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Synergies Between Lease Accounting Software And Services – And How To Connect The Dots

lease accounting software and services

Synergy – where two systems work together to create a whole greater than the sum of their parts – is a noble business goal. As part of your work with clients, creating synergy is no doubt one of the core ways you add value with your services. 

Here, we’ll look at a unique way to create this synergy, by joining the dots between software and services

Services: offering a key advantage

Let’s begin on the services side. This is the side you’re more likely familiar with, because by “services” we mean the valuable array of skills you bring to bear on your clients’ most pressing issues.

Whether it’s consulting, audit work, tax or any other kind of advice, services in and of themselves add value. 

Your unique expertise, experience and methodology combine to create this value, and your clients benefit from the learnings you offer them. 

But what if there was a way to leverage technology – and software in particular – to multiply this value, and create synergy?

Lease accounting software

The software we’re referring to specifically is lease accounting software, but this principle is valid across all software types. 

The latest lease accounting software, such as that offered by Trullion, takes what we can call “traditional” business practices, and completely streamlines them.

Take leases. With the implementation of ASC 842, leases just became a major part of any company’s accounting and reporting function. 

Traditionally, leases have been kept in files, either physically locked in cupboards, or as PDFs and Excel sheets in computer folders. The new standard coming into effect has meant that accounting and finance teams have to scramble to find all their leases, input the relevant information from these leases, check other contracts for any embedded leases, make complex calculations for changes in leases, and make sure that all of this information is presented in compliance with the new standard. 

This certainly leaves no time for high-impact, high-value and strategic initiatives, which are generally where providers such as yourself can offer the most value. 

With Trullion’s lease accounting software however, this stormy sea becomes a placid lake. Leases can be scanned, and the software automatically inputs the important data from such leases, using AI. Audit-ready journal entries are prepared automatically, there is a clear audit trail, and there is full visibility for you, and other key stakeholders. 

At a glance, high-level insights are available to you, which can be shared with your clients. You’re able to assess current and future obligations, accurately compute financial ratios, and be in a much better position to give advice.

And, thanks to the SaaS-based nature of the leading lease accounting solutions, implementation and ongoing usage is seamless.

Recommending lease accounting software

Clearly, there are significant benefits to implementing a lease accounting software solution for your clients. But which one do you choose? We advise ensuring that the lease accounting software solution you recommend, has the following attributes:

Data security: with a climate of cyber attacks and threats to company data, data security is critical, especially when it comes to 3rd-party solutions. Ensure the product you’re recommending Is SOC 1 and SOC 2 certified by AICPA, the Association of International Certified Professional Accountants

Visibility: can you have accurate visibility into the leasing function at any time?

Support: ensure ongoing support is available – from initial integration, and onwards

Scaling: can this solution seamlessly grow with the company as it expands? 

Reviews: ensure the software solution you recommend is trusted, used by well-known companies, and has positive real-world reviews

Lease accounting software and services: connecting the dots

By implementing lease accounting software, and “connecting the dots” with services provided, companies – your clients – can benefit from tremendous synergies. 

Transparency, visibility, accuracy, and efficiency are all ways in which you can improve your clients’ business processes and outcomes. They’re also all benefits that Trullion’s lease accounting software offers.

What’s more, you can reduce errors, reduce time spent on leases, free key employees up for high-value activities, reduce costs, and show immediate ROI. 

To find out more about how you can take advantage of the most advanced lease accounting software available, get in touch with Trullion today

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