Top 7 Lease Management Software Features
Lease Management Software Empowers a Better Lease Administration
Your lease management software should help you with the daily execution of all your tasks related to your lease portfolio. It should be a comprehensive system which give you a multifaceted approach leasing your assets. It should also be flexible enough to handle your lease administration in a way which enables you to approach your lease management in a comprehensive and adaptable way.
Cloud software is a preferred option for many companies operating in leasing or hire management sectors because of the flexibility the platform offers. Most cloud software can fulfil a wide range of tasks including the rental of property, rooms, equipment, and services, and it can be an integral sloution for companies that sell on date-time periods. It empowers you to manage leases, projects, bookings and calendars, inventory, invoices, queries, and coordination between stakeholders. You can also track tasks, budgets, documentation and take advantage of its powerful financial reporting function. All these characteristics can help your company promote a smooth and productive administration process with enhanced planning and management.
Flexibility, Automation and Error Prevention
Cloud based lease management software has great flexibility to offer. No matter if you manage short time renting of spaces, a service, or have a lease with a decade long contract covering a multi-million tenancy on a property – it allows you to manage the whole process of leasing including availability assessment, quotes and price adjustments, contract administration and adherence to contracts.
Dealing with lease management becomes a difficult task, even for small companies, that work with a great amount of data. A powerful automated process can result in reducing your manual input and workload of your employees.
Another important benefit is error prevention. Human error can result in unexpected costs for your company and duplicated effort for the staff. Such software gives you access to critical business information and assists you in reducing errors because it highlights errors, clashes, double-booked and/or over-booked items in real time.
The legal requirements depend to a large extent on the variety and terms of your leases. Having a system that is built for achieving legal compliance and best practices in multiple jurisdictions for the different requirements is a necessity. Cloud based lease management software can support your company in complex contractual and regional legislation matters. By failing to comply with the legal requirements, you will find it difficult to deal with the consequences such as disputes, fines, and loss of company reputation.
By using Lease Management for NetSuite you can make use of the inbuilt contract functionality which creates PDF outputs based upon contract templates. A different template can be created based upon each region or each of your legislative requirements (e.g. short term lease vs long term lease) to minimise risk for the leasing company.
7 Important features of Lease Management Software
As businesses in the industry look for solutions to stay up to date with the trends and improve their operations, spreadsheets are replaced by modern lease management systems with tools that allow businesses to streamline processes allowing for better tracking and management of their properties.
- Better Property Administration – This can involve an online portal with dashboards and graphics to keep track and promote company’s products, an access to valuable data, multiple user accounts for accessing information, file cabinet for storing important files and documents.
- Ability to Customise – versatile customisation options allow you to mold the system to your business needs even if your company requires complex customisations to be undertaken.
- Easier Finance Management– automatically manage pricing of spaces and services. Finance tracking, revenue forecasting, auto-invoicing, indexation, bank reconciliation, and compliance are just a small part of the finance features.
- Advanced Reporting – through the advanced reporting, crucial data for the properties can be generated regarding revenue over certain time periods, geo-locations, number of lettings available and so on. Once generated, data can be easily exported to a file, in a preferred format. Having your data organised will help inform the right business strategies.
- Smart Automation – prevent your company from missing important information like references and due dates. An example of smart automation can be uploading contract templates into your system that automatically pull through predefined fixed clauses. Variable terms can also be added manually up to your preferences. This can facilitate your document management and automate the approval and returns process. To further automate the process, your contracts can be emailed directly from the system using third party integration software.
- Integrations – you can increase the functionality of the software by opting for integrations. Integrations which tie your mission critical software into a single ERP system make the transition between different tasks be a simple and effortless process.
- Data Protection – prevent downtime and data loss by using a powerful and flexible cloud platform; Oracle NetSuite is a preferred option for many companies because of its secure servers, SSl encryptions and complex firewalls.
Cloud Technology and the Future of Lease Management Industry
Your company will be effective by using cloud based lease management software as it will allow you to manage your properties remotely, keep track of activities, and stay connected to your tenants.
All these smart improvements and flexible approaches are enabling the growth of the lease management industry. A study found out that the global lease management market has the potential to achieve significant growth at a CAGR of 6.7% from 2020 to 2027. Such growth will further accelerate improvements in the daily operations of every company.
If you think some of these features might be of use to your business, why not consider CloudTamers Lease Management for NetSuite? CloudTamers is happy to help you identify whether NetSuite is the right software for your business.
Written by Gloria Raeva – Client Relations Executive at CloudTamers Ltd