Features which make the Accounting for leases facile
16Leases has been developed for the sole purpose of – “easing the way of lease accounting.”
Therefore, the development of features is done according to the user perspective. We strived to make the user experience unrivaled and your lease accounting IFRS Compliant
For that reason, we haven’t compromised with any of the attributes making it one of the best options out of all cloud-based accounting solutions for lease calculations. Every section of the application will open with top-most possible speed, security which can’t be trespassed, functionality that provides all a user needs. We have developed an application for you where efficient lease accounting can be done without compromise.
Simple and Easy to Use
It is simple and easy to use because it uses state of the art technology to provide an intuitive interface, which makes accounting for leases facile even for a non-accountant and carry out complex lease accounting. One can discover all the aspects of the application in no time, letting the user utilize the full functionality.
Accounting for leases becomes trouble-free as 16leases is fully compliant with lease accounting standards. It ensures that the transition from the old standard to the new standard is smooth. Alongside, it also supports adjustments where you make changes as per the requirement leaving no scope of error in any of the results.
16Leases support multi-user functionality, which allows an infinite number of users through one license. This helps in operating lease accounting effortlessly. There will be one admin access with which one can add any number of users. However, one user won’t be able to view the lease accounting of the other user until and unless it is willingly shared through the “Quick Sharing” option.
It has cloud-based access; that is no fears of losing your data because with 16Leases your data’s back up will be present on cloud. Since 16Leases is hosted on the Azure cloud, we continuously update with the changes in financial reporting standards, and new features are added to give you world-class experience.
16leases is considered to be a time-saving application as it automatically computes lease liability, interest costs, ROU Asset Value, and depreciation based on the minimum inputs from the user. One needs to add just the data and results will be generated at the same time without any chances of error.
16Leases makes it possible to record and maintain leases of multiple companies from one Enterprise license. You can filter the leases on this basis. When you go to the company tab, you find the interface providing data about the company name, currency in which it deals, when its financial year ends and reporting frequency.
Quick sharing is one of the most promising features of 16leases. Using this feature, you can share leases with colleagues, accountants, and auditors. This feature can also help to have an efficient communication between lessee and lessor. However, they need to have a 16Leases account. For that reason, we have added the possibility of adding infinite users through one license. You just need to visit the share option and enter the user’s email with whom you wish to share the lease.
16Leases works fine with mobile, desktop, and tablet. Further, it can be installed locally, or it can be used through the browser. The local client knows no limit as it is compatible with Windows, iOS, macOS, Linux, and most of the other widely used operating systems. This helps a lot to have a better lease management as you can open and check this lease accounting system from anytime, anywhere on any device.
We have provided security to the whole web-based application using https protocol. Furthermore, two-factor authentication is included for robust security. You first need to enter the password you have set. After this, a token ID page will open where you need to enter the Token ID sent to the registered email. For efficient security, transfer of token ID is secured by SHA-1 encryption.
Forecasted GL impact
16leases makes it possible for the user to view forecasted general ledger transactions throughout the lease life cycle. This helps them to understand accounting implications of lease transactions. Customize your preference from- yearly, monthly, quarterly, and 16Leases make the journal entries ready accordingly. Alongside, you also get a report of your lease transactions according to your chosen preference. What better can it be when you can organize and get reports of your leases at the same place?