Benefits of Centralized Lease Management
The easiest way to avoid costly automatic extensions of leases is to monitor expiration dates. However, if this process is not automated, an organization cannot guarantee that it will be completed on time or correctly. Plus, manual review is not the most efficient use of employees’ time. To allow for timely decisions about renewal and termination of leases, organizations should consider implementing a lease management system.
Lease management systems can be incorporated into an organization’s asset management software. Proper management of leases provides complete control of both finance and operating leases used to acquire assets and inventory items. It can monitor expiration dates to prevent costly automatic extensions and automatically generate a schedule of payments for each lease from user-definable payment plan, designed to meet every type of lease arrangement, specifying individual payment types and stating payments to be paid in advance or in arrears.
Lease management will also fully automate the process of apportioning finance lease payments between the finance charge and the reduction of the outstanding liability. It ensures the charge or interest against finance leases is calculated in accordance with the guidelines specified by the International Accounting Standards Board IAS 17.
An added benefit of using dedicated software for lease management rather than a non-custom solution such as spreadsheets, is the ability to run reports. Lease management can benefit from extensive reporting capabilities that include analysis of obligations, period finance charges and finance lease schedules.
This entry was posted on Tuesday, October 19th, 2010 at 9:28 am and is filed under General News. You can follow any responses to this entry through the RSS 2.0 feed. leave a response
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[...] you rent your provider will have a lease management system that gives you flexibility in thinking and purchasing. If your ICT budget is set you might buy up [...]
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[...] you hire hardware your provider will have a lease management system that offers flexibility in strategy and purchasing. If your ICT budget is X per annum you might buy [...]
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[...] you hire hardware your provider will have a lease management system which offers flexibility in strategy and purchasing. If your ICT budget is X per annum [...]
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[...] you rent your provider will have a lease management system that offers flexibility in thinking and purchasing. If your ICT budget is set you might buy up some [...]
[...] you hire hardware your provider will have a lease management system that offers flexibility in strategy and purchasing. If your ICT budget is X per annum you [...]
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[...] you lease your contractor will have a lease management system that offers flexibility in strategy and purchasing. If your ICT budget is X per annum you [...]
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