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

Lease accounting software streamlines the management of lease agreements by centralizing financial and compliance data in one platform. This advanced technology not only enhances efficiency but also aids businesses in adhering to complex accounting standards such as FASB ASC 842 and IFRS 16.

We’ve examined 20+ providers across 7 metrics to rank the best lease accounting software. Our ratings take into account factors such usability, support, scalability, security, value, performance, and the range of features offered. All ratings are determined solely by us, enabling you to make the most informed decisions for your business’s financial management.

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
★★★★★
★★★★★
(14)

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
Deployment: Cloud Hosted

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
★★★★★
★★★★★
(3)

Visual Lease Map
Visual Lease Integrations Hub
Visual Lease Dashboard
Visual Lease Asset Profile
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
Deployment: Cloud Hosted

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
Deployment: On-Premises

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
We recommend iLeasePro for small to medium companies that need simple, straightforward, and low-cost lease accounting software. This software is best for companies that follow GAAP and need a system that is built specially for ASC 842 compliance.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/month
Client OS
Web
Deployment
Cloud Hosted
LeaseQuery Screenshot

LeaseQuery

★★★★★
★★★★★
(14)
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.
Client OS
Web
Deployment
Cloud Hosted
Visual Lease Screenshot

Visual Lease

★★★★★
★★★★★
(3)
Visual Lease is an enterprise lease accounting software and lease administration software in one that is designed for managing real estate and equipment leases.
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 audit-ready lease accounting compliance with integrated monthly closes to sourcing with PureLease Marketplace and end of term (EoT) management, LeaseAccelerator delivers ROI throughout the lease lifecycle.
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 reporting, and more. UGAAP is compliant with: ASC 842; IFRS 16; GASB 87; and And more!. Most other “lease accounting” products on the market are in fact property management software with limited accounting functions. Unlike those solutions, accounting
Starting Price
$3,600 (perpetual license)
Client OS
Windows, Web
Deployment
On-Premises
Cradle Accounting Screenshot

Cradle Accounting

★★★★★
★★★★★
(5)
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 reduces the opportunity for manual error but also streamlines your financial reporting. @vimeo Lease Accounting: Cradle can handle any lease permutation. It has been engineered to handle edge case lease accounting scenarios.; Ease of Use: If a
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$79/month
Client OS
Web
Deployment
Cloud Hosted
EZLease Screenshot
EZLease provides fast, simple, and easy lease accounting software for ASC 842, GASB 87, GASB 96 and IFRS 16 that ensures long-term compliance for lessees and lessors across equipment and real estate assets. With over 15 years of implementations across private, government and public organizations of all sizes, EZLease manages and automates the lease data management and lease accounting and reporting processes, leveraging customer-first support and deep accounting expertise. Unlike other lease
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 systems and streamlines your workflow. Transition Accounting from ASC 840 to ASC 842 and IAS 17 to; IFRS 16 reduces the risk of errors and financial discrepancies.; Automated Lease Classification of operating or finance leases; streamlines adoption
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. Soft4Lessee handles remeasurement, data management, accounting, and more. Data Import/Export; Lease Agreement Data Management; Remeasurement; IFRS 16 Reports; Lease Liability Accounting; Right of Use Asset Accounting; Lease Modification
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/month
Client OS
Windows, macOS, Web
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 business complies with all FASB and IASB accounting regulations. With CoStar Real Estate Manager, you’ll be able to run reports, create journal entries, and more. Lease Accounting; Lease Administration; Portfolio Management; Portfolio Planning;
Client OS
Web
Deployment
Cloud Hosted
AMTdirect Screenshot

AMTdirect

★★★★★
★★★★★
(3)
AMTdirect is a web-based solution that is ready to use and requires no implementation services to set up. Companies with over 50 real estate portfolios use AMTdirect to save money and improve the life-cycle management of their real estate assets. This complete real estate solution provides software and consulting services to enable companies to actively manage their real estate assets intelligently and efficiently. Real estate management is not an easy task. Creating an environment where all
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 its price. TURBO-Lease offers complete receivable administration including billing, ACH processing and aging of lease payments, late charges, property taxes, insurance charges, and sales and use taxes. Monthly accounting reports provide accurate
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 behind each transaction is automatically carried out by the system. Set up automatic updates of journal entries from lease accounting software to the GL Define where the debits and credits need to be directed within each template Group customers
Client OS
Windows, Web
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, ProLease has developed entirely in-house through industry experience and most importantly, customer feedback. The ProLease Lease Administration software helps organizations manage their leased, owned and subleased properties in one integrated system.
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 system can help you manage real estate and equipment leases. With Nakisa, companies can gain full visibility into HR and finance operations to make agile, informed business decisions. Nakisa powers global business operations for more than 900
Client OS
Web
Deployment
Cloud Hosted
CCH Tagetik Screenshot

CCH Tagetik

★★★★★
★★★★★
(1)
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 architecture has only one database, one set of data, and one calculation engine. CCH Tagetik CPM software leaves finance and technology executives with more time to focus on analyzing, optimizing and expanding their business. @youtube Expense Planning; Cash Flow Analysis;
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
OnCite Screenshot
OnCite 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 include Requirements Gathering, Customization, Conversion, Integration, Testing, Training, Support, System Hosting (if desired), and more. OnCite Accounts Receivable allows you to manage all receivables through an integrated billing and fund management system. This system can handle
Client OS
Windows
Deployment
Cloud Hosted
ACS Property Management Screenshot

ACS Property Management

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 no longer sold or supported. Please visit the property management software guide for alternatives. ACS Property Management is a robust, Windows-based Property management Software package that integrates completely with the award-winning MAS 90 and MAS 200 accounting systems
Client OS
Windows
SKYLINE Property Management Software Screenshot

SKYLINE Property Management Software

★★★★★
★★★★★
(3)
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 for all properties. It functions as both a dynamic lease management and powerful accounting system. SKYLINE Property Management Software is designed around three basic principles: improving your property performance, increasing your returns to investors, and exceeding
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 them enrich the value of their current investment in IT and extend their core applications with new best-in-class solutions. AMSI delivers business-specific software that requires less customization, shorter implementation times, and fewer IT
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows, Web
Deployment
Cloud or On-Premises

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