The right software can help you efficiently do a lot of things, from personal budgeting and event planning to travel forecasting and bowling pin juggling. (OK, maybe not that last one.) This is especially true for commercial real estate professionals, as the right software can help with things like navigating new FASB regulations. Considering the updates take effect in late 2018/early 2019 (depending on your organization type), it’s important to prepare for them and see if they impact any of your existing leases.
You may be asking yourself: do you really need lease software? Start by really evaluating and getting to know the new FASB regulations and then researching lease software to see if it can make a difference. Whatever you do, don’t procrastinate.
A Recap of the New FASB Regulations
There are several articles out there about the impact of the new FASB regulations on CRE professionals, but the most important thing you need to know is how they impact lease terms and balance sheets. Stray over the 12-month threshold of the new FASB leasing standard updates and your clients will be forced to document the entire balance of their lease payments as debts and assets. Talk about complicated. Fortunately, lease software like Quarem can ease the potential headaches of new FASB regulations.
How Lease Software Can Help
General benefits are one thing, but you want specifics, right? Here are just a few of the ways lease software like Quarem can help you with FASB updates:
- Lease renewals: Get prepared for renewals by organizing, managing and reporting on up to thousands of leases and subleases on a comprehensive lease database.
- Financial insights: Gain insight into things like a tenant’s credit worthiness, payment history and market rates with insightful financial tools.
- Critical communications: Stay on top of client demands and questions about the impact of FASB updates with all their meaningful metrics just a few clicks away.
- Date monitoring: Track critical FASB-related dates and options (and receive reminders) on things like lease expirations, rent schedules and renewals.
- Clause tracking: Early exit option on one of your current leases? Lease software lets you stay on top of it and get the best solution for you and your tenants.
- Document management: Securely store and share documents, monitor activity with time, date and author stamping and automate document approval so that the document part of lease negotiation goes smoothly.
- In-depth reporting: Data gives you an edge with decision making and negotiating. Lease software makes it easier by letting you automatically export all reports and abstracts to either Excel or PDF.
- Thought tracking and note taking: Have a quick thought about what you want to do for an expiring tenant’s lease issue or FASB question? Jot it down electronically in Quarem.
- Other data tracking and metrics: Lease software even lets you manage equipment, computers, inventory, furniture and vehicles associated with each lease. You can potentially leverage this for longer lease terms.
So, will lease software help you with the new FASB regulations? Yes. To learn how Quarem can help your business specifically contact us today for a consultation or demo.