The world of real estate management is currently undergoing a digital makeover, thanks in part to lease software solutions. These innovative tools eliminate the need for tedious manual tasks by automating essential aspects of lease and financial management. This includes– but is hardly limited to– meeting the criteria of lease accounting ASC 842 software standards. So, which are top performers in this space? Let’s take a look and compare some of the best lease accounting software available in 2021.

1. Appfolio:

First on our list is Appfolio, heralded as one of the best all-around lease accounting software solutions in the market. Appfolio’s strengths lie in its automation capabilities, offering its users the chance to automate everything from lease tracking to accounting and reporting. The user-friendly nature of its interface is also a strong point. Additionally, the platform on offer admirably meets ASC 842 requirements.

2. IBM TRIRIGA:

IBM TRIRIGA is a comprehensive lease accounting solution specially designed for commercial real estate. Users revel in this platform’s capacity for improving operational efficiency and minimizing risk by tracking all their leases from one location. As a significant bonus, IBM TRIRIGA offers detailed compliance management features that make upkeeping with ASC 842 majorly fuss-free.

3. LeaseAccelerator:

LeaseAccelerator provides exceptional lease accounting and management services for equipment leases, real estates, and more. Their repertoire also adequately covers ASC 842 software requirements and helps users meet the required standard without much navigation. This lessor accounting software stands notably due to its fast implementation and ease of use.

4. ProLease:

This handy software offers brilliant lease accounting solutions and doubles as an excellent lease contract management software. ProLease helps manage, track, and report on leases while simultaneously ensuring ASC 842 compliance. This software is particularly loved for its vast array of features, straightforward deployment, and exceptional workflow management.

5. MRI Software:

MRI Software delivers top-tier real estate and financial management solutions, including lease accounting. Users highly rate its intuitive interface which complements an excellent range of features and customizability, making this a strong contender in any lease accounting software comparison. It also steps up to the plate with robust capabilities in term of keeping in line with ASC 842 standards.

Navigating the wide world of lease software solutions doesn’t have to be intimidating. With benefits like seamless lease management, ongoing ASC 842 compliance, and everything in between on hand, investing in lease accounting software can transform the way you manage your real estate portfolio.

Remember, the best software for you depends on your unique business needs. Thus, it is prudent to get a good grasp on what those needs are before sealing your decision. Each of the software solutions mentioned above offers an array of benefits, and a clear understanding of your requirements will help choose what aligns best with your operational realities. Happy hunting!