Best Lease Accounting Software

Leasing is a popular financing option for many businesses, providing a flexible means of acquiring assets without the high up-front costs of purchasing.

However, managing leases can be a complex and time-consuming task, particularly when it comes to accounting and financial reporting.

That’s where lease accounting software comes in, providing businesses with the tools they need to manage their lease portfolios effectively.

In this post, we’ll take a look at the top five lease accounting software options currently available.

Best Lease Accounting Software

1. Freshbooks

Features of Freshbooks

Automated Lease Classification

Freshbooks offers automated lease classification, which simplifies the process of determining whether a lease is an operating lease or a finance lease. This feature ensures that lease accounting standards, such as ASC 842 and IFRS 16, are properly applied to lease contracts, making it easier to comply with financial reporting requirements.

Journal Entries

Freshbooks also offers automated journal entries for lease accounting. This feature ensures that all lease-related transactions, including payments, interest, and depreciation, are accurately recorded in the general ledger. Journal entries are automatically generated based on lease contract details, which saves time and reduces the risk of errors.

Financial Reporting

Freshbooks offers a range of financial reporting features for lease accounting. Users can generate lease schedules, balance sheets, income statements, and cash flow statements. Freshbooks also offers customizable financial reporting templates, which allow businesses to create reports that meet their specific needs.

Asset Management

Freshbooks includes tools for managing lease assets, including tracking lease terms, payment schedules, and renewal options. This feature helps businesses stay on top of their lease agreements and ensures that they are properly managing their lease assets.

Payment Tracking

Freshbooks offers payment tracking tools, which allow businesses to monitor lease payments and ensure that they are being made on time. This feature helps businesses avoid penalties and interest charges for late payments.

Benefits of Freshbooks

User-Friendly Interface

Freshbooks is known for its user-friendly interface, which makes it easy for businesses to manage their lease accounting. The software is intuitive and requires little training, which means that users can start using it right away.

Cost-Effective Solution

Freshbooks is a cost-effective solution for lease accounting, particularly for small and medium-sized businesses. The software is available on a subscription basis, which means that businesses only pay for the features they need. Additionally, Freshbooks offers a range of pricing plans, which allows businesses to choose a plan that fits their budget.

Cloud-Based Solution

Freshbooks is a cloud-based solution, which means that businesses can access their lease accounting data from anywhere with an internet connection. This feature is particularly useful for businesses with remote teams or multiple locations.

2. Visual Lease

Lease Accounting Features

Visual Lease offers a range of lease accounting features, including:

Lease Classification

Visual Lease allows businesses to easily classify their leases in accordance with accounting standards such as ASC 842 and IFRS 16. The software automatically identifies whether a lease is an operating lease or finance lease and calculates the appropriate lease liability and right-of-use asset.

Journal Entries

Visual Lease streamlines the process of recording journal entries for lease transactions, allowing businesses to easily record and manage their lease accounting data.

Financial Reporting

Visual Lease provides customizable financial reports for lease accounting data, including lease liability and right-of-use asset schedules. Businesses can also generate reports for their entire lease portfolio, providing valuable insights into their leasing activity.

Lease Management Features

In addition to its lease accounting features, Visual Lease also offers a range of lease management features, including:

Lease Administration

Visual Lease streamlines the process of lease administration, allowing businesses to easily manage key lease data such as lease start and end dates, renewal options, and termination clauses.

Advanced Analytics

Visual Lease provides advanced analytics capabilities, including what-if scenarios and lease vs. buy analysis. This allows businesses to make more informed decisions about their leasing activity.

Integration with Other Systems

Visual Lease integrates with other systems such as ERP and CRM, providing a seamless experience for businesses that need to manage their lease data alongside other financial data.

Benefits of Visual Lease

Visual Lease provides a range of benefits for businesses that need to manage their lease accounting and management data. These benefits include:

Compliance with Accounting Standards

Visual Lease ensures compliance with accounting standards such as ASC 842 and IFRS 16, helping businesses avoid the risk of non-compliance penalties.

Increased Efficiency

Visual Lease streamlines the process of lease accounting and management, reducing the time and effort required to manage leases and allowing businesses to focus on their core activities.

Improved Decision Making

Visual Lease’s advanced analytics capabilities provide businesses with valuable insights into their leasing activity, allowing them to make more informed decisions about their leasing activity.

3. FMIS Asset Management

FMIS Asset Management is a comprehensive lease accounting software that provides a range of features for managing lease portfolios effectively.

Let’s take a closer look at some of the key features and benefits of this software.

Key Features of FMIS Asset Management

Automated Lease Classification: FMIS Asset Management automatically classifies leases in accordance with the new lease accounting standards (ASC 842 and IFRS 16), reducing the risk of errors and ensuring compliance.

Journal Entries: The software automatically generates journal entries for leases, simplifying the accounting process and saving time.

Financial Reporting: FMIS Asset Management provides comprehensive financial reporting capabilities, including lease liability and asset amortization schedules, income statements, balance sheets, and cash flow statements.

Lease Renewals and Terminations: The software includes tools for managing lease renewals, terminations, and sub-leases, helping businesses to manage their lease portfolios more effectively.

Benefits of FMIS Asset Management

Cost Savings:By automating the lease accounting process and reducing the risk of errors, FMIS Asset Management can help businesses save time and reduce costs.

Improved Compliance: The software ensures compliance with the new lease accounting standards (ASC 842 and IFRS 16), reducing the risk of non-compliance and potential financial penalties.

Better Decision Making: With advanced lease analytics, including what-if scenarios and lease vs. buy analysis, FMIS Asset Management provides businesses with the tools they need to make informed decisions about their lease portfolios.

Scalability: FMIS Asset Management is a highly scalable solution that can handle large volumes of lease data, making it well-suited to medium to large-sized businesses.

User-Friendly: The software is easy to use and includes a range of features designed to streamline the lease accounting process.

4. ZenTreasury Lease

ZenTreasury Lease is a cloud-based lease accounting software that provides businesses with a range of features for managing lease portfolios effectively.

With its user-friendly interface and advanced features, ZenTreasury Lease is an excellent choice for small and medium-sized businesses looking to streamline their lease accounting processes. =

In this section, we’ll take a closer look at some of the key features of ZenTreasury Lease.

Key Features of ZenTreasury Lease

Automated Lease Classification: ZenTreasury Lease uses advanced algorithms to automatically classify leases according to the new lease accounting standards set forth by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

This feature helps businesses save time and reduce the risk of errors in lease classification.

Journal Entries and Financial Reporting: ZenTreasury Lease enables businesses to generate accurate journal entries and financial reports, making it easy to track the financial impact of their leases. The software also offers customizable reporting templates, giving businesses the flexibility to create reports that meet their specific needs.

Payment Tracking and Management: ZenTreasury Lease includes tools for tracking lease payments, managing assets, and generating lease schedules. This feature helps businesses stay on top of their lease payments and ensures that they don’t miss any important deadlines or payments.

Lease Renewals and Terminations: ZenTreasury Lease makes it easy to manage lease renewals and terminations. The software includes automated workflows for managing the renewal and termination process, helping businesses save time and reduce the risk of errors.

User-Friendly Interface

ZenTreasury Lease is designed to be user-friendly and easy to navigate, making it an excellent choice for businesses that are new to lease accounting software. The software includes a range of helpful features, such as tooltips, help documentation, and a dedicated support team, to ensure that businesses can get up and running quickly.

Cost-Effective Solution

ZenTreasury Lease is a cost-effective solution that is well-suited to small and medium-sized businesses. The software is priced competitively and includes a range of features that make it easy to manage lease portfolios effectively. Additionally, ZenTreasury Lease is cloud-based, which means that businesses don’t need to invest in expensive hardware or software to get started.

In summary, ZenTreasury Lease is a comprehensive lease accounting software that provides businesses with a range of features for managing their lease portfolios effectively.

With its automated lease classification, journal entries and financial reporting, payment tracking and management, and lease renewals and terminations, ZenTreasury Lease is an excellent choice for businesses of all sizes looking to streamline their lease accounting processes.

Additionally, its user-friendly interface and cost-effective pricing make it an excellent choice for businesses that are new to lease accounting software.

5. EZLease

EZLease is a cloud-based lease accounting software that is designed to streamline lease management processes. It provides a range of features for managing lease portfolios, including automated lease classification, journal entries, and financial reporting. EZLease is user-friendly, making it an ideal solution for small and medium-sized businesses.

Features of EZLease

EZLease offers a range of features to simplify lease management, including:

Automated Lease Classification

EZLease automates the process of lease classification, making it faster and more accurate. This ensures that businesses remain compliant with lease accounting standards such as ASC 842 and IFRS 16.

Journal Entries

EZLease generates journal entries automatically, saving businesses time and effort. This also reduces the risk of errors and ensures that lease accounting records are accurate.

Financial Reporting

EZLease provides financial reporting tools, including a range of reports such as lease schedules, balance sheets, and income statements. This makes it easier for businesses to monitor their lease portfolios and make informed decisions.

Tracking Payments

EZLease allows businesses to track lease payments and generate payment schedules. This ensures that businesses can stay on top of their payment obligations and avoid late fees.

Renewals and Terminations

EZLease provides tools for managing lease renewals, terminations, and sub-leases. This makes it easier for businesses to manage their lease portfolios effectively and stay on top of key dates.

Benefits of EZLease

Using EZLease offers a range of benefits, including:

Streamlined Lease Management

EZLease simplifies the process of lease management, making it faster and more efficient. This frees up time for businesses to focus on other important tasks.

Compliance with Accounting Standards

EZLease ensures that businesses remain compliant with lease accounting standards such as ASC 842 and IFRS 16. This reduces the risk of penalties and ensures that businesses maintain accurate lease accounting records.

Accurate Financial Reporting

EZLease provides financial reporting tools that enable businesses to generate a range of reports quickly and accurately. This makes it easier for businesses to monitor their lease portfolios and make informed decisions.

Improved Payment Management

EZLease enables businesses to track lease payments and generate payment schedules. This ensures that businesses can stay on top of their payment obligations and avoid late fees.

Better Decision-Making

EZLease provides businesses with the tools they need to manage their lease portfolios effectively. This enables businesses to make informed decisions about leasing and ensure that they are getting the best value for their money.

In summary, the top five lease accounting software options are Freshbooks, Visual Lease, FMIS Asset Management, ZenTreasury Lease, and EZLease.

Each of these solutions offers a range of features for managing lease portfolios effectively, including lease classification, journal entries, and financial reporting.

When choosing a lease accounting software, it’s important to consider the specific needs of your business and choose a solution that can handle the volume of lease data you have, is user-friendly, and is cost-effective.