With lease administration software you can increase efficiency of serving your customers three times. And do it without a struggle. All-in-one solution for business lets your team productively manage the entire leasing process — from the lease quote through the entire contract to reporting and provides built-in financial tools for accounting too. System is specifically designed to meet your needs, increase efficiency and productivity, and save time.
More effective lease management
Lease administration software decreases the amount of administrative work you have by keeping all information related to lease management on centralized database and automating processes that could be done without human interaction. You can create, store, and distribute documents throughout lease process, upload signed contracts and supporting documents with no need for external software. All in one place.
Also, lease administration software lets to start the leasing origination online and by automating decision making process saves your time. When new application is submitted, system runs Decision Tree logic, which gives one of three results: auto-approved, auto-declined, referred to credit officer. The whole process goes quickly, and customer receives his answer in a short period of time. Also, automated system minimizes probability of mistakes in the loan origination stage and makes lease management process way more efficient.
Automatic accounting for leasing
Accounting for leasing is tricky, so it is better when you keep everything from the payments’ data to information about balances in one particular place. Lease administration software combines management and accounting in order to reduce possibility of mistakes caused by inconsistence of several data sources.
Build-in accounting for leasing tools help to configure financial products (finance lease, operating lease, hire purchase, etc.), instalment calculations, applicable VAT codes, accounting rules, etc.
Moreover, system lets to integrate general ledger with finance lease accounting. This feature has a leasing posting setup, i.e. mapping lease process to G/L accounts, and multiple functions for G/L posting automation: on contract activation, on instalment due, on contract termination.
Using free automatic lease calculator
Automatic lease calculator helps lease accounting professionals produce revenue recognition schedules and general ledger accounts.
Automatic lease calculator provides you with instalment and IRR calculations, lease payment schedule, revenue recognition projection until end of lease on a periodic basis (each end of month, regardless of lease payment frequency), operating lease asset depreciation projection until end of lease, G/L postings of initial lease measurement and subsequent measurement at end of selected period. Lease calculator could help your customer too because it provides clear and comprehensive information about structure of payments.
Furthermore, with this lease administration software’s feature you will be able to calculate actual daily interest with two components: financing interest, based on outstanding receivable, and penalty interest, based on overdue amount.