Best Lease Accounting Software Vendors: ASC 842, IFRS 16 & GASB 87

If you own some property or equipment that you think you can earn some income off of by leasing, then you should know a thing or two about the best lease accounting software vendors. 

This article will go over 10 great systems to manage your assets and stay in compliance. Here, we’ll try and give you the best advice on which lease accounting tools are best suited for which purposes or compliance standards.

Lease accounting software vendors comparison chart (top 10 highest rated)

This is a quick table with the key data on our top 10 lease accounting software solutions. Normally we’d display some quick pricing references here, but with certain industries like lease accounting software, you almost always must contact the vendors directly for pricing information.

What is the best lease accounting software? Here’s our top 10 list:

Now that you’ve had a quick glance at our top vendors, it’s time to read a bit more about each of these best lease accounting software. The rest of this article will teach you all you need to know about lease accounting, lease management and overall lease administration:
 

1. LeaseQuery (Best lease accounting software vendor overall)

LeaseQuery is a leading lease management and lease accounting software solution for your entire lease portfolio, and considered by many users and CPAs to be the best lease accounting software on the whole market.

Pros:

LeaseQuery is in full compliance with SSFAS 54, FASB ASC 842, IFRS 16, GASB 87 and GASB 96. Lease data integrity is maintained to the highest standard with LeaseQuery.

Great reporting on things like amortization schedules and ledger journal entries. Solid audit trail features for any lease change reporting.

This is a good lease accounting system for collaboration functionality, allowing for unlimited numbers of users. This includes lease administration tools like roles and permissions.

Workflows and automations are very useful to streamline things like automated financial reporting, invoicing, payment processing, and renewing lease contracts for re-leased properties or equipment leases.

Cons:

LeaseQuery is a cloud-based lease administration platform, so if you want something on-premise to manage your operating leases, look elsewhere.

Pricing:

• Contact LeaseQuery to request pricing information

Visit LeaseQuery
 

2. Leasecake (Top lease accounting FASB ASC 842 software)

Leasecake aims to be a number one lease portfolio management and accounting solution. It's a solid lease SaaS for CPAs, team collaboration and lease compliance standards.

Pros:

Like many great lease management tools, Leasecake is one of the best when it comes to compliance standards like ASC 842.

Leasecake has plans for tenants, landlords, brokers, lease accounting and lease abstraction, the last of which is for connecting users with accounting and financial professionals who can really help with balance sheets, lease agreements and overall financial management for your properties or equipment.

Landlords get tools like rent schedulers, lease clauses, contract renewals, insurance certificates, lease liabilities and more.

Brokers can use features like a critical date tool, branded properties, deal management, and everything in a lease lifecycle from deal signing to future contract renewals.

Cons:

As a FASB lease accounting software, Leasecake can stand to be a tad more user-friendly and some of its dashboards and features could be more customizable and configurable to your business needs.

Pricing:

• Reach out to Leasecake via their website for prices

Visit Leasecake
 

3. Black Owl (Great IFRS lease accounting software)

While Black Owl Systems is the first name on this list to not explicitly mention leases, leasing, lessees and lessors in their name, this is still a great contender as a lease accounting IFRS 16 solution, which is part of IASB’s new lease accounting standards. This SaaS is mainly about making sure users and companies remain compliant.

Pros:

Black Owl maintains the highest lease accounting standards and is therefore highly leverageable for both private and public companies.

This is a very user friendly accounting tool for everything from budgeting to asset management. Great lease-change and lease-end functionality too.

One can also use Black Owl as a single-tenant SaaS which then streamlines with any ERP platform.

Cons:

No clear pricing information on the website leaves one to suspect that perhaps this is a bit expensive.

Pricing:

• To get pricing information, contact Black Owl Systems

Visit Black Own System 
 

4. LeaseEagle (Good lease accounting AASB 16/IFRS 16 system)

LeaseEagle is an MRI software company out of Australia, and therefore is a strong name in lease management tools that are AASB 16/IFRS 16 compliant. This is a thorough system mainly used by tenants.

Pros:

Everything runs on the cloud and the system can be accessed any time and from anywhere.

LeaseEagle offers tailored solutions for various industries like retail, corporate and healthcare property leases.

This property management software does real-time lease data analysis along with customizable reporting. Cost and rental tracking can come with automatic notifications too.

You get good accounts payable processing tools replete with in-depth forecasting, accruals management, and multi-currency functionality. 

Cons:

A bit of an overcrowded interface makes this one a bit unpleasant to navigate at first.

Pricing:

• Visit LeaseEagle for pricing

Visit LeaseEagle 
 

5. PayProp (Best real estate software for rental payments) 

PayProp has a lot of good tools and features, but this is mainly a system which allows users to automate their rental and lease payments. This is a Canadian software solution.

Pros:

PayProp users save time by automating away the administrative task of sending their rents. It also drastically minimizes the chance of missing a payment and therefore ruining your credit score.

For Canadians, PayProp integrates with the major Canadian banking institutions, as well as offers real-time bank reconciliation. There is good forecasting which can catch potential arrears before they become an issue.

Cons:

While PayProp is a strong vendor for automated lease payment processing, it might feel a bit lacking if you are a property manager overseeing a wide portfolio of real estate leases.

Pricing:

• Visit PayProp’s website to book a demo and learn about pricing

Visit Payprop
 

6. Visual Lease (Great GASB 87 lease management tool)

Visual Lease is a collection of products including lease accounting software, lease management tools and other professional services modules. 

Pros:

Very good on lease accounting compliance issues here, including GASB 87, GASB 96, ASC 842 and IFRS 16. 

Automation streamlines the generation of audit-ready journal entries very smoothly, as well as disclosure reports and other financial reporting.

For managing a portfolio of leased assets and properties, Visual Lease assists you in many ways by syncing your lease data and general ledger information into a unified workspace.  

Cons:

It’s been rumored that Visual Lease is not the most affordable platform on the block.

Also, it may not be optimal for equipment leases.

Pricing:

• For pricing, get in touch with Visual Lease

Visit Virtual Lease
 

7. Costar Real Estate Manager (Top lease administration app for workflow automations)

Costar Real Estate Manager is made by a company out of Atlanta, Georgia. They make a variety of lease accounting and lease administration solutions. 

Pros:

Costar offers its users a guide for a 12-step lease accounting compliance plan which is crucial for making sure your books are tight and clean.

Lease accounting features are run on smart automations, like for recurring payments or notifications, regulatory reporting and other compliance factors.

There are great equipment tracking tools, manual disclosure reports, journal entry approvals and lease data management.

Cons:

The look and feel of the Costar user interface and dashboards is not the most appealing to the eye, but at least it’s not overly confusing either. 

Pricing:

• Visit Costar Real Estate Manager’s website for pricing details

Visit Costar Real Estate Manager
 

8. LeaseAccelerator (Good lease accounting platform for ERP integration)

LeaseAccelerator is also the umbrella brand name of many useful products, including a real estate manager and a global leasing marketplace.

Pros:

Your compliance concerns are well taken care of with LeaseAccelerator, covering standards like ASC 842, IFRS 16, GASB 87, and GASB 96.

Great equipment leasing features which integrate very well with your enterprise resource planning in solution.

Other ERP-based features that work alongside LeaseAccelerator include lease accounting automations, and record-to-report processing.

Cons:

Too many different products means you might not be able to get everything you want in one low price, but that always depends on your needs.

Pricing:

• As you can guess, LeaseAcelerator doesn’t publicly display pricing

• Visit LeaseAccelerator’s site for information about costs

Visit LeaseAccelerator
 

9. CCH Tagetik (Good financial accounting tool for the real estate industry)

Brought to you by Wolters Kluwer, the leading provider of professional information software solutions for a variety of industries, our next lease accounting tool is CCH Tagetik. 

Pros:

Tagetik is a very powerful analytics and forecasting tool for accounting and many other fields, and it can be well leveraged by the real estate industry.

There is enough compliance and regulatory features, which you can always access through great reporting.

You got disclosure management, budgeting, forecasting and profitability analysis.

Cons:

CCH Tagetik is not solely dedicated to the leasing industry, and this might rub some brokers, landlords, lessors and asset owners the wrong way.

Pricing:

• You want pricing?

• You know the drill

• Go to Wolters Kluwer and ask them 

Visit CCH Tagetik 
 

10. Trullion (Great lease accounting software for CPA firms)

Based in New York and with some of its team in Israel, the last name on our list is Trullion, which is one of the best lease accounting systems for CPAs and other professionals, though it can be used by non-pros too.

Pros:

Trillion is able to scan PDF and Excel contracts, capture the data, and sometimes use that data to create workflows to streamline the work. 

Great AI-powered data extraction features are a CPAs best friend for saving time on easy tasks.

You can also automate ASC 842 compliance, streamline IFRS 16 workflows and optimize your GASB 87 regulatory tasks.

Cons:

Not necessarily the simplest platform of the bunch, might require a bit of a learning curve.

Without clear pricing info, this one might run you a hefty bill.

Pricing:

• Visit Trullion’s website to request a demo and pricing info

Visit Trullion
 

11. Openmiracle (free lease accounting software)

Openmiracle is certainly not shy about branding themselves as a fantastic open source accounting solution built around very human needs and pain points. This is a great platform for accounting needs like payroll management. 

It helps prepare salary sheets as they connect to invoices and project planning, and lets you factor in salary settings, holidays, attendance records, advanced payments, vouchers and pay slips. For more advanced analytics and reporting, Openmiracle has a series of good plugins, like Miracle and Miracle Skate, which also help with advanced data migration.

Pros:

As mentioned, this is a great app for doing payroll management and can help save HR staff a lot of time.

There is a good PoS tool, for point of sale functionality. Also a good barcode generator and reader.

Cons:

Could do with a bit of a dashboard makeover.

Pricing:

• Openmiracle is free forever

Visit Openmiracle

What is lease accounting software & what does it do?

While there are many good small business software solutions, it’s nice to have one dedicated to lease accounting.

Lease accounting software is often used as part of a larger software package that includes lease management and lease administration.

Lease accounting serves you in many ways. It keeps track of all your properties and equipment which you lease, shows you if these assets are currently leased, to whom, and what are the terms of the lease contract.

Lease accounting tools can also use automation and workflows to do things like send payments, send invoices, charge credit cards or withdraw money from a lessee’s account. You can also automate notifications for important events as well as use automation to create regular reports on the financials of your lease assets.

A really important lease accounting functionality includes features to help you remain compliant. There are many compliance standards, for example, FASB ASC 842, AASB 16, IFRS 16, GASB 87, among others.

Which accounting for software leases is best for me? Our conclusion

Just so you know, there are many great tools for accounting for different industries, and you might want to know something about the best legal accounting software or the best real estate accounting software.

Now, for our key takeaways regarding lease accounting systems, we hope you found something here that meets your requirements. If you still are not 100% sure, why not start at the top with LeaseQuery or Leasecake, and begin asking for demos and pricing. That’s always a smart way to shop for SaaS.