Introduction

The predominant workload of any business nowadays is done on computers. With the workloads being complex and manual operations time-consuming, automation of the tasks can help manage the entire organization. Thus, choosing the best software is the key to a seamless workflow. Software solutions equip us with a comprehensive system that suits the business, prioritizes the necessary needs, boosts productivity, and cost-effectively manages everything. Hence opting for the right software solution is significant for any business to maximize its potential. With the plethora of software solutions available in the market, singling the one best for our needs can be a bit challenging.

What Is Lease Management Software?

A software that maintains the lease portfolio and organizes the data of the properties enlisted. In a Lease portfolio that contains several assets, complexity may increase with the copious amount of data, numerous bills, invoices, and lease reports generated. The software can help manage vital data, do the core calculations in accounting, maintain documentation, manage the financial operations and assist in many more tasks. Hence systemizing the administration using any optimum asset management software can benefit the organization to a large extent.

How to choose the best software solution?

Being obvious with our needs and hence finding the software that caters to the same can be effective. Narrowing the best software out of the abundant options available can be arduous. Thus, making a list of where the software is needed and then picking the fitting software could simplify the arduousness.

Here are the six factors which you can consider while making your list:

1) Tackling the obstacles

Many adversities are faced when flipping through the endless spreadsheets used in storing lease data. Manually created reports could be missing many essential points, relevant dates, and information. So, when software comes into play, we can filter out the necessary points without omitting them. In addition, if the software can also perform data analysis using AI tools to provide some substantial insights, better decisions influenced by the insights drawn could significantly help lease administration. Arranging the assets in the lease portfolio in some particular order could help simplify the management process. So the software which stores the data in a structured manner is also needed. Problems may arise when the tasks performed using multiple business tools lead to the accumulation of fragmented information. This information, therefore, needs sorting again. Thus implementing the right software solution that assists tackle the obstacles is crucial.

2) Significant and additional Features offered

A vital aspect considered when opting for the best asset management software is the features available. Tracking the assets and their leases, sending reminders on lease expiration and renewal dates, and storing the documentation in a well-organized repository for easy accessibility are some of the attributes already included in any Lease management software.

Additional features may differ with each software provider, but these are usually customizable and thus helps to improve the administration process. Mapping is another essential feature that maps the location of the properties and monitors their current statistics. Thus these features lessen your workload and offer a seamless administration of the asset portfolio. One must also ensure that the software is revamped regularly and that more novel features are updated consistently.

3) Integrating the software with the existing workspace

While looking for software to manage your workload, it is necessary to opt for one which is smoothly integrable with your present administration system. When adapting the software, if it makes the transformation process from the traditional methods to the newer ones simpler, it could pose an advantage. It should also be compatible with core accounting, budgeting, and other financial valuations. Software with an easy-to-use interface provides trouble-free assistance to the person handling it.

4) Accessibility from any device/location

Any software deployed on the cloud has the best accessibility options. With the network being the only requirement, the software is accessed from anywhere using any device. This feature makes it easier for lease management because, if any data is required when the people are on-site, they can log in and effortlessly retrieve the essentials. In addition cloud-based software enables users to do any task without being on-premise. Traditionally legal agreements were on paper. These papers needed proper management and secure places for storage. But with cloud computing, paperless documentation and digital signature features allow smooth and efficient maintenance of the documents. Hence looking out for a cloud-based software can make things easier in lease administration.

5) Data security

The foremost factor to look for while selecting asset management software is its integrity. Backing up data and deploying encryption on the storage using highly protective passwords is the key to attaining maximum security. Cloud practices include technologies like IAM-Identity and Access Management and MFA-Multi Factor Authentication. IAM ensures that only specific people have access to the data which needs to be protected. Thus, control is established over the people accessing the data. Multi-Factor Authentication decreases the chance of a cyber break-in by adding another layer of security on top of entering highly encrypted passwords. Thumbprints and hardware keys are required to access the data protected under MFA. Hence guaranteeing tight-knit security practices on the leases and the data helps prevent data breaches and attacks.

6) Cost-effectiveness

Deploying the software which provides maximum returns and benefits for the price charged is crucial. Cost versus value often goes hand in hand. Premium features are unlocked when we pay a certain amount. So, availing the same depends upon users' needs and their affordability. Analyzing the cost of deploying the software for a period of time, say a year, could provide insight on whether it is cost-wise reasonable. Booking a free demo of the software could also equip us with an awareness of what it offers.

Hence, in addition to the factors listed above, making our own reasons for where we need the software could lead us to choose the best software.

Why Lease Portfolio 365?

Lease Portfolio 365, a cloud-based software, could help redefine your lease management system. Equipped with features like,

● Geo-coding that determines the property locations
● Data abstraction using AI tools
● Security to data by using SSL encryption scrambles
● High User Interface for easy navigation
● Automation of administrative tasks using many tools
● Paperless Documentation maintenance

LP365 offers an extensive system for your lease administration. You can book a free demo to understand what we assist on. The software could also be customized based on the demands of users, making it more fruitful for them.