Leases are complicated enough by themselves; imagine managing hundreds of contracts daily without any underlying support system or software to streamline things.
Truth be told, it can be quite time-consuming to handle asset leases because of various aspects that need to be managed in tandem:
The list goes on. It makes total sense, thus, to deploy software that is capable of managing lease/contract-related tasks for your business, saving you time, manpower, and resources along the way.
Better yet, it is also possible to custom-design your own lease management software using no-code platforms available in the market today.
According to a report by Fior Markets, the lease management software market is predicted to reach a value of $6.88 billion by the end of 2028. The number speaks for itself: managing contracts/leases professionally using software is rapidly gaining popularity and is only expected to increase in the future.
Let’s learn more about lease/contract management, what it entails, and what software can do to simplify the process.
Every company has its lease portfolio that lists out the contracts it has with various clients and businesses. The process of managing various tasks directly related to this lease portfolio is called lease management.
Activities such as managing documents, reporting, stakeholder coordination, audits, etc. are covered under the ambit of contract management.
While the needs of each business and company are unique, certain functions are universal to every lease/contract management software. They are listed below in detail:
Many aspects of leases need to be tracked diligently to avoid penalties and losses:
Automating lease management by creating custom lease/contract management software using no-code can help you effectively track all the aspects mentioned above.
For example, if your company owns an apartment building with 30 tenants, all of them have a lease agreement with you. The payment terms on each lease would be different - these would be based on the tenant's preference (whether they pay by cheques or by direct bank transfer). Tracking such details and keeping them updated becomes easier with the use of the software.
Customized lease management software can be integrated with existing enterprise resource planning software. This makes it easier to seamlessly incorporate automated contract management into your existing workflows without much disruption.
Better yet, using no-code platforms to design highly integrable software works like a charm to achieve smooth workflows.
Managing multiple assets at the same time can be optimized for cost using lease management software that is designed to generate analytics of the raw data it handles.
Following the previous example, the software can draw up a chart highlighting the tenants that pay on time, those who don't, and those who have accumulated penalties or have failed to pay maintenance and other charges.
This analytics helps retain the good customers and strategize accordingly to handle the problematic ones. Such time-scaled reports of which rentals are profitable vis-à-vis the maintenance and handlings they require help optimize the returns from each asset.
Such insights are invaluable in creating a cost-effective lease ecosystem at a company.
Lease management software is also effectively utilized to reduce the turnaround times associated with the inception of leases until they are executed.
Additionally, the following functionalities help streamline the entire process:
You can create customized functionalities by leveraging the no-code benefit while creating your lease management software.
Depending on the scale of your business and the number of assets you handle daily, the features of lease management software may differ.
However, certain features remain available regardless of business size. Let’s look at these features in detail:
Diverse assets come with their own sets of data that need to stay updated and accounted for when managing leases.
Lease management software has various features to let you effectively handle a high quantum of data every day to offload tasks of a clerical nature. Automation makes it simpler to look after data requests such as:
It is important to have such data handy to make informed decisions for your business.
Every business has its workflows wherein various operations are executed like clockwork. It is better to employ lease/contract management software to improve workflow efficiencies where the following operations are concerned:
All of the operations mentioned above can be programmed to be automated, drastically reducing the manpower requirements of a business.
All leases have different terms for payment, rent, interest rates, loans, etc. As such, the accounting team needs to stay updated with every single payment term of every lease in play.
Lease management software has features that enable integrations with the current accounting ecosystem to make accounting simpler and more accurate in the following ways:
In some cases, it is even possible to eliminate the use of accounting software by creating a custom lease management software with accounting capabilities using no code.
The most important function of lease management software is to allow you to keep track of the statuses of all your leases at any given time.
The following functionalities help to keep the leasing workflows running smoothly:
It becomes quick and easy to handle multiple leases at the same time using effective software.
Lease management is a complicated collection of tasks that set off in all directions - employing software for tying these tasks together by creating automated, logical workflows helps improve the operational efficiencies of a business.
If your business is engaged in managing diverse assets every single day, there are a lot of benefits to be gained from a lease management software. Such software, using no-code platforms, can be easily designed to track the status and updates regarding all the active leases at your company.
Additionally, it can also help you stay compliant with the latest regulations issued by the government and the industry, saving you penalties and other non-compliance hassles in the long run.
If you are looking for a lease management software that truly works for you, try using a no-code platform like LeasO.