iLeasePro Review: Price, Pros and Cons
iLeasePro is a gem for small to medium-sized companies looking for simple, wallet-friendly lease accounting software. It’s a dream come true for those following GAAP and needing something tailor-made for ASC 842 compliance. But, it’s not the perfect fit for everyone.
If you’re a big public company or have tons of leases, iLeasePro might leave you wanting. The solution is also not yet synced with top accounting software, making seamless data sharing a bit of a pipe dream. So, while it has some pretty cool perks, it’s not a one-size-fits-all solution.
What is iLeasePro?
iLeasePro is a cloud-based lease accounting software that helps lessees and tenants manage leased assets and perform accurate lease accounting. This software is designed to help small to mid-sized companies comply with the ASC 842 Lease Accounting Standard.
Key features include real estate and equipment lease accounting, day 1 ASC 840 adjustment journal entries, automated ASC 842 amortization schedule, FASB lease classification wizard, automated ASC 842 journal entries, and ASC 842 financial disclosure reporting.
| Pros | Cons |
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Our Ratings
| Usability - 9.6 | The system is easy to use, grouping leases must be done one by one, only one accounting software integration - need to export spreadsheets to share data with accounting software, needed to learn a little before getting started with the system |
| Support - 8.8 | "Submit support request" is at the top of the page, email ticket support, phone support is limited to 10 hours a year, useful help center with lots of step by step guides. |
| Features - 10 | Includes main features we would expect from lease accounting software, this product is adequate to accomplish lease accounting tasks. |
| Security - 7.5 | Multi-factor authentication not yet implemented, all data can be exported, detailed permission controls for users. |
| Value - 10 | One of the lower priced products on the market, vital features are not hidden behind an expensive plan. |
| Performance - 10 | Software is fast and responsive, regular and repetitive tasks can be accomplished quickly. |
| Key Features - 10 | Tasks accomplish what we expect. |
What Features Are Missing?
Through our experience using iLeasePro, we desired:
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Automatic sync with accounting systems
iLeasePro currently has one integration with Sage Intacct, but does not automatically sync with most accounting systems. Integrations they plan to launch in 2023 include:
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Acumatica
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Xero
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Dynamics
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Sage 100/300
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QuickBooks Online
Pricing Plans
| Plan | Pricing | Features |
| iLeasePro Free | Free |
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| iLeaseXpress | $99.95/month |
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| iLeaseXpress Unlimited | $149/month |
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| iLeasePro | Starting at $290/month |
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Does iLeasePro Have an Open API?
No, iLeasePro does not have an open API.
Does iLeasePro Have Phone Support?
iLeasePro offers 10 hours of free live customer support each year.
Alternatives
Summary
Small to medium-sized companies that follow GAAP and manage many leases can benefit from this low-cost and intuitive lease accounting software. This software was developed specifically for compliance with ASC 842 accounting standards.
Many lease accounting systems require a costly implementation, but there is no additional cost for implementing iLeasePro.
iLeasePro integrates with Sage Intacct, but currently does not have integrations with the top accounting systems. This lack of integrations means users must export spreadsheets and manually import the data into their systems.
While there is an easy to navigate ticketing system, users that need significant help with troubleshooting may find that the limited 10 hours of phone support is a drawback.
Finally, large public companies that manage thousands of leases should choose another software that can support those volumes.
