The Need for Lease Accounting Company-Specific Fields
The inability to customize data fields for non-generic items creates another reason to separately track information in spreadsheets. Most companies have reasons to track information unique to either the business or industry in conjunction with their ASC 842 compliance needs, but most under-developed systems were created too hastily to accommodate information outside standard lease agreement fields. They only solve for a simple grossing up of the balance sheet.
Lease Accounting Company-Specific Fields with CoStar
Lease accounting software from CoStar recognizes the need to maintain custom, company-specific data alongside standard lease data for ease of access and a single source of reliable information for relevant reporting. This prevents the need for anyone to work in a spreadsheet, saving excessive time and costs.
CoStar allows users to create unlimited custom fields in the lease abstract record. For example, restaurant companies could track the square footage of outdoor seating at each restaurant. And retailers that added a mezzanine to various stores could track the additional square footage.
Most companies have several unique items that need to be tracked and added to analytics. Fields for these items can be added with custom labels in CoStar, which also offers out-of-the-box ad hoc reporting functionality for every user. Every data field is reportable, so users can quickly craft the reports they need. They can save, download, email, schedule, and share these reports with team members directly in the system.
Lease Accounting Software with CoStar
If your existing lease accounting software is missing these essential, time-saving functions – or if you’re looking to implement the company’s first solution – get the system that can do all this and more. CoStar.
CoStar is trusted and recommended by more leading accounting firms and service providers to manage and report on real estate and equipment for compliance with ASC 842 and IFRS 16 guidance. If your lease data is already in a database, upgrading is easier than you’d expect.