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Copyright © 2024 Tango. All rights reserved. 3 2024 Lease Buyer's Guide to Lease Administration & Accounting Warren Bennis, the American scholar and author, once said, "In life, change is inevitable. In business, change is vital." The greater propensity for companies to lease assets (both real estate and equipment) coupled with the new lease accounting standards has created a perfect storm. Now companies of all sizes are scrambling to solve the problem of compliance. This means managing leases through spreadsheets and brute force is no longer sustainable. Lease administration and lease accounting software to the rescue! The good news is there are viable options available to solve the challenges of managing and accounting for leases for companies of all sizes. In fact, small to mid-size companies are now benefiting from the availability of enterprise-class lease administration and lease accounting solutions. They get everything they need in a proven solution at a good price-to-value tradeoff. Put another way, they get enterprise without compromise. Historically smaller to mid-size companies have had to settle for sub-par solutions, but that has changed. Smart buyers are no longer settling, and neither should you. Look for enterprise-class software with a proven record of solving the complex problems of large organizations. These solutions will ensure you're compliant and will cover almost any situation. Use this Buyer's Guide to Lease Administration and Accounting to navigate the software assessment and selection process to ensure you make the right choice, because change is not choice, it is inevitable. The Good News "We've learned that for the more complicated lease contracts that you have, you can need up to 75 different data points just to determine how to account for your lease. Multiply that by 1,000 or 2,000 leases, and the amount of data that you have to gather is probably not going to work on spreadsheets anymore, like what most companies have been doing for lease accounting. They're going to need a system. I think people are starting to appreciate that more." Accounting Today, Companies Grapple with Leasing Standards 3 Steps to Finding the Right Solution Selecting the right software is a process, one that requires planning and forethought before making a choice. This guide lays out the necessary steps, regardless of whether you are a large enterprise with a procurement department paying hundreds of thousands of dollars for lease administration and lease accounting software, or a small to medium-size business with less than 100 leases and a substantially smaller budget.

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