20 Best Lease Accounting Software In 2024
10 Best Lease Accounting Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Choosing the right lease accounting software can be challenging with so many options available. Efficient lease management and compliance with accounting standards are crucial. With years of experience using various accounting tools for businesses, I can help you find the best lease accounting software. This tool automates lease management, ensures regulatory compliance, reduces manual errors, saves time, and simplifies complex lease calculations.
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How To Choose Lease Accounting Software
As you work through your unique software selection process, keep the following points in mind:
- Compliance with Accounting Standards: Ensuring that the software complies with relevant accounting standards such as ASC 842, IFRS 16, and GASB 87 is crucial. This is particularly important for companies operating in multiple jurisdictions or those that need to adhere to stringent regulatory requirements.
- Integration Capabilities: The ability of the software to integrate with existing ERP systems, financial management tools, and other business applications is essential. This helps in maintaining data consistency and streamlining workflows.
- Scalability: The software should be able to grow with your business. Whether you are a small business with a few leases or a large enterprise with a complex portfolio, the software should accommodate your needs. For example, a startup might begin with a handful of leases but could rapidly expand, requiring software that can handle an increasing volume of lease agreements without performance issues.
- User-Friendly Interface: Ensure that the team can easily adapt and navigate the software. This reduces the learning curve and increases productivity.
- Reporting and Analytics: Configurable reporting and analytics capabilities are essential for making informed business decisions. The software should provide customizable reports and dashboards that offer insights into lease liabilities, expenses, and other key metrics.
Reviews Of The Best Lease Accounting Software
Here are my detailed reviews and analysis of the top lease accounting software. Each review will cover the advantages and drawbacks, key functionalities, and ideal use cases.
Visual leasing simplifies leasing portfolio administration and assures compliance with accounting requirements. It provides sophisticated reporting and automated processes to help with lease management and financial oversight.
Why I picked Visual Lease: I chose Visual Lease for its comprehensive lease portfolio management. It stands out with well-built features for various compliance standards and intuitive features for smooth lease management processes. It is ideal for full-scale lease portfolio management, providing a holistic view of lease data to help businesses manage leases efficiently and stay compliant with regulations.
Standout features & integrations:
Standout features include automated compliance with lease accounting standards and configurable reporting options, allowing users to customize reports according to their specific needs and preferences, as well as centralized lease management. The software provides audit-ready financial reports and a detailed audit trail for all lease activities.
Integrations include SAP, Oracle, Microsoft Dynamics 365, QuickBooks, NetSuite, Sage, Workday, Yardi, MRI Software, and JD Edwards.
Pros and cons
Pros:
- Automated compliance
- Full-scale lease portfolio management
- Financial reporting and a detailed audit trail
Cons:
- Limited customization options
- May require extensive setup
iLeasePro automates operations, provides accurate data, and tracks crucial dates to simplify ASC 842 compliance and lease administration. It offers a user-friendly interface for effective leasing portfolio administration and financial supervision.
Why I picked iLeasePro: I chose iLeasePro for its intuitive lease management and compliance features. It stands out due to its user-friendly tools, making it the best for intuitive lease management and compliance because it simplifies lease management and ensures compliance with ASC 842 and IFRS 16 standards.
Standout features & integrations:
Standout features include user-friendly lease management tools, compliance with ASC 842 and IFRS 16, and innovative reporting capabilities.
Integrations include QuickBooks, NetSuite, SAP, Oracle, Microsoft Dynamics 365, JD Edwards, PeopleSoft, Yardi, MRI Software, and Sage.
Pros and cons
Pros:
- Advanced reporting features
- Compliance with ASC 842 and IFRS 16
- User-friendly tools
Cons:
- Limited to lease management
- May require customization
Tango optimizes legal and financial management by providing comprehensive tools for lease administration and accounting. It offers a comprehensive solution for leasing management, ensuring accuracy and efficiency through detailed reporting and smooth connectivity with many financial systems.
Why I picked Tango: I chose Tango for its holistic lease administration and accounting capabilities. It stands out for integrating lease administration and accounting functions, providing a complete solution for managing leases.
Standout features & integrations:
Standout features include holistic lease administration and accounting, compliance with accounting standards, and detailed reporting.
Integrations include QuickBooks, Xero, Sage Intacct, MRI Software, Yardi, JD Edwards, PeopleSoft, SAP, and Oracle.
Pros and cons
Pros:
- Detailed reporting
- Compliance support
- Holistic solutions
Cons:
- Slight learning curve
- Limited customization
Leasecake provides AI-powered lease accounting and administration solutions suited to industries such as food and beverage, health and fitness, medical, and retail.
Why I picked Leasecake: I chose Leasecake for its innovative use of AI in lease management. Its ability to expedite processes and provide critical date reminders makes it a top choice. Leasecake excels in AI-powered lease management with its user-friendly interface and focus on simplicity.
Standout features & integrations:
Standout features include AI-powered lease abstraction, critical date reminders, and financial oversight.
Integrations include QuickBooks, Xero, Sage Intacct, MRI Software, Yardi, Procore, VTS, Salesforce, and Google Workspace.
Pros and cons
Pros:
- Critical date reminders
- User-friendly interface
- AI-powered features
Cons:
- May not suit large enterprises
- Limited to lease management
Cradle Accounting complies with IFRS 16, ASC 842, GASB 87, and GASB 96, improving lease administration and reporting. It has specialized capabilities such as foreign exchange accounting and configurable leasing management, making it suitable for handling complex jobs and generating rapid financial reports.
Why I picked Cradle Accounting: I chose Cradle Accounting for its quick financial reporting and automation in lease accounting compliance. Its ability to handle complex tasks and provide instant financial reports makes it a standout choice. Cradle Accounting excels in automated lease accounting compliance with a user-friendly interface and comprehensive features.
Standout features & integrations:
Standout features include automated compliance, foreign exchange accounting, and customizable lease management.
Integrations include QuickBooks, Xero, Sage Intacct, MRI Software, Yardi, Procore, VTS, Salesforce, and Google Workspace.
Pros and cons
Pros:
- Customizable features
- User-friendly interface
- Automated compliance
Cons:
- Limited to lease accounting
- Pricing based on number of leases
Netlease by Netgain is designed to keep you compliant with ASC 842 and IFRS 16 standards. It automates lease data management, ensuring accurate reporting and efficient accounting processes.
Why I picked NetLease by Netgain: I chose NetLease by Netgain for its comprehensive automation capabilities in lease accounting compliance. The software stands out for its ability to automate complex tasks, compliance, and reporting, making it a top choice for organizations needing reliable compliance solutions.
Standout features & integrations:
Standout features include automated compliance with ASC 842, IFRS 16, and GASB 87, audit-ready reporting, and AI-powered lease abstraction. It also offers out-of-the-box reports for disclosures, journal entries, and balance roll forward.
Integrations include NetSuite, QuickBooks, Xero, Sage Intacct, Microsoft Dynamics 365, SAP, Oracle, Workday, BlackLine, and Coupa.
Pros and cons
Pros:
- Audit-ready reporting
- AI lease abstraction
- Automated compliance
Cons:
- Requires setup time
- Limited customization
Occupier lease accounting software simplifies lease management and compliance for commercial tenants, integrating real estate and accounting processes. It provides tools for lease administration, transaction management, and portfolio reporting, enhancing efficiency and accuracy.
Why I picked Occupier: I chose Occupier for its specialized focus on commercial tenant lease management. Its ability to speed up lease administrative tasks and ensure compliance with lease accounting standards makes it a top choice. Occupier stands out for its tailored solutions for various industries and roles, making it best for commercial tenant lease management.
Standout features & integrations:
Standout features include automated lease accounting workflows, real-time updates, and compliance with ASC 842 and IFRS 16,
Integrations include QuickBooks, Xero, Sage Intacct, MRI Software, Yardi, Procore, VTS, Salesforce, and Google Workspace.
Pros and cons
Pros:
- Real-time updates
- Strong compliance features
- Tailored for commercial tenants
Cons:
- May require some setup and training
- Limited to commercial tenants
Trullion lease accounting software uses AI to automate compliance and financial reporting, enhancing accuracy and efficiency for accounting teams. It upgrades tedious lease management processes by providing real-time data and integration with various financial systems.
Why I picked Trullion: I chose Trullion for its AI-powered lease accounting automation capabilities. It stands out due to its use of AI, making it the best for AI-powered lease accounting automation by creating intuitive processes and ensuring compliance with ASC 842 and IFRS 16 standards.
Standout features & integrations:
Standout features include AI-powered lease accounting automation, compliance with ASC 842 and IFRS 16, and real-time data and financial system integrations.
Integrations include QuickBooks, NetSuite, SAP, Oracle, Microsoft Dynamics 365, JD Edwards, PeopleSoft, Yardi, MRI Software, and Sage.
Pros and cons
Pros:
- AI automated reporting features
- Compliance with ASC 842 and IFRS 16
- AI-powered automation
Cons:
- Limited to lease accounting
- May require customization
Odessa manages tricky compliance requirements and lease administration by providing full origination, servicing, and reporting capabilities. It offers an end-to-end platform that smoothly connects with numerous financial systems, improving lease operations' efficiency and accuracy.
Why I picked Odessa: I chose Odessa for its integrated lease and loan management capabilities. It stands out due to its comprehensive suite of tools, making it the best for integrated lease and loan management because it combines both into a single platform.
Standout features & integrations:
Standout features include a comprehensive suite of tools for lease and loan management, versatile reporting features, compliance with accounting standards, and data management.
Integrations include QuickBooks, NetSuite, SAP, Oracle, Microsoft Dynamics 365, JD Edwards, PeopleSoft, Yardi, MRI Software, and Sage.
Pros and cons
Pros:
- Tailored reporting
- Lifecycle lease management tools
- Integrated lease and loan management
Cons:
- May be better suited to larger businesses
- May require customization
Nakisa upholds IFRS 16, ASC 842, and local GAAP compliance, enabling global organizations to manage their leases comprehensively. It provides capabilities for centralizing lease data, reporting, and integrating with ERP systems to help expedite leasing operations and ensure accuracy.
Why I picked Nakisa: I chose Nakisa for its enterprise-grade lease and real estate management capabilities. It stands out due to its robust features tailored for large enterprises, offering comprehensive tools for managing large-scale lease portfolios and real estate assets.
Standout features & integrations:
Standout features include enterprise-grade lease and real estate management, compliance with accounting standards, and detailed reporting.
Integrations include QuickBooks, Xero, Sage Intacct, MRI Software, Yardi, JD Edwards, PeopleSoft, SAP, and Oracle.
Pros and cons
Pros:
- Detailed reporting
- Compliance support
- Enterprise-grade solutions
Cons:
- May require training
- Limited customization
The Best Lease Accounting Software Summary
| Tools | Price | |
|---|---|---|
| Visual Lease | Pricing upon request | Website |
| iLeasePro | From $99.95/user/month (billed annually). | Website |
| Tango Analytics | Pricing upon request | Website |
| Leasecake | From $8/user/month (billed annually) | Website |
| Cradle Accounting | From $99/month (up to 10 agreements) | Website |
| NetLease by Netgain | From $880/user/year (billed annually) | Website |
| Occupier | Pricing upon request | Website |
| Trullion | From $3,000/user/year | Website |
| Odessa | Pricing upon request | Website |
| Nakisa | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareOther Lease Accounting Software
Below is a list of additional lease accounting software that did not make it into my top 10 list but are still worth checking out.
Related Reviews
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
Selection Criteria for Lease Accounting Software
Selecting lease accounting software involves evaluating its functionality and alignment with specific use cases. The criteria address software buyers' pain points, ensuring the software's utility. Key features typically include compliance with accounting standards, lease management, financial reporting, and integration capabilities. Having personally tried and researched these tools, I can provide a detailed breakdown of the selection criteria.
Core Functionality (25% of total weighting score):
- Compliance with Accounting Standards: Ensures the software adheres to ASC 842, IFRS 16, and GASB 87.
- Lease Management: Manages lease agreements, including renewals and terminations.
- Financial Reporting: Generates accurate financial statements and disclosures.
- Integration Capabilities: Integrates with existing ERP and financial systems.
- Audit Trail: Maintains a detailed record of all lease-related transactions.
Additional Standout Features (25% of total weighting score):
- Automation of Lease Calculations: Tools like LeaseCrunch offer automated lease calculations, reducing manual errors.
- Advanced Analytics and Reporting: Software such as Cradle provides advanced analytics for better decision-making.
- Customizable Dashboards: Platforms like Visual Lease offer customizable dashboards for real-time insights.
- Mobile Accessibility: Some tools provide mobile apps for on-the-go lease management.
- AI-Powered Data Extraction: Innovative features like AI-powered data extraction in Trullion enhance data accuracy and efficiency.
Usability (10% of total weighting score):
- Intuitive Interface: Look for software with a user-friendly interface that simplifies navigation.
- Drag-and-Drop Functionality: Tools with drag-and-drop features for lease scheduling and management.
- Customizable Workflows: Ability to customize workflows to fit specific business processes.
Onboarding (10% of total weighting score):
- Training Videos and Webinars: Availability of comprehensive training materials.
- Interactive Product Tours: Tools that offer interactive tours to guide new users.
- Templates and Guides: Pre-built templates and guides to facilitate quick setup.
- Chatbots and Support: Access to chatbots for instant support during onboarding.
Customer Support (10% of total weighting score):
- 24/7 Support Availability: Round-the-clock customer support services.
- Dedicated Account Managers: Access to dedicated account managers for personalized assistance.
- Community Forums: Active user communities for peer support and knowledge sharing.
- Comprehensive Knowledge Base: Detailed documentation and FAQs.
Value For Money (10% of total weighting score):
- Transparent Pricing: Clear and transparent pricing models.
- Flexible Subscription Plans: Various subscription plans to suit different business sizes.
- Cost-Benefit Analysis: Evaluation of the software's cost against its features and benefits.
- Free Trials and Demos: Availability of free trials or demos to assess the software before purchase.
Customer Reviews (10% of total weighting score):
- User Satisfaction: High user satisfaction ratings.
- Feedback on Features: Positive feedback on the software's features and usability.
- Support Experience: Good reviews on customer support experience.
- Implementation Success: Successful implementation stories from other users.
Trends for Lease Accounting Software In 2024
Here are some trends in lease accounting software and their potential impact on the marketing industry. By analyzing numerous product updates, press releases, and release logs, I have identified the most notable changes and current trends in the the industry this year.
- AI and Machine Learning Integration: AI and machine learning are being integrated into lease accounting software. These technologies help automate complex calculations and improve accuracy. This trend is important for reducing human error and saving time.
- Cloud-Based Solutions: Cloud-based lease accounting software is gaining popularity. It offers real-time access to data from anywhere. This trend is crucial for businesses with remote or distributed teams.
- Enhanced Compliance Features: New software updates focus on enhanced compliance features. These updates ensure adherence to changing regulations like ASC 842 and IFRS 16. This trend is vital for avoiding costly penalties.
- Advanced Analytics and Reporting: Advanced analytics and reporting tools are becoming standard. These tools provide deeper insights into lease portfolios. This trend is significant for better decision-making and strategic planning.
- User-Friendly Interfaces: User-friendly interfaces are a growing focus. Simplified designs make the software easier to use for non-experts. This trend is important for improving user adoption and efficiency.
What Is Lease Accounting Software?
Lease accounting software helps organizations manage and comply with lease accounting standards, ensuring accurate financial reporting and adherence to regulations like ASC 842, IFRS 16, and GASB 87. Used by accountants, financial managers, and compliance officers, it tracks, manages, and reports on lease agreements. Components include lease data management, classification, financial reporting, and tools for calculating lease liabilities, right-of-use assets, and generating disclosure reports, facilitating efficient record-keeping and regulatory compliance.
Features of Lease Accounting Software
Ready to upgrade beyond manual lease calculations, tired spreadsheets, and get your business audit-ready? When selecting lease accounting software solutions, focus on essential features that not only simplify lease management but also set up your entire lease lifecycle for success.
Beyond considerations such as pricing and which leased assets you’ll be working with along with general lease administration, you’ll want to consider the features that will save you the most time, reduce errors, and ensure compliance with lease-related regulations when it comes to lease accounting standards. Here are the most important features to consider:
- Centralized Lease Database: A centralized database stores all lease-related information in one place, including asset-level lease terms, payment schedules, tenant details, and critical dates. This ensures that everyone is working with the most up-to-date data and enhances data management for emerging standards like emissions. This also facilitates effective management of lessor relationships and overseeing the overall portfolio of leased assets.
- Automated Lease Tracking and Notifications: Automated tracking and notifications help organizations stay on top of important lease events and deadlines, minimizing the risk of missed deadlines and costly penalties.
- Financial Reporting and Analysis: Robust financial reporting capabilities enable the generation and configuration of reports, such as accounting roll forward and expense reconciliations. Advanced analytical tools allow for evaluating lease performance and making data-driven decisions.
- Compliance with Lease Accounting Standards: Compliance with standards like ASC 842 and IFRS 16 is crucial. The software should automate lease accounting processes, ensuring that financial statements align with regulatory requirements.
- Integration with Other Business Systems: Seamless integration with accounting, property management, and ERP systems synch data flow, reduces manual data entry, and enhances collaboration between departments.
- Customizable Reporting and Dashboards: Customizable reporting and dashboards allow organizations to tailor the software to their specific needs, making it easier to monitor lease performance and make informed decisions.
- Document Management: A document management feature enables the storage, organization, and access to lease-related documents, ensuring that the team always has access to the most current and accurate information.
- User-Friendly Interface and Easy Implementation: The software should be intuitive and easy to implement, with comprehensive training resources to help the team quickly learn and adopt the software.
- Scalability and Flexibility: The software should be scalable and flexible, allowing for the addition of new leases, properties, or users as needed. It should also adapt to changing lease accounting standards and regulations.
- Security and Safety: Robust security measures, such as SSL encryption and regular backups, ensure that company information remains secure and accessible only to authorized personnel. Lease accounting software platforms undergo rigorous SOC audits to ensure the security and reliability of their system and organization controls, providing peace of mind to users regarding data integrity and confidentiality.
Benefits of Lease Accounting Software
Leverage lease accounting software to streamline lease management and ensure compliance with accounting standards. Here are several benefits of lease account software:
- Enhanced Accuracy: The software minimizes human errors by automating calculations and data entry, ensuring that your balance sheet figures add up correctly.
- Regulatory Compliance: Lease accounting software helps organizations stay compliant with accounting standards such as ASC 842 and IFRS 16, reducing the risk of non-compliance penalties while ensuring adherence to local FASB, IASB, or GAAP requirements, depending on your jurisdiction.
- Time Efficiency: By automating routine tasks and providing real-time updates, the software saves significant time for accounting teams. Reduced errors and routine balancing means your CPA team is set up to meet audit deadlines promptly, meaning less overtime during peak audit periods.
- Improved Financial Reporting: The software generates comprehensive and accurate financial reports, providing valuable insights into lease liabilities and assets for better decision-making.
- Centralized Data Management: It consolidates all lease-related information in one place, making it easier to access, manage, and analyze lease data across the organization.
Investing in lease accounting software helps businesses tackle the ins and outs of lease management, ensure compliance, and improve financial accuracy and efficiency. This leads to better financial control and strategic planning.
Costs and Pricing for Lease Accounting Software
Selecting lease accounting software is essential for businesses to efficiently manage lease agreements and comply with standards like ASC 842 and IFRS 16. These solutions automate complex calculations, ensure compliance, and reduce manual errors. For buyers with limited experience, understanding different pricing plans and their features is crucial for making informed decisions.
Below is a detailed overview of various plan options and their pricing.
Plan Comparison Table for Lease Accounting Software
| Plan Type | Average Price | Common Features |
|---|---|---|
| Free | $0 | Basic lease management, limited number of leases, and essential reporting tools |
| Basic | $9 - $104 per month | Amortization schedules, basic compliance features, and limited user access |
| Mid-Range | $104 - $156 per month | Enhanced reporting, multiple user access, and integration with other accounting tools |
| Enterprise | $156+ per month | Advanced compliance features, unlimited leases, dedicated support, and custom reports |
Each plan caters to different business sizes, lease quantities, and compliance needs. Consider your business size, the number of leases, and the required compliance and reporting features when selecting a lease accounting software plan.
Lease Accounting Software FAQs
Here are some of the commonly asked questions about lease accounting software:
Can lease accounting software handle multiple leases?
Yes, most lease accounting software is designed to handle multiple leases across various asset types and locations. It can manage a large volume of leases, providing a centralized platform for tracking and reporting all lease-related information.
Is lease accounting software suitable for small businesses?
Lease accounting software can be beneficial for businesses of all sizes, including small businesses. While larger enterprises may have more complex lease portfolios, small businesses can also benefit from the automation, accuracy, and compliance support that lease accounting software provides.
What support and training options are available for new users?
Many providers offer comprehensive support, including onboarding assistance, training sessions, and customer support to help users maximize the software’s benefits.
What security measures are in place to protect sensitive lease data?
Robust software includes encryption, access controls, and regular security audits to safeguard sensitive financial and lease information.
How does the software facilitate collaboration among different departments?
It offers centralized data access, role-based permissions, and real-time updates to enable seamless collaboration between finance, accounting, and legal teams.
Other Accounting Software Options
If you still haven’t found what you’re looking for here, check out these other tools that we’ve tested and evaluated:
- Accounting Software For Midsize Businesses
- Accounting Software for PC
- Engineering Accounting Software
- Accounting Software for Teams
- Accounting Software With CRM
- Real Estate Accounting Software
- Accounting Software With Client Portals
- Multi-Company Accounting Software
- Legal Accounting Software
- Accounting Software for Startups
- AI Accounting Software
- Accounting Workflow Management Software
- Accounting Software With Payroll For Small Businesses
- Accounting Software For Service Companies
- Accounting Software For Rental Properties
- Accounting Software For Advertising Agencies
- Accounting Software For The Self-Employed
- Accounting Software For Large Business
- Accounting Software For Consultants
- Accounting Software for Mac
- Accounting Software For Accountants
- Cloud-Based Accounting Software
- Small Business Accounting Software
- Property Management Accounting Software
- Construction Accounting Software
- Accounting Software For Nonprofits
- Online Accounting Software
- Business Accounting Software
What's Next?
Choosing accounting software can be very hard. Remember that if you want to have more information about a specific use case, you can always schedule a demo with the vendor. This will clarify how the tool can solve the particular problems you are trying to solve.
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