Lease administration software, such as ManagePath, is commonly used to streamline and simplify processes, to save time and money. However, implementing a new lease administration system can be a complex and challenging task.
Lease administration is a critical process for any organization that deals with leased assets, such as real estate, equipment, and vehicles. Real estate companies, property managers, and corporate occupiers need to manage their lease portfolios and track critical dates with ease.
Your real estate portfolio deserves a lease management software that provides better visibility into day to day lease-related information. Our proprietary solution, ManagePath, will help you manage important dates, payments, and obligations, as well as lease accounting and project management.
Strategically Managing Your Implementation
Implementing new lease administration or lease accounting software requires careful planning, coordination, and testing. However, with the right resources, expertise, and support, it is possible to execute successfully.
Fischer Solution’s in-house implementation team will be there every step of the way. Our expert team members help you create strategic plans for your transition to ManagePath. Below you will see a list of our 10 best practices for a successful lease administration software implementation.
10 Best Practices for Successful Lease Administration Software Implementation
To ensure a successful implementation plan, here are ten best practices to follow:
1. Define Your Requirements
Before implementing a new lease administration system, it’s essential to understand your specific requirements.
- Identify the types of leases you manage
- The data you need to capture
- The reports you need to generate
2. Choose the Right System
There are many lease administration systems available, and choosing the right one for your organization is critical. Consider factors such as:
- The System’s Functionality
- Lease tracking and management: Including start and end dates, rent payments, and renewal options.
- Payment processing: Process rent payments, late fees, and other charges associated with the lease.
- Reporting and analytics: Easily generate reports, complete lease abstraction, and provide analytics on lease-related data.
- Document management: Store and manage all lease-related documents, such as lease agreements, amendments, and renewals.
- Compliance tracking: Track compliance with legal and regulatory requirements, such as lease accounting standards and environmental regulations.
- Ease of use
Overall, system should be comprehensive, efficient, and user-friendly, with features designed to streamline and automate lease-related processes.
3. Develop a Project Plan
Implementing a new lease administration system requires careful planning. Develop a project plan that outlines the steps involved, timelines, resources required, and responsibilities.
Our in-house team at Fischer Solutions can help you create a plan to roll out implementation that works best for you. We believe in the importance of training users based on their role and use of the system. Lease Administrators, Accountants, General Administrators should all be trained on what’s important in their unique role. If you need assistance, we’re always just a click away!
4. Identify and Engage Stakeholders
Identify the stakeholders who will be affected by the new lease administration system and involve them in the implementation process. This can include finance, legal, real estate, and IT departments.
5. Clean Up Your Data
Before migrating your data to the new system, it’s important to clean up your existing data. This includes ensuring accuracy, removing duplicates, and standardizing data fields.
Cleaning up your data prior to migrating to a new lease administration software is important for several reasons:
- Accurate Data: Data accuracy is crucial for any lease administration system. When migrating to a new system, it is important to ensure that the data being imported is clean and accurate. Otherwise, errors and discrepancies may occur, which can lead to incorrect calculations, inaccurate reporting, and ultimately, financial loss.
- Efficiency: A new lease administration system is an opportunity to streamline your lease management process. However, if your data is not cleaned up, the migration process can become cumbersome and time-consuming. By cleaning up your data beforehand, you can ensure that the migration process is more efficient and that you can take full advantage of the new system’s features.
- Compliance: Lease administration is subject to various regulations and standards, such as FASB ASC 842 and IFRS 16. These regulations require accurate and complete lease data, and failing to comply with them can result in significant financial penalties. By cleaning up your data before migrating to a new system, you can ensure compliance with these regulations.
- Data Integration: A new lease administration system may also integrate with other systems, such as accounting or property management systems. If your data is not cleaned up, it may not be compatible with these systems, which can result in further inefficiencies and inaccuracies.
6. Develop a Training Plan
Once the new system is in place, ensure that users are trained to use it effectively. Develop a training plan that covers the system’s functionality, data entry, reporting, and any other relevant topics.
7. Test the System
Before going live, test the system thoroughly to ensure that it meets your requirements. This includes testing data migration, system integration, and user acceptance.
8. Establish Processes and Controls
Develop processes and controls for lease management that align with your policies and procedures. This can include establishing workflows, assigning responsibilities, and implementing approval processes.
9. Monitor Performance
Once the new system is in place, monitor its performance regularly to ensure that it’s meeting your requirements. This includes monitoring data accuracy, system uptime, and user adoption.
10. Continuously Improve
A lease administration software is a long-term investment, and it’s important to improve it over time. This includes soliciting user feedback, identifying areas for improvement, and implementing changes as needed.
It is not only important that your department continues to improve its processes and use of the software, but that Clients should expect the software they use to continuously improve, add new features, stay up to date with the latest functionality, and stay update with changes in modern UI for ease of use.
In conclusion, implementing a new lease administration system requires careful planning, attention to detail, and collaboration across departments. By following these best practices, organizations can ensure a successful implementation that delivers value over the long term. If you would like more information on how ManagePath can help you with a successful transition, click here to request a demo!