Alan Gregory
4 minutes length
Posted: 27th January 2015

How to Save Time on your Lease Management

How to Save Time on your Lease Management

Time flies when you’re having fun, but it flies even faster when you have deadlines.

We’ve all complained about never having enough time. As much as we love that huge sigh of achievement we can release when we manage to get everything finished, it barely makes up for the stress caused from juggling a hundred and one tasks.

 

Why Timing Is So Important In Leasing

  • Notice dates and deadlines are essential – failure to contact the lessor on important decisions by the dates specified in the lease documentation can lead to ever-green extensions and avoidable charges. There are rarely exemptions or periods of grace for late replies.

  • Leases and Assets need to be located – most documentation regarding leases gets neatly organised away into a folder, but hunting down a master lease when you need it is never as simple as we’d hope. Finding important information such as asset serial numbers, return conditions or even where the asset is physically located can be time consuming without a consolidated management system.

  • Manual audit trails are tricky to follow – knowing what was agreed, who was involved and other actions taken regarding a lease agreement is difficult to do when your only sources are memory and your ever-filling inbox.
     
  • Gathering data for reports – compiling reports on active leases can be a daunting task and take up to several days to get everything you need for an accurate and thorough review.

How To Reclaim Time Spent On Leasing

Upload your portfolio of leased assets onto secure, cloud-based lease management software
Consolidating your leases is good practice for successful leasing and the best way to do this is through specialised software that has been designed with the features to help make managing leases a simpler process. Innervision’s own lease management software LOIS does exactly that and has saved its clients a great deal of time and hassle since they started using LOIS.

Save time on leasing because…

  • Everything is in one place and backed up – lease schedules, full audit trails, asset information etc.
  • Specialised functions designed to improve processes
  • 24/7 secure access for multiple use

Automated processes and reports
Running reports and gathering the data necessary can take a while when done manually. With intuitive software, the required data is already available so these detailed reports can be formulated at the touch of a button, allowing you to see an accurate review of your lease portfolio without all the hassle.

Save time on leasing because…

  • Data is easy to filter, manage and collate
  • Reports can be formulated instantaneously

Trace and track the entire leasing process
See what actions are pending and what stage the lease is currently in when arranging a new lease. Innervision’s updated end of lease process on LOIS (our lease management software) will automatically send you notifications leading up to the notice date, giving you plenty of time to act. LOIS automatically creates a full audit of each action taken allowing you to see what happened, when and who was involved – cutting out a great deal of hassle and time in finding out manually.

Save time on leasing because…
  • Receive notifications on pending actions
  • Full lease agreement history readily available
  • Follow lease process from start to finish

Delegate time consuming tasks
Moving all your leases online – surely that will take even more time? It is true that there is no gain without the pain of data migration. However, part of Innervision’s service is to aid in the lease management and will handle the painstaking process of data entry and migration so you can work on your other tasks.

Save time on leasing because…
  • Structured approach should avoid confusion
  • Time consuming tasks, such as data migration, are offloaded to specialists
  • Long term benefits to lease management

With the new lease accounting standard soon to be implemented, time is of the essence. In order to stay organised, companies will need to have their lease portfolios managed, the preparation for which will take time. Putting off this process of consolidating your leases will soon no longer be an option so why not start thinking about using LOIS lease management software to help take the pressure of this process?

For more information on LOIS, Innervision and the benefits available, click here.

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