Heads up! You may have more leases subject to compliance than you realize.
Do you rent any equipment for your business? Do you have any service contracts granting you access to specific assets?
If you answered “yes” to either of these questions, you likely have a lease.
A lease is an arrangement allowing one party (the lessee) to pay another party (the lessor) for the use of their asset. A contract can be for one lease or a lease can be a portion of a contract, also known as an embedded lease.
For example, a company can lease, or rent, a copier or a vehicle. The owner of the copier or vehicle (the lessor) provides the lessee with the right to use their asset for a specific period of time in exchange for an agreed-upon payment. This is a non-real estate lease.
You need a solution for compliance
When it comes to leased assets, compliance standards are becoming a lot more stringent. If a company has about 5+ leases, managing and complying is much easier with the right software to guide you. To learn more about some commonly leased assets per industry, check out this infographic.
