CoStar Celebrates 20 Years of Leading Lease Management Software

2 min read
January 17, 2017
CoStar Real Estate Manager Blog

CoStar Celebrates 20 Years of Leading Lease Management Software

CoStar Real Estate Manager is celebrating 20 years as the industry-leading provider of the latest cloud-based lease accounting software and services. The lease accounting software, lease management software and lease administration software have been battle-tested and proven to be the easy, smart solution for ASC 842 lease accounting compliance and other critical lease accounting initiatives.

“Managing real estate and lease data in one system is not new for us,” said Andy Thomas, president of CoStar Real Estate Manager. “We offer an industry-leading solution that consolidates real estate and equipment lease management seamlessly into one very user-friendly system – that’s why 99 percent of our customers renew with CoStar every year.”

CoStar’s software has been reviewed and vetted by highly respected CPAs and accounting firms and has undergone rigorous SOC 1 and SOC 2 certification, offering data-encryption at rest and other sophisticated security features.  

CoStar’s lease manager software offers the extensive functionality needed to manage and report on real estate, equipment and other leases for new lease accounting compliance. It is fully compliant with both FASB and ISAB standards, including current ASC 840, 842 and IFRS standards. In fact, CoStar already has years of experience with the preceding FASB lease accounting standard (FAS 13), a core differentiator from other solutions. CoStar is also Sarbanes-Oxley compliant, completing an SSAE 18 audit annually,

Extensive functionality includes:

  • Creating accounting workflows and audit trails of all data changes
  • Disclosure reporting
  • Balance sheet impact
  • Classification tests
  • Amoritization schedule
  • Journal entry processing

Lease accounting compliance know-how

Transitioning to new software can be a significant undertaking, but CoStar has specialized service teams to help with implementation, best practices and ongoing data management. In fact, no one in the industry has more experience or expertise when it comes to lease abstracting, document management, data validation, due diligence support and best practices consulting.

Clients can tackle implementation and ensure data quality with confidence when they have these CoStar resources at their fingertips:

  • An Implementation Team which partners with new clients and serves as a guide through the implementation process
  • An ETL tool that helps clients transfer lease data into our system, exporting and importing through a tried-and-true proprietary 4-step process.
  • A Lease Services Team helps client achieve optimal performance and confidence in the quality of critical lease data.

The trusted lease accounting solution CoStar Real Estate Manager is a wholly owned subsidiary of CoStar Group, a resource-rich publicly traded company. Not only does this offer stability, but CoStar Real Estate Manager is the only solution that integrates CoStar’s industry-leading real estate data into the software. CoStar has invested over $1 billion in research operations to build and maintain the industry’s most comprehensive database of commercial real estate information. A highly trained research team constantly verifies the accuracy of hundreds of details on the properties in CoStar’s database.