What is iLeasePro?
iLeasePro is a SaaS Lease Management and Lease Accounting solution specifically developed for Lessees or Tenants of Real Estate and Equipment leases. iLeasePro has been designed by real estate and lease accounting experts to address not only the upcoming Lease Accounting changes but also as a long term global lease management solution.
Technology Solution Guiding Principles
• State of the art, intuitive and feature rich Cloud Application requiring minimal technical infrastructure and start-up investment
• One solution for real estate and equipment assets
• Improved lease management should be a critical byproduct of the new accounting implementation
• Lease Analysis, Lease Management & Lease Accounting seamlessly integrated for Lessee
• Cost effective tiered subscription based pricing model for both mid-sized and Enterprise level firms
• Promotes Efficiency, Effectiveness, Review and Information Sharing
• Seamless integration with existing systems
iLeasePro and the Lease Life Cycle
Having full lease management and accounting capabilities in one integrated system allows the user to have all pertinent lease information in one location, facilitates required periodic review of the information and provides a means of sharing the information within the organization. The new accounting is not “bolted on” to an existing application and improved lease management is recognized as a significant byproduct of the new accounting implementation.
iLeasePro guides you through each step of the lease process; from lease negotiation, lease abstracting, ongoing management of the lease and the assessment of the lease.
The Lease Analysis feature of iLeasePro is an invaluable tool that supports lease negotiations as well as key decisions required during the life cycle of any lease. Key functions include the amortization of lease costs across the term of the lease and automatic calculation of Effective Rental Rates, Net Present Value, Average Monthly Cost, Total Cost Per Annum and more. The comparative lease analysis offers a side-by-side detailed comparison of selected leases with the ability to create what-if scenarios, the Economic Analysis of a Lease, review of Operating Expenses, and recommendations for potential Lease Term Changes that will bring the lease terms into your favor.
Lease Abstracting iLeasePro simplifies the lease abstracting process. iLeasePro is a fully integrated cloud-based solution that offers a user the ability to capture critical information required for abstracting a lease to produce a comprehensive, easy to utilize standard lease abstract report. iLeasePro screens are adjusted depending on the lease category selected, like Real Estate or Equipment, and include sections like Property or Location, Unit Information, Rent, Equipment Assets, Insurance, Expense Chargeback, Options and Clauses, Lease Analysis, Change History and Notes.
Lease Management & Accounting
iLeasePro Administration The iLeasePro Account Settings feature offers the Administrator the flexibility and customization to setup the iLeasePro application to be consistent with the organizational information structure creating greater efficiency with the management of Account Users, User Entitlements and Permissions, Portfolio Setup, Customizable Application Values for dropdown lists, and Customizable Lease Accounting general ledger accounts.
Executive Dashboard The Dashboard is the gateway to iLeasePro features providing a view of the most important Real Estate and/or Equipment lease information. View by Lease Payment Costs, Lease Status, Critical Dates such as upcoming expirations, renewals and options for timely action, and one-click access to key Reports. Also, the System Messaging allows iLeasePro to always stay in touch through alerts to any significant system wide matters of interest.
FASB New Standard Compliance - Lease Accounting The iLeasePro Management team has been closely monitoring the upcoming FASB Lease Accounting changes since its inception. The foundation of the iLeasePro Lease Accounting feature has been developed to address all requirements of the new accounting model. Understanding that the Lease Accounting changes are still in progress this feature will continually evolve over the next year until the standards definition is finalized.
Rent and Rent Steps Eliminate errors and the need of a standalone calculation process when performing complex lease term rent calculations. Simply select from the several pre-defined types of rent payments, enter any Free Rent period, amortization periods for additional lease costs, define the increase types specified in the lease and let iLeasePro automatically calculate the Monthly and Annual costs and step increases through the end of the lease term. For added efficiency, the fully integrated Lease Accounting solution is driven from these rent calculation entries.
Critical Date Tracking Critical date management and notification is a key feature of all comprehensive lease administration systems. iLeasePro provides the flexibility to manage critical dates such as lease expirations, option dates and insurance renewals as well as allowing the user to establish customized critical dates at various points within the application. Users are alerted to critical dates through email notifications, on the Dashboard and in standard reports within the Reports section.
Document Management Save time by managing and organizing all of your lease related documents in one central repository. An unlimited number of lease documents can be stored in iLeasePro in any format, including PDF, JPG, Word and Excel. Some examples would include scanned lease documents, amendments, insurance certificates, photos and floor plans. No more need to go searching through bulky file cabinets - each document is linked to the lease you are working on and are always at your fingertips.
Contact Management iLeasePro provides a single source for all lease related contacts, including landlords, property managers, brokers, attorneys and utility providers. The Contact Management function allows the user to import, select and update contacts within the application. A contact only has to be added or updated once and then associated or linked across multiple properties. A search function facilitates easy identification and retrieval.
Portfolio Management The Portfolio Management features allows you to segment your Portfolio into Groups and Subgroups, facilitating analysis, reporting and management of the lease portfolio at any level, whether it be by geography, property type, access rights or other category.
Consolidation for Global Firms iLeasePro allows the user to structure subsidiaries within its organization to self-manage lease information while maintaining parent company governance for consolidation of information across entire portfolio of leases, including seamless integration between General Ledger transactions, the accounting system of record and reporting.
Robust Standard Reporting iLeasePro contains a comprehensive set of standard reports that is contained in an easy to use Reports Center. Our standard reports package allows the user to produce reports for all features of the product and contains a "wizard" that facilitates extensive filtering of the lease data to report to your exact needs.
Lease Renewal & Re-assessment
Lease Auditing: Expense Chargeback Management Expense Chargeback Management becomes much easier when using the iLeasePro expense chargeback auditing feature. This is a valuable tool for lease negotiations as well as active lease management. The Expense Chargeback feature offers the ability to store, analyze and report on base year and ongoing annual term expense details. Easily compare and report current versus prior year(s) and base year amounts and readily identify expense fluctuations that should be questioned in landlord billings.
Regulatory Compliance Notes – Often additional information is required to support field values that are entered. With the Notes feature, you can record Notes for any lease from any page within the application and readily provide critical additional documentation.
Change History - If compliance is a concern iLeasePro has you covered. Every addition, deletion and modification at the field level of each lease that is made by the users of the application is stored and reportable.
Can iLeasePro handle our data proliferation needs?
iLeasePro is a Cloud SaaS solution offering the elasticity and scalability that you will require to support your increasing or decreasing needs as your lease needs fluctuate.
Does iLeasePro have a mobile application?
iLeasePro works perfectly on mobile devices like the smart phones and tablets.
Does iLeasePro offer data retention?
Yes. Your data is backed up twice a day.
Does iLeasePro offer remote access ?
Yes. iLeasePro is a cloud-based solution and can be accessed through any internet connection, anywhere in the world.
Enabling decision support and managing performance
iLeasePro Lease Analysis and Reporting features have been built to provide detailed analysis to support all of your leasing related decisions.
How difficult is the system implementation?
Very easy! iLeasePro is a hosted cloud solution that does not require any hardware or software. Simply subscribe and you can start using the solution in a matter of minutes. Pre-populated key field values like Clauses & Options, Operating Expenses, Contact Types, and Document Types make startup a snap. If you have your existing lease data in excel, we will import this data at no charge. We do offer Lease Abstracting through our partnerships which would be an extra charge.
Is iLeasePro is for Lessees or Lessors?
iLeasePro is specifically for Lessees or Tenants of Real Estate and Equipment leases. iLeasePro has been designed by real estate and lease accounting experts to address the Lease Accounting changes but also as a long term global lease management solution. iLeasePro use the lease data captured (eg rent payments, lease commencement, lease expiration, etc) for each lease to automatically generate either the monthly payment general ledger entries for the new lease accounting standards. A user can also subscribe to plans that allow the use of the Portfolio feature which will aggregate the key data in the entire lease portfolio or selected groups within the portfolio and automatically create the monthly payment general ledger entries under the new standards.
Is training required to use iLeasePro?
No. iLeasePro is highly intuitive and should not require training. There are help messages on each section on every page in the solution and also an online help system in case you get lost.
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