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Choosing A Lease Administration Software That’s Right For You

Blog post image (04-22)

Abstracting and managing leases can be hard. What makes it even more complex are the new accounting standards that went into effect. Companies are scrambling to adopt a lease administration software solution in order to simplify adherence to these new standards and avoid penalties. However, choosing a lease administration software solution that meets a company’s need can be tricky. Let’s look at some tips that will come in handy in selecting the best lease administration software.(more…)

Artificial intelligence and lease abstraction

Blog post 04-15-2019

Lease abstraction is a tedious process simply because not all leases are straightforward. CRE companies have been struggling to find ways to organize and manage their unstructured lease agreements. But lately, the use of artificial intelligence (AI) to abstract leases has caught the attention of many companies. Lease abstraction through artificial intelligence is based on machine learning. Simply upload the lease and other related documents and the software will analyze the entire set of documents, and abstract all the required information, providing the desired output. (more…)

6 tips to overcome commercial lease abstraction challenges

Blog post 04-08-2019

Lease abstraction is an important function of commercial real estate. It provides structure to the lease document, making it easier to access important details. Organizations who want to stay competitive and grow their real estate portfolios need a smooth lease abstraction process. However, your capacity to abstract and update all of your lease in a timely fashion may be hindered by these 5 issues – (more…)

Why postponing the implementation of FASB may not be a good idea

FASB

FASB has replaced a nearly 40 year old ASC 840 standards and so the changes required to be implemented are definitely not inconsequential. With the aim of covering some major accounting gaps, the new standards came into force for public companies as of December 15, 2018. Private companies will follow on December 15, 2019. It’s March, so private companies have very little time left to implement the new accounting standards. Companies who have already started the implementation process have realized that compliance and implementation are more challenging than expected.(more…)

The present and future of lease administration challenges

present-and-future-of-lease-administration-challenges

Lease administration is the process of gathering critical data from leases and configuring them in a centralized system. The activities involved are lease review and abstraction, cam audits, certificate of insurance management, important document storage and maintenance, critical dates monitoring, operating expenses review etc. Effective lease administration helps to limit costs, mitigate risk, monitor contractual obligations and ensure compliance with legal regulations.(more…)