Probably for years, you’ve used whatever informal lease management methods were available—you may have sent complex spreadsheets back and forth or relied on great stacks of paper files or email chains to manage a myriad of leases. These certainly worked when you could afford them. However, with rising velocity and increasing lease data intensity, they are no longer sustainable. As your organization grows and you have a great number of leases to manage, such manual approaches introduce inefficiency. They open doors to risks that can put your business in danger of grinding to a halt.
On the other hand, CRE Lease Matrix, an automated lease management software provides sleek, fast, and scalable solutions to all of these shortcomings. Let’s dive into why traditional lease management methods are unsustainable and why automation is the future.
1. Time-Consuming Processes vs. Automation Efficiency
If you have spreadsheets and paper files, then you must be aware of just how time-consuming it is to maintain rent schedules, track critical dates, or simply try to get a hold of lease documents. The repetitive nature of these tasks makes you humanly susceptible to error-prone results and waste time checking for errors.
Automation eliminates these types of mundane, manual tasks. CRE Lease Matrix automatically updates the rent schedule, reminds you of key dates like renewals or compliance deadlines, and puts all your lease documents at your fingertips. This approach saves time and ensures efficient workflow.
2. Limited Scalability vs. Seamless Growth
The more your business grows, the more exhausting the manual management of all those increasing numbers of leases. Just a few properties can be managed with a spreadsheet, but managing this complexity as the number of leases increases is inefficient and lacks clarity across your portfolio.
CRE Lease Matrix is designed to scale with your business. Whether you maintain 10 leases or 1,000, the software can easily handle higher lease data volumes without slowing down.
3. Lack of Real-Time Data vs. Centralized and Accessible Information
This is the biggest disadvantage of the manual methods because they lack real-time data. Static spreadsheets and paper documents leave you working in time-space, which often becomes outdated and makes it difficult to make timely strategic decisions.
CRE Lease Matrix makes all lease data available in one centralized platform. You can track payments, monitor compliance, and generate on-time reports on the dashboard. This kind of visibility improves decision-making and can give better portfolio management.
4. Compliance and Risk Management Challenges vs. Automated Compliance Tracking
Lease agreements require careful management to ensure compliance with accounting standards. Tracking and adhering to these specific lease criteria can be challenging, especially without a centralized system. This complexity often leads to missed obligations and increased risk, making effective compliance management difficult.
CRE Lease Matrix is designed to simplify this process by ensuring full compliance with the Indian Accounting Standard (Ind AS) 116. The software provides clear, actionable insights into lease obligations, streamlining lease accounting and minimizing risk. With automated tracking, it helps businesses stay on top of their lease regulations, improving efficiency and compliance management.
5. Complexity in Teamwork vs. Improved Team Collaboration
Using spreadsheets or paper files to manage leases often leads to confusion among stakeholders, causing delays in communication and duplicated efforts. This lack of consistency creates inefficiencies and complicates lease management.
With CRE Lease Matrix, you can automate the management of your leases allowing everyone to work through the same platform. Various stakeholders in different departments have access to the most up-to-date information so that it becomes easier to collaborate and make decisions much faster.
6. Limited Reporting Abilities vs. Advanced Analytics
The most cumbersome of all is manual lease report preparation, and it never provides the detail that is expected. Incomplete and partially put-together reports just do not give a complete picture of how leases are performing, where the finances stand, or what might be coming down the road.
Access to complex reporting and analytics with CRE Lease Matrix can be used to derive reports on expiry, lock-ins, security deposits, expenses, sales, lease obligations, and financial trends. This always results in the provision of valuable insights that better equip you to make great decisions on managing your lease portfolio.
The traditional methods of managing leases may have served you so far, but they are no longer sustainable today. Manual processes occasion inefficiencies and increased risks, and scalability becomes tough. An automated lease management software offers you a scalable, efficient, and accurate solution to your business needs and thus facilitates easy and reliable management of leases.
That’s what happens when you take a step forward to adopting automatic lease management software: streamlined operations, reduced risk, and valuable insights that will guide smarter decisions to ensure the long-term success and sustainability of your business.
Make the switch to efficient lease management! Book a demo now!
