Programs can be immensely powerful tools – and that is true of lease administration applications. Unlocking the analysis, automation and reporting functions of the best lease administration software reveals time-saving and useful capabilities. The following are a few uses and their benefits.
Portfolio Management
When you oversee numerous properties, staying organized is key. As tenants come and go, you can manage routine tasks like setup, teardown, and holdover. Using standard forms and having them linked to each asset record makes it so that whenever there is a question, the information can be retrieved in seconds. Some solutions also offer data normalization and customization so that you can ensure the accuracy of stored data and make for smooth user workflows. Pre-configure your portfolio using a standard industry model, or choose from additional configurations such as a right of way, in-line, mall, free-standing, mixed-use space and campus environments.
Financial Processing
The Best lease administration software packages offer a suite of financial automation tools. These can include invoicing, cash application, journaling, and coding. Integration is possible with your existing financial system, even down to backend vendor and account configuration. Various scenarios can be forecasted when project escalations, remaining liability, indexed escalations and straight-line adjustments require evaluation. Even access external historical payment data and correlate these with archived invoices and contract obligations.
Performance Reporting
Don’t miss an opportunity – setup groups to notify key individuals of upcoming options, expirations, and terminations. Manage multiple vendors with bulk portfolio and master-agreement capabilities. Use any number of standard reports to make sense of stored numbers, or create custom reports to answer important business questions.
Task Automation
When files are organized in an electronic vault, access is as easy as a click or a simple search. Browse connected information thanks to linked fields and attachments. Stay in control with check-in/check-out functionality and know the history of each file with versioning information. Manage accounts payable and receivable with batch processing and GL coding. Use the system to code and pay even variable expenses such as utilities.
Audit Preparedness
Don’t let regulators take you by surprise – always know how every penny was earned and spent with a complete audit trail. The best lease administration software comes with process checks to prevent user error and fraud. User privileges can be set based on various profiles, and certain modules and data can be filtered according to assigned rights. Authentication and encryption are standard to ensure that data is protected, and can only be shared by those authorized.
The best lease administration software gives you the power you need to input key data, control user access, automate alerts and report on important figures. Beyond being feature-rich, the best lease administration software also makes the user’s job easier and saves precious time.
