3 steps to (nearly) stress-free accounting and lease management

Dan Edwards
3 steps to (nearly) stress-free accounting and lease management

“There’s got to be an easier way to get things done. Accessing data, reporting financial information, and dealing with lease management shouldn’t be so complicated. What a headache!”

If similar thoughts have crossed your mind, chances are you’re working with outdated systems that create frustrating workarounds, the need to import and export data, and tedious manual entry.

Your finance team probably doesn’t have the time or the emotional energy to deal with the stress of correcting errors and working in segregated systems. Whether your business provides tower, fleet, equipment distribution, or other asset leasing to your customers, using outdated technology will slow you down and cause headaches.

In this article, we offer three steps to help you evaluate where you are today and how you can guide your lessor team to a (nearly) stress-free future.

1. Stand back from the urgent and step into the future.

You’re expected to provide visibility, accurate data, and regular reports; sometimes it feels like you don’t have time to come up for air. Instead of trying to hold your breath and live in the stress of the urgent, step back and assess what changes you need to make to breathe easy now and in the future.

Start by creating a clear picture of what is needed for long-term success, define what is needed based on the uniqueness of your business and its objectives, then identify the specific needs and deliverables for your role.

If a component of your business is managing leases and complying with the new lease accounting standard (ASC 842 or IFRS 16), you might want to consider a long-term, sustainable lease management strategy. Ask yourself important questions like, “What do we need to provide compliant accounting together with effective lease management?” Or, “How have our customers’ leases changed over the years, and how do we expect them to change in the future?”

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2. Change your mindset and stop using workarounds.

Until now, manual entry, calculations, and workarounds might have given you the results you need. But lease management functions like schedule calculation, disclosure reports, and invoicing and payments can become a real headache using these outdated tools. Navigating among systems only complicates things further and eats away at your valuable time. You also should consider how one minor error can turn your calculations into chaos.

Choose to stop working around segregated systems and start looking for a solution to simplify your life and decrease your worry. Begin by researching effective accounting and lease management software that can fully integrate into one unified system that your entire organization will benefit from: real-time data, with one source of truth, available to sales, operations, finance, and your customers.

3. Find the right team to help you.

As you assess the right technology, make sure you also find the right team that understands your world of accounting and lease management – a consistent team that will walk alongside you from planning to implementation, with ongoing support and training.

Some business application systems can be challenging to implement, so finding the right implementation team is crucial. You need a team of people who have experience, expertise, and a proven plan to guide you through a significant technology change. Given the nuances of your role, you need team members who understand you, your business goals, and the standards you must comply with.

We know what you are up against.

There’s an easier way for you to manage leases, and we understand the frustrations that come when you don’t have the right tools to do your job.

Contact us

With more than 75 years of experience, our team of global accounting professionals and our business application implementation specialists know what you are up against. You’re not alone. Let us help you.  
Dan Edwards
Dan Edwards
Managing Director, Consulting