- The software should be FASB ready. This will help save time and cost in implementing the new accounting standards and avoid non-compliance related financial risks.
- It is good to choose a software vendor whose software’s IFRS calculations have been validated by an outside auditor.
- The lease administration software should support all types of leases, including office, retail, equipment or vehicle.
- The software should provide advanced reporting features that help track, analyze and communicate the performance of your CRE portfolio.
- The software should be capable of maintaining the integrity and safety of the lease data.
- Consider selecting a firm which also provides implementation and consulting support.
To sum up – Choose functionality over affordability. If an offer is too good to be true then it probably is. Take time to research the best lease administration software and evaluate whether it supports your lease administration requirements. Invest in a solution that is scalable and can help create and implement consistent and efficient lease administration process today and into the future.
RE BackOffice can help you choose
Rebolease.com, powered by RE BackOffice, Inc., is a premier provider of lease abstraction, administration, audit and accounting services. Headquartered in Pittsburgh, PA, we are a global boutique firm, providing high-quality services to top-tier clients across industry verticals, covering every type of lease and on any lease platform. We are proud to be a trusted partner, for 15+ years, to leading retailers, REITs, property owners/managers, and corporate accounts seeking a strategic advantage. All client projects are performed in-house.