With Valentine’s Day this month, love is in the air. And with love comes heartbreak. Breakups don’t just apply to relationships. They can also apply to professional partnerships. Some companies may have selected a lease accounting solution without considering the features and support necessary for long-term compliance.
Switching providers can be a daunting task, but it may be necessary to ensure the accuracy and efficiency of your lease accounting processes. Here are some signs it may be time to end things with your current lease accounting software.
Inadequate features and functionality
Lease accounting software needs certain functions to be worth the investment. It’s critical to have features such as:
- Automation
- Integration
- Role-based access
- Point-in-time and catch-up entry functionality
These features make achieving compliance simple and ensure accuracy. If the software you’re using doesn’t have these elements, it’s time to cut ties and find one that works for you, such as LeaseQuery.
Unreliable data security
Data security cannot be sacrificed. Providers need to protect your information. Built-in functions should be available to keep your data secure and reinforce existing internal controls. Does your software use unique login information and data encryption? If not, it’s time to rethink the software.
Poor user experience
Implementing lease accounting software should ease the transition experience. That means it should be user-friendly, intuitive, and provide proper support.
Inconsistent support staff
Even if a lease accounting product is highly rated, it may not have the best support available. Evaluate the support staff of your software. The best solutions on the market offer 24/7 self-service support and accounting personnel on staff ready to fix complex issues. The available staff should be familiar with all aspects of the software and respond in a timely manner.
Not user-friendly
Software needs to be user-friendly. If not, what’s the point of using it over manual spreadsheets? People throughout your organization need easy access to the data. Simple collaboration is a must-have. The best solutions are easy-to-use so data is easily located and managed.
Cost considerations
Many companies search for the cheapest solution, but that isn’t always the best option. Consider the opportunity cost as well as the price point. Decent software is worth the investment in the long run.
Do you have to pay for users?
Do you have to pay for each user, or are they included? Software is available with unlimited users and role-based access so you can give everyone who needs it access to what they need and only what they need.
Can you easily share data with auditors?
Giving your auditors their own read-only login allows them to access the information they need without a lot of costly time spent going back and forth to understand a request. The auditors can see exactly where data is coming from instead of your team supplying numerous ad-hoc tie-outs and reconciliations.
Check reviews
A simple way to see the value of a lease accounting solution is to check the user reviews. When reading the solution’s reviews, check how many of them were written by people who understand lease accounting. Consider the user scores of support offered, the expertise, and the ease of working with the software provider.
Summary
The breakup line “it’s not you, it’s me” simply doesn’t apply when it comes to lease accounting software. If a product doesn’t meet the requirements above, they’re the issue. Deciding to switch lease accounting providers isn’t fun, but if you are not receiving accuracy, efficiency, and security in your lease accounting processes, it is necessary. Choosing the right one can be overwhelming with so many lease accounting software options. Check out our Lease Accounting Software Comparison Guide to help you find the right product for your business.
