If you are looking to meet your deadlines when your business is involved with leases the one way to effectively achieve it would be to use software that guides you to these dates. For instance, you could try EZLease for lease accounting.
We shall, in this article, consider such software and how it will help meet deadlines as well as consider other tips for delivering your bookkeeping work on time.
EZLease
EZLease will help you to meet your lease deadlines by getting you compliant in no time at all. You can give more focus to deadlines when you know that the accounting legalities are being taken care of.
Leasing software will use scheduling to help you with those deadlines and to keep track of them. That is in respect of every single lease and the deadline required for reporting.
Using such software as EZLease will provide help with sorting out schedules and making the right things a priority. Customizable fields will mean that companies can track additional information that is relevant just to their company. It is good to have software that can be geared to specific companies while primarily taking care of the compliance side every lease holding company will require by law.
EZLease will provide detailed entries and disclosures as well as other information needed to keep up to date with the latest accounting requirements, such as the new ASC 842 account standard. This standard is new for private companies but has been around a few years now for public ones.
Auditors will have an easier time when EZLease is used and companies will have peace of mind that nothing out of order will be found that might see them heavily fined due to non-compliance.
Diary Systems
Without EZLease it is not so easy to keep track of leases in terms of their administration but diary systems or calendars will be the best way to keep a track of every single renewal date of every lease. It becomes a harder task when there are lots of leases to deal with. It is important, though, that leases are renewed on time and that payments are collected in that manner too. Things can soon get behind with leases and mean a financial hit to a company when non-payment from those leasing is not carefully monitored and actioned.
Planning
Always plan ahead of dates so that the work is completed before and not after deadlines. Accounting is as much about dates as it is amounts. It makes all the difference to cash flow and budgets.
One way of ensuring that those leasing assets pay on time is to have regular payment transfers from accounts set up. This is then almost an automatic system in that payments will be taken as long as the money is in the client’s account. It is the best financial arrangement that we can have. It still requires monitoring, though. We should therefore have this diaried on the day or days after the payment is due to make sure that it has happened. This is the good thing about financial software – it can alert us to when payments are expected and therefore allow us to check that they have been processed.
It is comforting then, as a business, to know that lease accounting is taken care of by good diary systems and planning, and ideally software. The popular package these days is EZLease to take care of our leasing in respect of the accounting standards and requirements we need to comply with. The new accounting standard ASC 842 has meant that greater visibility in the company accounts is required concerning leases. They now need to show on the asset section of the balance sheet when the lease is over a year.
The purpose of accounting standards is always to show a realistic set of accounts that an investor can rely on when deciding whether to invest or invest further, in a company. It is software such as Ezlease that will help ensure this can take place quickly and easily.
