The selection of lease accounting software can be a complex task, yet worth the effort as it can yield a high reward when a smart choice is made. Many companies are faced with selecting a lease accounting software that meets ASC 842 and IFRS 16 compliance requirements. The smart choice includes criteria which goes beyond meeting the compliance standard and provides benefits for Day 2 and beyond.
Here is a list of criteria to help lower risk factors and maximize value when shopping for lease accounting software:
The most experience
The smart lease accounting software solution offers the most experience. Experience reduces risk, as the vendor can present best practices and proven risk avoidance tactics. CoStar offers more than 20 years of lease accounting and lease administration leadership for real estate and equipment, serving more than 650 customers.
The most trusted
There are ways to quantify trust, such as the caliber of customers, their renewal rates and the overall track record of the lease accounting software solution. More than 150 CoStar customers are Fortune 1,000 companies and 99 percent of customers renew their software contracts annually.
Beyond lease accounting compliance
The platform selected should serve as an entire software solution for real estate and equipment lease lifecycles, including:
- Lease accounting
- Lease administration and management
- Lease approval workflow
Development and Use
- Portfolio management and planning
- Projects and construction
The best value-based pricing
While offering a comprehensive solution, the smart lease accounting software choice is also affordable. Cloud-based software offers a low-cost of deployment and no expensive upgrades. Learn more about the pricing structures of lease accounting software.
The most stability
Unlike competitors that rely on venture capital, CoStar is well-positioned for long-term stability and reliability. CoStar Real Estate Manager is owned by the CoStar Group (NASDAQ: CSGP), which has $1.2B in revenue and has more than 4,500 employees operating out of more than 100 offices worldwide. The company has no debt, a strong balance sheet and a sustained commitment to research and development.
The smart choice in lease accounting software can have a positive effect on the bottom line by streamlining business operations, greater accountability and visibility and the ability better negotiate with lessors.