Technology is enabling local government, higher education, and healthcare organizations to operate more efficiently, make more informed decisions, and focus on higher value work. Now with the Governmental Accounting Standards Board (GASB) pushing out new standards to improve financial reporting, technology is playing a huge role in helping organizations navigate the complexities and requirements of standards such as GASB-87, as well as become and stay compliant.
Nearly every local government, higher education, and health care organization has at least one lease, whether for buildings, land, vehicles, or equipment. Finance teams must manage their lease schedules alongside their debt and other long-term payment obligations in order to identify and address errors and inefficiencies and to produce accurate financial reports and projections. To do that well, finance teams need tools and systems to help them organize, analyze, store, recall, and share their lease documents and payment schedules.
Thus, “lease management software” is technology that helps finance teams collect and track their lease obligations, organize and extract data from their lease documentation, generate schedules, manage and record lease payments, and share information with internal and external team members.
Using lease management software makes compliance with changing accounting standards much easier. But the benefits of lease management software extend beyond compliance.
As they continuously meet the challenge of doing more with less, public sector organizations must stay vigilant and cost-conscious for the foreseeable future. McKinsey estimates governments around the world could face a cumulative deficit as high as $30 trillion by 2023.
Lease management is a core function of sound financial stewardship, and dedicated software can help you tackle key problem areas before they spiral out of control. If any of these signs sounds familiar, a lease management software may be a fit for you.
Lease management software programs allow you to save time on manual data entry and other mundane tasks. Most programs also help organizations implement and maintain compliance with new lease accounting standards. A lease management solution automates time-consuming and monotonous processes, creating time for teams to focus on higher value work.
But how do you determine which fintech solution will generate the best return on investment for your team? Below are some recommended features to seek out when evaluating lease management software.
As governments and nonprofit organizations navigate an increasingly digital future, there will be numerous opportunities to upgrade your fintech stack and leverage more efficient tools and processes. Lease management software is a critical investment for finance teams to deliver clarity and financial security for their communities and the constituents they serve.
DebtBook is powerful, easy-to-use, cloud-based debt and lease management software for finance teams in local government, higher education, and healthcare. Our software helps these teams effectively manage their debt and leases in the cloud, driving efficiency, collaboration, transparency, and informed decision-making within their organizations.
As the new standard in debt management and the only consolidated solution for debt and lease management, DebtBook is trusted by finance professionals nationwide. Ready to go ahead and take the next step? Schedule a demo with us today to learn more and see the solution in action!