iLeasePro Review: Pricing, Features, Pros, and Cons
iLeasePro is ideal for small to medium-sized companies seeking affordable lease accounting and management software. It provides compliance with GAAP and ASC 842.
However, it may not be suitable for large public companies with 500+ leases. Additionally, iLeasePro is not integrated with major accounting software outside of Sage Intacct, which can hinder seamless data sharing. While it offers valuable features for the price, it is not a universal solution.
- Built for ASC 842 lease accounting standards
- Lots of reporting options
- Tight integration with Sage Intacct
- Doesn't automatically sync with most accounting systems
- Limited phone support
- Developer iLease Management LLC.
- Client OS Web
- Deployment Cloud Hosted
What is iLeasePro?
iLeasePro is a cost-effective cloud solution that simplifies portfolio lease management for small to medium-sized businesses. It focuses on ease of use and ensures compliance with ASC 842 lease accounting standards. The platform supports streamlining lease accounting and administration to facilitate successful audits and improve operational efficiencies. It combines innovation with strong data security and compliance features to support effective lease portfolio management.
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 - 9.5 | Multi-factor authentication, 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. |
iLeasePro Features
- Lease Tracking: Monitor all lease terms, conditions, and key dates.
- Document Management: Centralized repository for all lease-related documents.
- Alerts and Notifications: Automated reminders for critical dates like renewals and expirations.
- Lease Abstracts: Detailed lease abstracts for quick reference.
- Lease Accounting: Compliance with ASC 842, IFRS 16, and GASB 87 standards.
- Financial Reporting: Detailed financial reports, including balance sheet and income statement impacts.
- Amortization Schedules: Automatic creation and tracking of amortization schedules.
- Rent and Payment Schedules: Manage and schedule rent payments, including variable rent calculations.
- Customizable Reports: Tailor reports to specific needs.
- Data Visualization: Graphical representation of lease data for easy analysis.
- KPI Dashboards: Monitor key performance indicators for lease portfolios.
- Export Options: Export data and reports to various formats (Excel, PDF, etc.).
- Compliance Tracking: Ensure regulatory compliance.
- Audit Trail: Detailed audit trail of all changes and updates.
- Risk Management Tools: Identify and manage potential lease-related risks.
- Policy Enforcement: Implement and enforce lease management policies and procedures.
What Features Are Missing?
Through our experience using iLeasePro, we desired:
Automatic sync with various 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 2024 include:
- QuickBooks Online
- Acumatica
- Xero
- Dynamics
- Sage 100/300
Pricing Plans
| Plan | Pricing | Features |
| iLeasePro Free | Free |
|
| iLeaseXpress | $99.95/month |
|
| iLeaseXpress Unlimited | $149/month |
|
| iLeasePro | Starting at $290/month |
|
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.
User Reviews of iLeasePro
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Excellent for accountants
iLeasePro helps a lot. As accountants, we worry about amortization. iLeasePro provides a piece of mind for the auditor and helps out with the audit process making it easier on both sides.
