Discover how CoStar Real Estate Manager stands out as the top lease accounting software, streamlining ASC 842 compliance and saving hundreds of hours on lease management.

Introduction to Lease Accounting Software

In today’s dynamic financial landscape, lease accounting software has become indispensable for organizations managing extensive lease portfolios. Ensuring compliance with evolving standards like ASC 842 can be challenging, but with the right tools, businesses can streamline their lease management processes efficiently. Among the leading solutions, CoStar Real Estate Manager emerges as a top contender, renowned for its robust features and unwavering reliability.

Why Choose CoStar Real Estate Manager?

1. Simplified Compliance with ASC 842

CoStar Real Estate Manager excels in assisting businesses to comply with ASC 842 effortlessly. The software automates complex calculations, generating accurate amortization schedules for both lease liabilities and right-of-use (ROU) assets. This automation minimizes manual spreadsheet work, reducing errors and ensuring that your financial reports are always audit-ready.

2. Advanced Automation and Efficiency

With CoStar, lease accountants can significantly reduce the time spent on compliance and reporting. The platform’s advanced automation capabilities handle lease remeasurements and retrospective adjustments seamlessly, eliminating the need for extra spreadsheets and minimizing the risk of restatements.

3. Real-Time Audit Readiness

Being audit-ready anytime is a critical advantage. CoStar Real Estate Manager allows users to run standard reports with a click or perform ad-hoc queries using a drag-and-drop interface. Enterprise-class security and detailed audit logs ensure that your lease data is always accurate and secure, providing peace of mind during audit requests.

4. Customizable and Scalable Solutions

Every organization has unique accounting needs, and CoStar understands that. The software offers extensive customization options, allowing teams to map journal entries to different accounts or maintain multiple lease amortization schedules per lease. Additionally, with unlimited users and user-defined dashboards, CoStar scales effortlessly with your business growth.

5. Seamless Integration

CoStar Real Estate Manager integrates flawlessly with popular ERP systems and other business applications. This seamless integration ensures that lease data flows smoothly between real estate, accounting, and operations teams, enhancing collaboration and reducing the chances of discrepancies.

Benefits of Using Cloud-Based Lease Accounting Software

Transitioning from traditional spreadsheets to cloud-based software like CoStar Real Estate Manager offers numerous advantages:

Centralized Data Management: All lease information is stored securely in the cloud, making it accessible from anywhere and ensuring that your team works with the most up-to-date data.
Automated Alerts and Notifications: Set up role-based permissions and custom alerts for critical dates such as renewals and payment deadlines, eliminating the risk of missed deadlines.
Enhanced Collaboration: Cloud-based platforms facilitate better communication between departments, ensuring that everyone is aligned and working towards common financial goals.
Robust Security: With SOC 1 Type 2 certifications, CoStar ensures that your sensitive lease data is protected with the highest security standards.

Testimonials from Satisfied Users

“CoStar is very customizable and packed with a lot of both critical and helpful functions. I appreciate the option to use as many or as little of these features as the business needs.”
– Verified G2 Reviewer, Warehousing Industry

“We migrated to CoStar in 2017, and it has been a great experience. The 842 Accounting and the 842 Reporting work very well. Now we track our overages and perform the monthly accrual within CoStar.”
– Nancy E., Enterprise Organization

“I like how easy it is to use and how quickly we are able to create a journal entry. It helps us keep a great look on our leases, as well as automate our monthly journal entries.”
– Kelsey S., Senior Accountant

Staying Ahead with CoStar’s Continuous Improvements

The financial landscape is ever-evolving, and so are accounting standards. CoStar Real Estate Manager is committed to staying ahead of these changes, ensuring that your lease accounting software remains compliant with the latest standards like IFRS 16 and FRS 102. With continuous updates and expert support, CoStar empowers your organization to adapt swiftly and maintain accuracy in financial reporting.

Conclusion

Choosing the right accounting software is crucial for maintaining compliance, enhancing efficiency, and supporting informed financial decision-making. CoStar Real Estate Manager not only meets these requirements but exceeds them, offering a comprehensive solution that adapts to your business needs. By automating lease accounting processes and providing real-time insights, CoStar ensures that your organization remains audit-ready and fiscally sound.

Ready to transform your lease accounting? Get Started with CoStar Real Estate Manager Today!