Lease accounting software for FRS 102 and IFRS 16

With lease accounting software, you no longer need to rely on complex spreadsheets to store and process data; you can let automation take care of the lease accounting calculations.

Automation also helps take care of compliance with accounting standards like FRS 102 and IFRS 16. And that means you and your team have more time to focus on what matters – running your business.

Compared to outsourcing-based solutions like lease accounting services, lease accounting software is comparably more cost-effective.

For businesses that aren’t in a position to make big upfront investments, lease management software can provide many of the benefits of a managed service but at a lower cost point.

Access to suitable CPD and training is crucial to effective workforce management. It helps to motivate staff and can make them feel valued as a member of the team. 

Schools and trusts can use their HR systems or learning and development (L&D) software to make sure teachers and senior leadership can prioritise staff development. Every HR By IRIS, for example, has a core training and development module that lets you: 

• Log individual career aspirations and identify relevant training  
• Access online training modules and arrange for CPD that relates to the staff member’s goals 
• Track performance and monitor for any issues (e.g. a teacher who doesn’t have time to complete a training module) 

With training and development software that’s integrated with your MIS, you can also collate school or trust-wide CPD performance data. This can help leadership make better decisions to improve workforce management strategy. 

When you’re relying on manual spreadsheets to calculate lease accounts, human error is inevitable – and it only takes one inaccurate financial report to create trouble for your organisation.

Lease accounting software ensures accuracy by automating complex calculations and providing real-time updates.

By centralising and organising all your lease-related data in one place, you can finally get a clear overview of how your leases impact your business as a whole.

Whether you’re tracking lease transactions or flagging renewal dates, your lease accounting software gives you an invaluable overview of everything that’s happening.

Because software can be easily adjusted to suit different levels of need, it’s easy to scale lease accounting software up or down according to your shifting requirements.

Since the announcement of changes to FRS 102, it’s become clear that small businesses need to pay close attention to their lease accounting. Software like IRIS Innervision is designed to grow with your business, which can be helpful if you’re looking to grow or expand into new markets.

Modern lease accounting software is designed to be used by busy professionals who want to get in, get what they need, and get out again.

The best lease accounting systems will have user-friendly interfaces, so anyone can log in and quickly get to grips with the system.

By integrating and communicating with your existing systems, the best lease accounting software allows for seamless data flow across your company.

In practice, this means:

• Less manual data entry, minimizing any risk of error and improving accuracy
• A reduced administrative strain on you or your staff
• You can effectively track all lease agreements from one place, ensuring no critical dates or terms are overlooked.