8 ESSENTIAL FERATURES TO LOOK BEFORE BUYING A LEASE MANAGEMENT SOFTWARE
Mar 23, 2022
Commercial lease management software significantly varies in both the quality and the functionality of its features and capabilities. If we’re investing in software to help manage property, plant, or equipment leases, then we need to be aware of the features and capabilities required to manage the complexity of lease portfolios effectively.
Let us discuss the top 8 features of commercial lease management software.
1. Commercial lease management software integrates with the rest of the accounting ecosystem
This feature makes it easier to get distracted by new functionality, but there’s nothing more important than being able to seamlessly integrate our new solution with your current systems and databases effectively.
If we use Microsoft Dynamics, it will be essential to find a property lease management system/software that extends its functionality, rather than increase complexity and errors with a system that doesn’t integrate fully and makes a partial integration in the system.
2. Property lease management software should exist in the cloud space
Older systems often run from on-premise databases or servers, with users having to be onsite to input data. This is a solution which is not suitable for busy property managers as technology has increased our business speed.
By allowing our lease management to exist in the cloud, we allow ourselves more flexibility and give our team the ability to access the information they need when they need it. Resulting in fewer bottlenecks and allowing us to make more efficient decision making.
3. Templates and custom reports streamline communications with stakeholders
When it comes to communicating the data collected in our property lease management system/software, it is essential that our system allows us to create custom reports and automate our delivery to the right people in a very effective manner. One of the main features of having a dedicated lease system/software is getting updates and alerts on lease performance and tackling red flags as they arise in the way.
Looking for a system that allows us to create the reports our stakeholders need to see will be critical to fast growth. Not only in, we will not have to waste time by looking for the information which is required to make decisions, but they will automatically receive it on a predictable basis.
4. Enable comprehensive compliance management
Failing to compile with legislation and regulations leads to penalties, and in some cases, the loss of our license. As property managers, we need to ensure that we may stay on top of the most recent leasing guidelines
No software guarantees compliance, but it shall be built in line with regulations like Ind AS 16 so that our portfolio is adhering to the most recent accounting guidelines. Double-check that the system/software enables us to comply before investing.
5. Automation of time-consuming processes for bills, disbursements, and reconciliations
Lease management system/software is heavy on administration, so it’s crucial to get a system capable of automating our most time-consuming processes. Bills, invoices, disbursements, and reconciliations should all be possible to automate our work. So would result in less effective manual labour and data entry errors.
Using a system that cuts down on arduous processes will improve workflows and make more possible ways. Automation also gives our team time to spend on more critical tasks, like analyzing the reports, data and looking for inconsistencies and resolving any discrepancies, and more.
6. Team of experts to help your team implement new processes
Although this may not sound like a feature of a new system/software it is essential. Many of us have been burned by poor customer care in our lifetime, and the implementation of a new leasing system/software is a time when we’re going to need a team on hand to help.
Make sure that the software provider is available to offer support and training frequently. Good customer care will be invaluable to ensure the correct adoption of new systems/software.
7. Security features to ensure the protection of all data
Commercial lease management system/software involves the use of a lot of sensitive data and information. Therefore, our new system needs to make data security a priority. Look for software/system that emphasizes the importance of data protection and security so there’s no risk of a breach of our database easily. Look for SSL encryption and two-factor authentication, as well as advanced firewalls and automated notifications for new logins on the system will have additional protection.
8. End of term management and critical date notifications
When it comes to renewals and terminations, it’s vital that our system keeps track and notifies us in advance. Timely notifications and alerts would help and ensure that our team is on top of all deadlines and informs all relevant parties of critical dates in advance for better performance. Missed critical dates are very important for property managers as it often results in holdover penalties and unexpected evergreen fees. So that may not happen in this regard.
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