What problems can be solved by implementing lease administration software?
In financing, and probably more so with leasing than with any other niche of financing, you have a lot of administrative work to handle. Accounting for leasing is challenging right from the beginning. But in general, whole lease administration, poses a lot of demanding duties on your staff. Thus, you can see businesses seeking competent accountants, hiring 3rd party service providers and trying to process a lot of data in order to optimize administration of leases. In this article, we’d like to take a look at lease administration software. We want to show you its use and which problems can it solve for your business. Let’s begin!
Lease administration software offers fast lease origination
We have to start listing the benefits and solutions from the top. Lease management begins from the point where you sign and activate the contract. This means that lease administration software should offer modules and features that help you do just that – originate and activate new agreements.
Luckily, latest software is capable of doing just that with a few clicks. You can do even more. After you receive an application for a lease, you can then open a case in your software, do preliminary calculations and send out a quote which you can generate via templates. Note their responses and make the most from generated leads.
Much better decisions thanks to a lot of processed data
Financing and accounting-related tasks are very demanding in terms of data processing. However, as we all know, you have to process and manage more data in order to make more rational, calculated, and insightful decisions. For example, top-of-the-range tools for lease management like SOFT4Leasing are able to do credit scoring automation thanks to an integrated, automatic lease calculator for credit scores. It covers the needs of your organization in both lease management and lease accounting. Users can benefit from a configurable scorecard and add in additional factors to have even more insights. There’s also a possibility to completely automate the decision-making for lease grants.
Integrated modules for the benefit of your organization
One more challenging obstacle that lease companies face is the lack of solutions for 3rd party integration. High-end lease administration software has embedded web portal modules and self-service portals for dealers, brokers, and external managers. When using those portals, dealers can indirectly make quotes, fill out the applications and submit them directly for your approval. Brokers can do just the same and help you originate more leads as a result. Your organization will be able to determine who can submit new applications, thus, you can optimally manage the network with your partners, subsidiaries, or affiliates!
Automated day-to-day duties
However, we can’t not mention arguably the most time-saving benefit of modern lease administration software. And it’s that it can tremendously reduce the burden of accounting for leasing within your company by automating day-to-day duties. In the real world, automated calculation, billing, 3rd-party integration, and report generators are able to save your business tens if not hundreds of hours of work each month.