WHY IS LEASE MANAGEMENT BECOMING IMPORTANT IN INDIA?
May 25, 2022
Introduction to Lease management:
Lease payment is identical to a monthly rent that is agreed upon by two parties. Here, one party is granted the legal right to use the other party’s property, space, equipment, or even software for the contracted period. It contrasts with rent payment by the duration of the agreement. It is indispensable for any company, small or large, to prioritize and manage its lease payments.
Lease management is also known as lease administration. It is the process of organizing, tracking, and streamlining a company’s property and lease-related documents. For companies having multiple branches, managing and keeping track of lease payments and documents can be hectic. Therefore, they would require an optimal and efficient lease management system.
We at Lease Portfolio 365 specialize in lease management and property management, thereby helping companies have a smooth sail through their financial year.
Importance of lease management:
Lease management, as said, is the process of managing a company’s lease portfolio. A company’s lease portfolio includes the documentation of all of its taxable and liable properties, including its leased ones.
According to the latest accounting standards, every company is required to present its lease portfolio in its balance sheets and financial reports. Other than that, the following are some of the reasons why lease management is important for your company:
● It would help in improving your company’s credits.
● Managing your company’s lease-related documents efficiently will protect you from lease evasion.
● It would make the entire process of tax auditing uncomplicated.
● Streamlining your lease and property-related reports would come in handy when filing your financial reports.
● It would enable smooth modification and management of lease contracts.
● Accumulating all the documents and reports in one place will enable easy access and retrieval whenever necessary.
● Analyzing and studying your company’s lease portfolio with the help of lease management software will help you make better financial decisions.
Lease management system:
Given the importance of lease management, we can say that an efficient lease management system is indispensable for any company, no matter how small or large. While lease management is a strenuous task for companies with multiple branches across many cities, it can also be difficult for new start-ups with minuscule experience in management. This is where lease management software comes into play.
So what do you need a lease management software?
● It acts as a single place of deposit of all your lease contracts and other documents
● It gives you timely alerts and reminders when your lease is due - for all your branches.
● Lease management software enables you to analyze, modify, and terminate lease contracts as required.
● It simplifies the process of renewal and addition of lease contracts.
● A detailed report can be generated by the click of a button.
● It gives you a deeper insight into your company’s finances.
Why Lease Portfolio 365:
Lease portfolio 365 is a cloud-based lease management software that helps companies manage their lease payments, property-related documents, and other data and reports. We serve companies by managing their reports, integrating their data, and sending timely notifications regarding lease payments. Our services extend to a variety of sectors, from supermarkets and hypermarkets to banking and pharmacies.
Here are a few other reasons why Lease Portfolio is the ultimate lease manager: