Lease Accounting and Management Software Market Augmented Expansion To Be Registered By 2021-2031

 

Complex Lease Modifications Due to COVID-19 Outbreak Fuel Demand for Software

The COVID-19 crisis has deeply affected all businesses in one way or another. This has enormously stressed the leasing industry. Social distancing and work from home measures have forced non-essential businesses, physical stores, and offices to close. Since lease accounting and management related to offices, retail stores, and warehouses has become complex due to the ongoing pandemic, companies in the lease accounting and management software market are creating awareness about their platforms.

Yardi Corom - a provider of lease management and accounting software, is increasing its marketing efforts to publicize its software that helps users to deal with financial components such as lease modifications, concessions, and changes to payments. Thus, to achieve this, companies in the lease accounting and management software market are helping users to comply with the FASB (Financial Accounting Standards Board) guidelines.

lease accounting and management software market infographic

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New Accounting Standards Pose Challenges for Software Providers

The constantly evolving lease accounting standards are affecting the growth of the lease accounting and management software market. Hence, Aptitude Software - a provider of financial management software & regulatory compliance solutions, is finding opportunity in this challenge to help ease finance operations. Software providers are increasing the availability of platforms that deliver judgment consistency that simplify calculation complexity and that align with multi-GAAP requirements. Since there is a lack of co-ordination between the International Financial Reporting Standards (IFRS) and the US GAAPs, software providers need to ensure multi-GAAP accounting capabilities to facilitate audits and financial transactions.

Though new standards pose hurdles for accountants, it also presents an opportunity for organizations to centralize their lease portfolio and obtain a better understanding of the company’s lease positions.

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Online, Cloud-based Software Recognized by International Audit Firms

The lease accounting and management software market is anticipated to clock a robust CAGR of 9.8% during the forecast perido. Online reviews on the best lease management software are helping users make an informed decision before investing in any software. The ZenTreasury lease accounting software is being publicized for automating and simplifying lease operations. Software providers are increasing the availability of all-in-one accounting software solutions that help to achieve IFRS 16 compliance. Validations from the international audit firm are bolstering credibility credentials of software providers.

The lease accounting and management software market is undergoing a significant change with the emergence of cloud, SaaS (Software as a Service), and web-based platforms. Companies are innovating in online lease management and accounting software meant for professional residential and mixed-use property managers. Innovative platforms are being designed to seamlessly manage multi-family units and offer free live chat support.

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Software Providers Developing Platforms Mission-critical in Lease Administration

There is a growing need to ensure compliance and make informed decision about leases. Accruent's intelligent lease administration software solution helps organizations to manage complex real estate and equipment lease scenarios. Companies in the lease accounting and management software market are taking cues from such software providers to develop platforms that are mission-critical in lease administration that help to mitigate risk and provide transparency into the entire lease portfolio for better decision making.

The demand for FASB and IASB compliant software is high. Companies in the lease accounting and management software market are providing robust platforms that meet the needs of both real estate and equipment leases. Users are preferring flexible software platforms that scale in the sectors of healthcare, telecomm and retail, among others.

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