Are you a user, manager or decision maker when it comes to your company’s lease & finance software? If you are already such, or if you’re about to procure a new solution, then likely you want to get the most out of your investment. Here’s how you can do so.
Configure First
Before a full implementation, it’s best to discuss how leases are currently managed, as before deployment is the best time to make changes to workflow. Resist the urge to make major changes to existing workflow until it’s agreed that those changes have tangible benefits. If possible, when the solution is nearing readiness, spend time in a period of “user acceptance testing.” This is a great opportunity to work out problems before all are “stuck” with the solution as-is.
Train, Train, Train
Training is an investment that you will be glad you made. Not only will employees be better users of their new lease & finance software, they’ll be happier too. They’ll understand the benefits of the system and feel confident about using it to the full. And when they are well trained, errors are minimized, leading to less risk and potentially more profit.
Use Advanced Capabilities
With so much functionality that can make managing leases more efficient and profitable, it’s definitely worth your time to setup and regularly use some of your solution’s advanced operations. One popular use is tying into external finance systems to automate invoicing and payment. Coding and journaling can also be configured, keeping your books up-to-date. Abilities like these reduce risk of error, and if an audit should come, there’s no reason to worry, as every penny is accounted for.
Finance can be taken to another level with batch processing and dispute, collections and exception handling. Lease professionals know that contracts do not come in just one size, therefore specialized terms can be identified and managed by handling pass-through charges, shared expenses, split rents, cross-billing of shared assets and escalations.
Use the portfolio management capabilities of your lease & finance software to ease communications with clients and vendors. Bulk portfolios and master agreements can be handled with built-in functionality. Check-in and check-out document management ensures that versioning is logged and that there remains one living, official document. Supporting files can also be linked, increasing efficiency and saving time. Standard forms are ready for use by other departments such as finance and client relations.
Investing the time to set up and master your lease & finance software brings great benefits. Not only do you have the satisfaction of getting your money’s worth, you also are able to take advantage of some of its advanced capabilities. Reveal opportunities, stay informed and maintain control of your assets with lease & finance software.
