Upfront Conclusion

The best lease accounting software right now is CoStar Real Estate Manager and LeaseQuery.

Navigating leases can be somewhat complicated, especially when considering all of the challenges that can be involved in the accounting side of managing a lease.

From juggling multiple leases at the same time to ensuring compliance and regulation standards are met, lease accounting can be a lot of work. 

Today many software solutions on the market can simplify these complexities by better organizing lease accounting data and streamlining the processes and transactions involved.

This software enables both the lessee and lessor to stay on top of tasks and ensure best accounting principles are applied at all times.

By looking at this list of the 5 best lease accounting software that breaks down the key features and reasons to buy or avoid the software, you will be able to decide which software is the best for you:

Top 5 Best Lease Accounting Software

  1. CoStar Real Estate Manager – Best Lease Accounting Software for Integrated Market Data
  2. LeaseQuery – Best Lease Accounting Software for Ease of Use
  3. LeaseAccelerator – Best Lease Accounting Software for Seamless Automation
  4. Visual Lease –  Best Lease Accounting Software for Legal Compliance 
  5. MRI ProLease – Best Lease Accounting Software for Various Industries

1. CoStar Real Estate Manager – Best Lease Accounting Software for Integrated Market Data

PRICING: While there is no formal starting price provided, there is the possibility to ask for a custom quote. Typically prices for this software are noticeably higher, however they do offer a free trial.

CoStar Real Estate Manager is a singular, cloud-based platform that supports both real estate management and lease management.

With access to accurate market data in real estate and leases, the software is equipped to run reports, streamline transactions, and automate portfolio operations.

The software is ideal for a variety of organizations, including retailers, restaurants, and commercial real estate agents and has a simplified rent tracking and management capability.

Complying with all FASB and IASB accounting regulations, CoStar Real Estate Manager makes for one of the best lease accounting software in its ability to combine both lease accounting and lease administration capabilities on the platform.

KEY FEATURES: 

  • Accurate real estate and lease market data
  • Accounts Payable, Financial Management, and Commercial Property Management Softwares
  • Rent tracking and Rental Property Management Software
  • Automation capabilities 
  • Ideal for retailers, restaurants, corporate real estate departments and service providers

REASONS TO BUY: 

  • Immediate and accurate leasing information
  • Integrated market data
  • Helpful customer service
  • Free trial

REASONS TO AVOID: 

  • High price
  • Complexity – many tools to learn

2. LeaseQuery – Best Lease Accounting Software for Ease of Use

PRICING: No starting price is provided, however there is a free trial available.

LeaseQuery is a cloud-based platform that simplifies and optimizes the various processes of lease accounting, such as amortization schedules, journal entries, and disclosure reports, for any lease type, including vehicles, equipment and real estate.

The platform provides amortization schedules, and disclosure reports and through CPA-approved calculations eliminates the margin for errors. Following industry compliance, the software eases lessee accounting for ASC 842 and IFRS 16 and lessee and lessor accounting for GASB 87.

This software makes the list of best lease accounting software in its ability to improve efficiency of lease accounting and avoid the complexities of old practices.

KEY FEATURES: 

  • Various operational tools relying on data integrity and accounting intelligence
  • Error-free amortization schedules, journal entries, and all necessary disclosure reports
  • CPA-approved calculations which eliminate errors
  • Critical data alert settings
  • Data entry validation

REASONS TO BUY: 

  • Easy to use
  • 99% retention rate
  • Free trial

REASONS TO AVOID: 

  • Difficulty in fixing mistakes

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3. LeaseAccelerator – Best Lease Accounting Software for Seamless Automation

PRICING: Pricing is unavailable. There is no free trial available.

LeaseAccelerator is a leading lease accounting software which automates lease processes seamlessly, ensuring compliance is maintained across the board.

The software integrates upstream and downstream systems and by automating lease accounting and management processes, eliminates the need for manual entry with accurate and audit-ready solutions.

With thousands of users trusting the platform for asset-level lease accounting, this software makes the list of the best lease accounting software in its ease of automation and an ability to reduce risk and costs through an optimized lease accounting process.

KEY FEATURES: 

  • Comprehensive reports for lease data, accounting, and management
  • Automation capabilities
  • Easy compliance 
  • Asset-level lease accounting, reporting, and governance 
  • Leasing marketplace of over 500 lessors

REASONS TO BUY: 

  • Highly visual platform
  • Integration with ERP systems like SAP and Oracle
  • Competitive bidding from the marketplace function

REASONS TO AVOID: 

  • More complex to learn

4. Visual Lease – Best Lease Accounting Software for Compliance Standards

PRICING: Pricing is unavailable. There is no free trial available.

Visual Lease is an industry leading lease accounting software, assisting organizations of all kinds with compliance for lease accounting standards while streamlining and improving performance for all finances, legal aspects, and operations behind an organization’s lease.

With over three decades of experience supporting major corporations with their leases, this software is fast and reliable in its seamless SaaS platform and comprehensive lease accounting package.

This software makes the list of best lease accounting software in its ability to provide best-in-class expertise in the finances, legality, and operations of lease management. 

KEY FEATURES: 

  • Easy to use SaaS platform
  • Comprehensive reporting and ability to streamline workflows across systems 
  • Team of experienced accountants, attorneys, and lease managers
  • Compliance with ASC 842, IFRS 16, and GASB 87
  • RFP templates
  • Integration with ERP systems

REASONS TO BUY: 

  • User-friendly
  • Seamless lease management
  • Simplified amortization schedule, reporting, and analytics
  • Helpful customer support by way of an implementation manager and experienced team

REASONS TO AVOID: 

  • Difficult to learn at first
  • Lack of customization

5. MRI ProLease – Best Lease Accounting Software for Various Industries

PRICING: The starting price for this software is $6,000 USD per year. They also offer a free trial for the platform.

MRI ProLease is an enterprise leading, cloud-based lease management software providing administration, accounting, and analysis, amongst other services.

Serving over 40 different industries, including real estate, retail, healthcare, government, and education, this software has a versatile programming for supporting organizations in managing and navigating complex leases.

The software is offered for ASC 842 and IFRS 16 compliance and provides accurate and up to date regulations in its processes.

With over 800 notable clients, this software makes the list of the best lease accounting software in its robust solutions and wide reach of service across many different industries.

KEY FEATURES: 

  • Lease accounting and administration
  • Maintenance management
  • Space management
  • Lease abstraction
  • Amortization schedules and capitalization reporting
  • IFRS 16 compliance
  • Account integration

REASONS TO BUY: 

  • End-to-end solution for lease accounting
  • Versatility in solutions available for 40 different industries
  • Encompasses all lease and asset types
  • Helpful customer support

REASONS TO AVOID: 

  • Complex to learn – training for the site is required

References and Links

  • https://softwareconnect.com/lease-accounting/
  • https://www.costar.com/products/costar-real-estate-manager
  • https://www.capterra.ca/software/135049/costar-real-estate-manager
  • https://leasequery.com
  • https://www.capterra.ca/software/143396/leasequery
  • https://explore.leaseaccelerator.com
  • https://www.g2.com/products/leaseaccelerator-leaseaccelerator/reviews#reviews
  • https://visuallease.com
  • https://www.capterra.ca/software/56390/visual-lease
  • https://www.mrisoftware.com/ca/products/prolease/
  • https://www.capterra.ca/software/210807/mri-prolease

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