Leasing management software creates an environment for employees in which work tasks are solved more quickly and results are recorded. A flexible system of access to customer information, deals and reports, payments, and deadlines is necessary to manage to lease. If this data is stored in different places and changes are not displayed promptly the company’s profit decreases. Managing the leasing business is more convenient when each employee performs tasks within one software ecosystem that includes all the necessary tools. For example, auto leasing software allows you to:
- Track data on the leased car;
- Automatically renew contracts;
- Store and quickly retrieve financial and legal documents for deals;
- Control expenses;
- Track changes in status for each object: purchase of a vehicle, expired contracts, current leasing, and sale.
Software for rental companies automates leasing operations and updating documents related to them, and optimizes the work of accounting and sales departments. Each department has an interface with templates, graphs, reports, and reminders. This speeds up daily processes and simplifies decision-making. And managers and owners of the company can see the state of affairs and all critical points in real time. Operational access to data and visual representation of business help to increase profitability.
Types of leasing management software
Developers design various software packages for lease management. The software differs in the depth of interface development, the number of additional features and integration with third-party services, reliability of information storage and access to it. The offerings are tailored to different team sizes, with versions available for small, medium, and large businesses, as well as universal programs and software tailored to specific niches. There are auto leasing software solutions as well as for equipment and real estate.
Auto leasing software is used by customer relationship managers to quickly calculate the terms of the deal and easily track assets.
- Cloud services for equipment leasing
These include office equipment, servers and IT components, factory machinery and agricultural machinery, and communal and warehouse equipment – there are special programs for managing the leasing of special equipment as well. They ensure data integrity and compliance with transactional information, provide the ability to track contract timelines, plan contacts with customers, and manage financial flows.
- Software suite for real estate leasing management
It is designed with long-term deals and long-range planning in mind. It predicts cash inflows from contracts, simplifies asset control, and calculates costs for each new contract.
Benefits of car leasing management software
Auto Leasing software uses electronic document signatures and a variety of templates such as reports, price calculation formulas, and data on current leasing. This is a flexible system designed for prompt interaction. Repetitive operations are automated, and information is protected and encrypted. Information on the user interface is easy to comprehend.
Let’s consider car leasing software in more detail and focus on its advantages.
1 Specialized industry features include:
- the ability to view a vehicle’s location to protect it from theft or control drivers’ work if it is a taxi service;
- tracking expenses for each vehicle;
- paying fines, road fees, and compensation for damage;
- controlling regular maintenance and inspections of vehicles;
- calculating interest rates and markups.
The system itself performs processes such as entering payment schedules, contract conclusion and termination, insurance renewal, and license extension, where mistakes could have crept in due to inattention. Data duplication and re-entry are eliminated.
3 Time savings
The time that was previously spent preparing proposals, reports, collecting and analyzing statistics, is now free for more complex tasks. Necessary data can be retrieved from the program in just a few clicks.
Each participant has a level of access to information that does not need to be entered each time, and there is no risk of making mistakes. This approach protects the company from commercial information leakage.
5 Remote control of the vehicle
The manager can track the movement of the car, instantly find out about accidents, and exceed the established mileage limit.
6 Secure document flow
Templates are collected in one ecosystem. Originals and scanned copies of documents are stored in a single secure space, and they can be viewed and forwarded as needed. Contracts can be signed in electronic format, which significantly speeds up the process.
7 Contract Overview
The manager can view a selection for any period of time and filter assets: contracts awaiting signature, rented, leasing requests rejected or overdue.
8 Asset monitoring
The manager will not lose sight of any vehicle: when it needs maintenance, how many parking spaces to free up, and how many cars are idle.
9 Deal updates
It is more convenient for the manager to make changes to the leasing contract terms and quickly respond to incidents such as fines, breakdowns, and accidents. This improves the quality of service.
10 Reporting and statistics
Leasing software is designed to make contract analysis easy. Reports can be generated without the involvement of a programmer, as well as exported in different formats. Based on the source data, the program creates diagrams and charts that are immediately ready for presentation or analysis. The quality of management decisions improves, meetings become more effective, and each department’s contribution to the implementation of the commercial strategy increases.
Additional leasing software options
Leasing software is designed to simplify contract analysis. Reports can be generated without requiring the assistance of a programmer and exported in various formats. Based on the source data, the program creates diagrams and charts that are immediately ready for presentation or analysis. The use of leasing software results in improved quality of management decisions, more effective meetings, and increased contribution from each department to the implementation of the commercial strategy.
Additional leasing software options include services that can be integrated into the system by IT companies for accounting, asset or service booking, sending offers, and location tracking. Some types of software are only available on computers, while others have their own mobile applications. The functionality of the software can also include the following options:
- A database of unscrupulous tenants;
- A customer database with the ability to search by company name, number, or name;
- A library of templates for correspondence, proposal generation, and creating custom forms;
- Asset tracking tools using a global positioning system (GPS);
- Analysis of asset utilization;
- Movement of assets between company branches;
- Purchasing new assets, auditing deliveries;
- Delivery and pickup planning.
Many developers offer a ready-made leasing management package, but sometimes the feature set can be expanded on a case-by-case basis.
Lease management pricing guide
Vehicle leasing software providers use the following payment calculation models:
- a one-time payment for software installation;
- payment for each open contract or vehicle;
- an annual or monthly fee for maintenance and support of the software complex;
- additional expenses (such as purchasing GPS sensors for vehicles).
Pricing plans vary based on the number of users and lease agreements. Companies offer 3 to 6 different packages.
The cost is also influenced by:
- the number of options;
- the number of possible integrations with third-party services;
- special features, such as cloud-based operation or a customizable interface;
- the availability of support services, such as a wide range of languages or extended support hours.
Annual ratings of the best software and detailed reviews from the developers themselves help to compare offers.