 lease standards. LeaseAccelerator integrates with SAP, Oracle, and other ERP…
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…
Client OS
Web
Deployment
Cloud Hosted
AMTdirect was created in 1999 as a SaaS (Software as a Service) web-based solution to help companies save significant amounts of money and improve the life-cycle management of their real estate assets. Our complete real…
Client OS
Web
Deployment
Cloud Hosted
UGAAP is a lease accounting software solution that is compliant with ASC 842, IFRS 16, and GASB 87. This system keeps journal entries organized, keeps track of an audit trail of individuals that make changes to a lease…
Starting Price
$3,600 (perpetual license)
Client OS
Windows
Deployment
On-Premises
iLeasePro, a highly scalable, cloud-based solution for enterprise level or mid-sized firms, offers comprehensive Lease Management and Lease Analysis features developed to reduce costs, mitigate risks and increase business…
Price Range
$ $ · · ·
Starting Price
$50/month
Client OS
Web
Deployment
Cloud Hosted
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…
Price Range
$ $ $ · ·
Starting Price
$25/month
Client OS
Windows
Deployment
On-Premises
LeaseWave 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…
Client OS
Windows, Web
Deployment
Cloud Hosted
ProLease Real Estate and Facility 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…
Price Range
$ $ $ · ·
Starting Price
$6,000/year
Client OS
Web
Deployment
Cloud Hosted
EZLease is a fixed asset management lease accounting system for lessees for Microsoft Windows. Fully compliant reporting available for the follow standards: IFRS 16 (Jan. 2019) ; ASC 842 (Feb. 2016) ; IAS 17 (IFRS, superseded…
Price Range
$ $ · · ·
Starting Price
$375/user (perpetual license)
Client OS
Windows
Deployment
On-Premises
RAM’s lease management tool provides complete control of both finance and operating leases. It will prove invaluable to all companies that incorporate a leasing policy for asset purchases or require better controls on asset…
Price Range
$ $ · · ·
Starting Price
$7,000 (perpetual license)
Client OS
Web, Windows
Deployment
Cloud or On-Premises
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…
Client OS
Web
Deployment
Cloud Hosted
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…
Price Range
$ $ · · ·
Starting Price
$99/month
Client OS
Mac, Web, Windows
Deployment
Cloud or On-Premises
CCH Tagetik is an innovative software solution for corporate performance management that unifies all of your finance organization’s processes. From strategic and operational planning to disclosure reporting, Tagetik’s open…
Client OS
Android, Web, Windows, iOS
Deployment
Cloud or On-Premises
OnCite will addresses both your strategic and tactical real estate needs. This system is the most comprehensive, flexible and collaborative property management software solution available today. Deep Forest’s solutions…
Client OS
Windows
Deployment
Cloud Hosted
The focus of ACS Property Management is to provide Property Managers with a highly powerful yet easy to use, software solution with all the Property management capabilities that other systems lack. ACS Property Management is…
Client OS
Windows
SKYLINE Property Management software sets the industry standard for excellence in commercial, retail, residential and industrial property management. SKYLINE allows you to capture a wealth of historic, present and future data…
Price Range
$ $ · · ·
Starting Price
$1,000 (perpetual license)
Client OS
Windows
Deployment
On-Premises
Extensive industry knowledge allows AMSI to deliver proven, business-specific software solutions with experience built in. AMSI’s domain experts in property management have the know-how to help customers nationwide address…
Price Range
$ $ $ · ·
Client OS
Web, Windows
Deployment
Cloud or On-Premises
Core Property Management is fully integrated with Microsoft Dynamics. There are several subsets of the software designed to meet the needs of specific types of property management firms including: Integrate finalized lease…
Price Range
$ $ $ · ·
Client OS
Windows

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Lease Accounting Software Buyer’s Guide

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.