IMPORTANCE OF GETTING YOUR PROPERTY MANAGEMENT - DIGITISED
13 Sep 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.
1. Commercial lease management software integrates with the rest of the accounting ecosystem
Due to the evolution of digitalization, almost every firm prefers paperless solutions rather than conventional paperwork solutions.
Especially after the COVID-19 pandemic, business operations relying on paperwork slowed to a crawl, facing many challenges, while the contactless methods gained more traction.
Digitization, also known as digitalization, is the conversion of paper documents into digital form. The files in digital format can be stored, maintained, and processed by computers.
Why digitize documents?
The foremost reason to digitise the documents arises from the fact that the traditional methods are cumbersome. Storing, maintaining, and accessing hundreds of records from the filing cabinets can be less efficient and strenuous than digitalization.
A Lessor or a Lessee may harbour several Leases across different locations. Hence they are responsible for maintaining the hoards of Lease agreements that come with it.
The traditional way of maintaining Lease records by filing and storing them on shelves may pose some disadvantages. If any Lease agreements need an update or the stakeholders need to refer to the document for clarification, they search through the copious records present.
This process consumes time and effort. In addition, these agreements need categorizing in a particular order while storing the paperwork to enable easy retrieval, and the shelves need regular cleaning, thus increasing the workload.
Also, while administering Lease agreements, many updates and renewals happen from time to time. Therefore it requires a lot of action to update, maintain and organize them. Hence digitizing documents facilitates easier management and boosts efficiency, thus avoiding all the hassles.
Nowadays, people finish the documentation process online. So, it settles the hassle of converting the physical copy to a digital one. But, if organizations require it, they can convert their documents to digital by various methods.
Benefits Of Digitizing Documents
One needs to be aware of the order in which documents are stored in the cabinets or shelves to access. In the case of Lease administration, agreements and records related to several Leases ought to be filed and stored.
For a Lessee who handles retail shops and rents out properties across multiple locations, it is challenging to remember the exact position of every agreement stored.
Hence, digitizing documents allows easier and quick retrieval of agreements by using filters and search options. With cloud technology, it is accessible from anywhere at any time.
It also organises the records in a manner that is readily accessibleby multiple persons.
The prime benefit of digitalization is the security it provides to the document. Digitizing a document with various encryption techniques equips it with maximum protection. A paper document may be prone to be manipulated by either forging or counterfeiting.
But, by digitizing a record, one can send it to others in a read-only format to avoid alteration. In addition, we can maintain different copies of the same agreement so that the changes made are verified anytime.
The original Lease contract of a commercial Lease generally needs protection for a minimum of five years. Hence, when the Leaseholders control the accessibility of documents using encrypted passwords, it safeguards them. Furthermore, for each update in the Lease agreement, the computer records it, thus creating a version history of all changes made.
Digitizing documents provides substantial backup options for significant agreements. While managing several Leases, we might lose some contracts by misplacing them somewhere. Manage all your Leased outlets' data and documents in a cloud platform, which will be of so much use.
One of the main concerns for any stakeholder is to prevent losing essential Lease contracts.
Thus, digitized documents provide backup options so that we can have more than one copy of the same agreement and store it in multiple places in the cloud for retrieval at any mishap.
Increases File Longevity
In addition, digitalizing a document increases its lifetime figuratively. The paper documents get worn out over time, whereas digital agreements can stay pristine for a prolonged period.
Hence for commercial Leases that usually stretch for 5-10 years, digitized documents preserve the integral, legal and evidentiary value.
A digitized document stored in a cloud platform is processed effortlessly in mere moments. Thus, it improves efficiency.
If a Lessee or a Lessor needs to verify their record, they can log in and access the records anytime. Hence this evades hassles and improves the speed of the workflow.
Provides Competitive Advantage
Data analysis and abstraction can provide a competitive edge in any field. A digitized document is easily analyzed to obtain insights that could help development.
A Lease Portfolio of several assets contains numerous agreements and records that ultimately generate a copious amount of data. The abstracted data that deliver necessary information to the Leaseholders proves to be fruitful instead of spending a lot of time going through the entire bunch.
The following advantages can be achieved through our Lease Management Software LP365:
● Manages all your Leased outlets' data and documents in a cloud platform.
● Tracks and keep account of all the Rental amounts, Rent Increases, Common Area Maintenance charges, Electricity charges and other utility charges.
● Integrates all your Internal accounting, and invoicing Software through API
● Facilitates to know the outlets/branches count - state wise along with total sq-ft. occupied.
● Provides customized reports on Each Lease detail, Rent details, other expense details, Expiration and Renewal details etc.
● Enables Automated email triggers for specific users for various alerts and notifications.
Property Digitization provides significant advantages that could immensely help Lease administration and further take better business decisions
Lease Portfolio 365 is a Cloud-based Lease administration software that provides efficient Management of the Leases enlisted.
The software comprises features that enable data abstraction, report generation, data encryption, rent expense management, document digitization, notification management, and so forth for Lease Portfolio administration.