Leasing management software is an essential tool for businesses who are in asset financing or work in the leasing sector. In essence, this software is used to monitor every single process and status change, related to the active leasing contracts. If chosen right, this tool can help simplify and streamline pretty much every process, related to lease management. In this article we will focus on leasing software and how a business should go about its integration to ensure maximum efficiency straight away.
Make sure you can import/export data
One of the most useful, yet often overlooked feature of automated document management systems is their capability to deal with different data formats. If you can import and export data at will, it makes a lot of processes, related to leasing management and overall accounting, that much simpler.
For example, if you could import Excel spreadsheets or export PDF reports from the application, that would definitely save you some time, right? So, our first piece of advice would be to make sure that your leasing software is capable of data export and import before licensing it!
Leasing management software must be user-friendly
A lot of the time, complex computer software and systems tend to be hard-to-use. Leasing management software has to be versatile and capable of dealing with all sorts of challenges but mustn’t be hard-to-use. For example, you can easily find a leasing system that’s based on something like the Microsoft Dynamics platform and enables users to easily find the right features & functions because we’re all familiar with other applications from the Microsoft Suite (Excel, Word, etc.).
Microsoft Dynamics foundation also means that you can utilise the aforementioned data import/export feature with a variety of different formats for various MS Suite applications, like Excel for example.
We can’t stress the importance of user friendliness and simplicity of the platform, enough. Integrating a new piece of software into your company is quite a steep challenge, especially when it concerns a sensitive business field, like accounting. Thus, we would recommend paying extra attention towards not only user-friendliness of the app, but its adaptability to your business processes, business model and day-to-day agenda.
If there is a steep learning curve to be tackled, it’s not always the best option for your business. In fact, the best solutions are usually quite simple and straightforward. Look for apps and software that can be launched right away and require the least amount of training in order to maximize use of. This way you hit the ground running, for example, after transitioning to IFRS 16 or ASC 842 new accounting standards.
Testing things out
Request a live demo or a test version of the software to see how things would be in the real world. Get feedback from your accounting staff and make sure they are familiar with the decision you’re about to make. If you announce the integration of new software unexpectedly, you can really jeopardize the stability of your bookkeeping and cause chaos in the short-term. That’s something you should avoid.