Shopping for lease accounting software solution is a complex purchasing decision, but the ease of integration with existing systems should be amongst the list of essentials.
Your company’s technology ecosystem
New software needs to integrate seamlessly technology already in place to fully leverage the investment in existing ERP software solutions, plus the time and effort invested in determining the processes and training in place with existing technology ecosystem.
A significant quantity of essential lease data will be hosted by one or more management systems, including third-party vendors such as real estate service providers or equipment supplier databases. Preferred software providers should have the ability to connect data sources and integrate with existing IWMS and ERP systems, as this will not only leverage investment but will ensure access to accurate data needed to generate the calculations required for compliant reporting.
Lease accounting software setup for compliance
Option 1: CoStar’s Proprietary Data Connector
This lower-cost option is the fastest route to ASC 842 lease accounting compliance, and retains investments made in existing software systems.
Option 2: Full Migration of all lease data into CoStar lease management software solution
This is the most effective option, offering long-term cost savings with no limits on the number of users and departments, and the SaaS solution is free of additional upgrade or equipment costs. In short, while some may see the necessity for new lease accounting software as an opportunity for an overhaul for a larger system upgrade, many want the lease accounting software to seamlessly integrate with existing systems such as ERP systems and equipment supplier databases. Either way, CoStar offers efficient, cost-effective solutions.