As lease accounting becomes increasingly complex, businesses are realizing the need for more efficient and comprehensive software solutions. If you’re considering upgrading or switching your current lease accounting system, it’s essential to choose a solution that addresses your unique needs. Here are the top 10 features that your next lease accounting solution should have.

1. Comprehensive Global Portfolio Visibility
   Organizations with a global presence require a lease accounting system that offers visibility across different regions, business units, and currencies. It’s crucial to have insights into your portfolio from various perspectives. A strong system like Nakisa Lease Administration provides access to global leasing data and financial disclosures, helping you manage your portfolio effectively.

2. Efficient Lease Administration
   The right lease accounting system should enable smooth lease administration with capabilities like document storage, workflow management, and data tagging. A top-tier system should also offer features for segregation of duties and allow easy management of diverse lease portfolios.

3. Bulk Management Capabilities
   When managing a large volume of leases, it’s vital to handle them in bulk rather than individually. A solution that supports mass operations, such as uploading multiple contracts at once or executing batch postings, can significantly streamline processes, saving time and reducing manual effort.

4. Compliance with Lease Accounting Standards
   With regulatory requirements like IFRS 16 and ASC 842, it’s essential for your system to stay compliant with international standards. Ensure that your lease accounting solution can manage these compliance requirements effectively, enabling you to keep track of lease data according to the latest accounting rules.

5. Flexible Lease Term and Condition Entry
   Leasing portfolios can vary greatly in terms of their conditions. A robust system should be able to accommodate different leasing terms, such as prepayments, free rent periods, purchase options, and more. By offering flexibility in lease condition management, the system can handle the complexities of various leasing agreements.

6. Event Management
   Throughout a lease’s lifecycle, various events may occur, such as extensions, terminations, or changes in lease terms and payments. A solid lease accounting system should be capable of managing and recording these events automatically, ensuring all updates are properly reflected without manual intervention.

7. Seamless Integration with Other Systems
   Organizations often require a lease accounting solution that can integrate seamlessly with other enterprise systems, like SAP or Oracle. Whether standalone or ERP-connected, the system should be able to support multiple integrations simultaneously, ensuring smooth data flow across platforms and reducing the need for manual reconciliation.

8. Support for Foreign Exchange and Translation
   For international organizations, it’s crucial to manage leases in multiple currencies and apply the correct exchange rates. A strong lease accounting system will include built-in foreign exchange and currency translation features, enabling accurate financial reporting and compliance with local and international standards.

9. Multi-Language and Custom Calendar Support
   Global businesses require a system that supports multiple languages and non-standard calendars. Whether it’s a different time zone or a unique fiscal calendar, your lease accounting software should be flexible enough to accommodate these needs for a smooth user experience across different regions.

10. 24/7 Customer Support
    Given the global nature of many businesses, having access to responsive customer support at all times is crucial. A lease accounting solution that offers around-the-clock assistance ensures that any issues can be addressed promptly, no matter the location or time zone.

Choosing the right lease accounting solution is crucial for ensuring compliance and efficiency. By considering these essential features, businesses can select a solution that meets their current needs and scales with them as their portfolio grows.