Managing a lease involves taking care of various fundamental factors. These include creating applications, developing an installment schedule, closing and terminating the contract, creating quotes, performing installment calculations, and tracking contract balances. Attempting to handle this responsibility manually is time-consuming, and the chances of making mistakes increase, considering that the tasks mentioned above are merely a fraction of the work. When the work increases and consumes more time, a lease administration software comes in handy, serving as the most efficient assistant. The system offers a centralized database to store vital information, organize lease payments, create stacking and abstracts plans, and assess financial reports at the lease level.
Automate Lease Management
The application’s administration for leases includes processes like origination, termination, and maintenance, which can take a long time if done manually. The software makes the process easier, faster, and even financially beneficial. It raises the job’s efficiency by offering automated tools like the vetting check, disbursement schedule, sources of access, and approval conditions.
The software also facilitates applicants’ management by collecting various attributes such as marital status, industry sector, residential status, and occupation. It also allows handling multiple parties and applicants within one application. Furthermore, an originator management module allows dealer authorization, multi-branding, and dealer grouping, among other functionalities.
Lease administration software increases the employees’ efficiency, leading to improved customer service. With an automated tool, handling customer inquiries gets faster, gives the company a competitive advantage, and automates the credit decision-making process.
An integrated and automated system module for credit scoring can ease lenders’ decision-making by making it easier to check credit scores and calculate and establish a credit rating. An effective credit decision and credit rating can raise a business’ KPI.
Handling accounts for a lease is challenging but managing and tracking everything in one place helps. A lease administration software has a specialized ledger with a posting setup to handle on-contract termination, activation, mapping lease, and on-installment due. With leasing tools, facilitate daily interest calculations using two components penalty interest and financing interest.
Considering the benefits of lease management software, every leasing company should put enough effort into getting one. The market offers different tools with various features to help make the work adaptable and flexible.