Lease accounting software helps manage and mitigate financial risks associated with lease portfolios by streamlining lease administration and accounting tasks. It is commonly used by platforms overseeing multiple real estate leases, providing a comprehensive solution that automates lease tracking and accounting processes. This software centralizes lease portfolio management, automating tasks such as tracking journal entries, maintaining audit trails, and classifying leases as either operating or financing leases—tasks that were traditionally performed manually. While lease accounting functionality has existed within broader lease administration or real estate asset management systems, today’s specialized software ensures compliance with regulations set by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). In addition to preparing businesses for financial audits and reviews, lease accounting software typically integrates with ERP systems to automate the generation of general ledger journal entries. It can also connect with existing accounting software, providing full transparency across the entire lease portfolio.
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