Thoughts on How Software Makes it Easier for Those Handling Leases 

Any process today can be made easier using computer software. The software will guide us through the process of entering the right data, accurately recording that data, monitoring the data, and producing timely reports. Anything that is not handwritten has less chance of being misinterpreted. Also, anything computerized can be shared with those in remote locations.

When it comes to specialist software, lease accounting software by EZLease will help with those that need to account for leases daily. It takes the chore out of the process to an extent and means that leases are more effectively managed.

Let us consider just how software can help us to stay on track with our leases.

Account Standards

Certain accounting standards that are specific to leasing will need to be adhered to and software can help us with this. It is about how information is displayed to investors, potential investors, and those in management who want in front of them an accurate reflection of how a company is performing in terms of its leases.

The main accounting standards to which we refer are:

ASC 842 – this replaced the accounting standard ASC 840 and has the purpose of increasing visibility and disclosure in respect of the public, and now private, entities.

GASB 87 – will define a lease as being a contract that allows someone the control of an entity’s non-financial asset.

FRS 16 – is about having the current tax for the period concerned identifiable in the profit and loss account.

Penalties can result from the above accounting standards not being adhered to. It is software that makes this less likely to happen. Those supplying the software can provide helplines or training for the staff concerned. This can avoid much training time and expense for employers wanting to fully embrace lease accounting software for their business.

Reducing Errors

Specially designed lease accounting software will avoid using spreadsheets that are considered cumbersome and never error-free. Accountants using software benefit from the accuracy of the figures. It can take a long time to find just one error. Then if there are several affecting each other, it becomes a less than cost-effective process, and many will wish that they had the software in place to have avoided the situation.

It is possible to input figures incorrectly and in the wrong places with spreadsheets. Their main advantage is that they will total columns if the right formulas have been used. With lease accounting software, those using it are guided into entering figures in the correct places to adhere to the required accounting standards. Extra accounting standards apply to leases.

Easy to Use

There will be support for those using lease accounting software from the company supplying the software. This does take the burden away from the business using it as well as ensure the required accounting standards are adhered to with the use of the software. This is one of the main reasons for having the software.

As an increased amount of us are familiar with computers from an early age now, it becomes easier and easier to learn a new piece of software which can then make a significant difference to how accounting departments are run. Leases can be complicated, and it is for software to make the process of accounting for them easier and simpler.

The need to know when leases are due and to accurately record their payments can be a monumental task for large operations that hold many diverse types of leases. It is easy to lose sight of them unless they are tracked and monitored by software. It is far easier for management to see what is going on and reports to be produced quickly when software is the assistant.


Lease accounting software, and other software solutions, are something that we should all look to use within our accounting departments. They guide workers in the right direction and provide more visibility for managers. In the financial statements that are produced, they take care of the fact that various accounting standards will need to, by law, be adhered to. This can happen relatively automatically with the right software. Investors will then have more clarity to make more informed decisions.