Because most B2B corporations find leasing to be a better option than buying, many companies are embracing the benefits of leasing equipment, space, and technology by developing a lease portfolio. However, managing such a diverse portfolio isn’t always an easy task.
In a recent survey conducted by KPMG involving 800 companies, 67% of respondents admitted that they were not on track with their lease accounting projects. From complying with the stringent accounting standards to collating multiple leases in a centralized system, effective lease management is a tough row to hoe.
Consequently, companies across the globe are investing in lease management software solutions that simplify the multifarious leasing process, allowing firms to create lease quotes, prepare disbursement schedules, and store and distribute critical lease documents. The software solution ensures effective data management and customization, integration of the accounting system, accurate reporting, and easy mapping, thereby streamlining the entire process.
Because of this, some firms may be tempted to integrate a lease management solution with existing business processes. However, it’s important to research whether this will pay off in the long run.
Businesses planning to invest in and implement a lease management solution should consider the following questions in order to maximize returns: