{"id":169610,"date":"2025-04-03T18:48:24","date_gmt":"2025-04-03T18:48:24","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/how-to-replace-your-lease-accounting-solution-in-five-steps\/"},"modified":"2025-04-03T18:48:24","modified_gmt":"2025-04-03T18:48:24","slug":"how-to-replace-your-lease-accounting-solution-in-five-steps","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=169610","title":{"rendered":"How to Replace Your Lease Accounting Solution in Five Steps"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Organizations initially focused on <a href=\"https:\/\/finquery.com\/blog\/lease-accounting-explained\/\">lease accounting<\/a> standards compliance may have overlooked critical software features. Now, with increased expertise and advanced solutions, they recognize the need for improvement. If you\u2019ve seen any of the <a href=\"https:\/\/finquery.com\/blog\/recognizing-when-your-lease-accounting-software-isnt-working-for-you\/\">signs it\u2019s time to break up with your lease accounting software<\/a>, follow these steps to switch to a more effective vendor.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/finquery.com\/wp-content\/uploads\/2025\/04\/how-to-replace-your-lease-accounting-solution-infographic.png\" alt=\"How to Replace Your Lease Accounting Solution Infographic\" class=\"aligncenter\" width=\"779\" height=\"900\"\/><\/p>\n<h2>1. Define your current pain points and future needs<\/h2>\n<p>Before diving into the search for a new vendor, take a moment to thoroughly assess your current situation. Identify the specific users across different departments using your current software, and discuss their experience with the software to gain an understanding of the following:<\/p>\n<ul>\n<li>What features are used to do the job?<\/li>\n<li>What processes does the software assist with or is involved with that you don\u2019t want to disrupt?<\/li>\n<li>Are there any features or functionalities the software lacks?<\/li>\n<li>What are the \u201cnice to have\u201d features vs. the \u201cmust have\u201d features?<\/li>\n<li>What are the specific limitations of your existing software? <\/li>\n<li>Are you struggling with manual data entry, inadequate reporting, incorrect calculations, no foreign exchange or duel-reporting functionality, or a lack of integration with other critical systems?<\/li>\n<\/ul>\n<p>Once you\u2019ve identified how the system is currently being used and the user requirements, create a detailed list of your pain points. Simultaneously, envision your ideal lease accounting software. What features are essential for your organization\u2019s <a href=\"https:\/\/finquery.com\/blog\/cfos-are-rethinking-leasing-in-2025-key-trends-to-watch\/\">future growth and evolving needs<\/a>? Consider factors like scalability, automation capabilities, multi-currency support, and robust audit trails. This comprehensive assessment will serve as your roadmap during the selection process.<\/p>\n<h2>2. Research and shortlist potential vendors<\/h2>\n<p>With your needs clearly defined, begin thorough vendor research. Avoid repeating past mistakes, such as prioritizing cost or implementation speed over long-term suitability. The lease accounting software market has expanded, offering more options than during your initial evaluation. Take time now to identify the best fit for your users and use cases.<\/p>\n<p>To streamline your selection, create a checklist of features identified in Step 1, categorized as \u2018Must Have,\u2019 \u2018Nice to Have,\u2019 and \u2018Future Needs.\u2019 This will efficiently filter vendors, focusing your evaluation on those meeting your core requirements.<\/p>\n<p style=\"text-align:center\"><em>Not sure what else your software should be doing?Download our <a href=\"https:\/\/finquery.com\/downloads\/slick\/competitive-advantage.pdf\">LeaseQuery Competitive Advantage List<\/a> or <a href=\"https:\/\/finquery.com\/project\/lease-accounting-software-rfp-template\/\">RFP template<\/a> for ideas.<\/em><\/p>\n<p>As part of your <a href=\"https:\/\/finquery.com\/blog\/application-rationalization\/\">software evaluation<\/a>, speak with not only your current software users but also your peers and auditors to understand their experiences with software in the market and whether they have any recommendations or solutions to avoid. Check sites like G2 or Capterra for additional recommendations. Read through real <a href=\"https:\/\/finquery.com\/leasequery-reviews\/\">reviews<\/a> and testimonials to see what other users say about the vendors you are considering.<\/p>\n<h2>3. Schedule demos and evaluate vendor support and implementation<\/h2>\n<p>Beyond functionality and price, evaluate the level of support your organization requires. Determine your users\u2019 preferred support channels\u2014email ticketing, self-service, or live agent interaction. Once you\u2019ve shortlisted vendors, schedule demos to thoroughly assess their solutions against your criteria. During demos, address your pain points and future needs with detailed questions about data migration, implementation timelines, and ongoing support. Consider a trial period for firsthand experience with your data.<\/p>\n<p style=\"text-align:center\"><em>In addition to the feature checklist you put together, check out our <a href=\"https:\/\/finquery.com\/download-lease-accounting-software-vendor-questions\/\">software comparison guide<\/a> for examples of other questions for prospective vendors.<\/em><\/p>\n<p>Establish an internal timeline for when you would like to have the new software implemented. If you weren\u2019t involved in the contracting process, reach out to legal or procurement to find out when your current agreement ends before establishing your timeline. We recommend planning to purchase software before your existing contract expires so the solutions potentially have a few months of overlap for a smoother transition. This will allow you to migrate the data efficiently without worrying about losing access.<\/p>\n<h2>4. Plan and execute data migration and implementation<\/h2>\n<p>Once you have established the vendor of choice, it\u2019s a great time to review your portfolio for any bad data or errors and clean up what you can.<\/p>\n<p>Reach out to your vendor of choice about any <a href=\"https:\/\/finquery.com\/blog\/simplifying-your-switch-leasequery-balance-migration-solution\/\">data requirements for migration<\/a>, and verify you have the required data points within your existing data. In addition to new leases or lease changes throughout the current year, consider whether you need to include data for expired or <a href=\"https:\/\/finquery.com\/blog\/lease-termination-accounting\/\">terminated leases<\/a> for comparative financial reporting.<\/p>\n<p>Once the <a href=\"https:\/\/finquery.com\/blog\/lease-accounting-data-how-and-what-to-collect\/\">lease data<\/a> is consolidated into a comprehensive list, run the disclosure reports, account balances, and other standard reports out of the software system. Export these and reconcile your lease listing to your disclosure reports, to ensure the lease listing supports the disclosure reports and vice versa.<\/p>\n<p>If copies of lease agreements are stored in the existing software, export and save them as well as any additional supporting data or external work performed in Excel. In addition to the lease data, be prepared to provide your new vendor with your organization\u2019s specific configurations and specifications, including:<\/p>\n<ul>\n<li>Primary user information<\/li>\n<li>GL accounts\/account numbers<\/li>\n<li>Your organization\u2019s internal structure (i.e. regions, company codes, cost centers, departments, etc.)<\/li>\n<li>Lease accounting policy elections<\/li>\n<\/ul>\n<p>This is also a good time to reevaluate your internal controls and lease accounting policies to see if any need to be updated. Additionally, consider if the new lease accounting solution will result in changes to current processes. Are there new users or departments who could benefit from the new solution\u2019s functionalities? Once you have extracted and consolidated your lease data from your current system, the migration process to the new software will depend on the options the vendor provides, the volume of leases, and state of the data you have.<\/p>\n<h2>5. Testing and reconciliation<\/h2>\n<p>Once the prior software\u2019s lease data has been extracted and migrated to your new software, it\u2019s time to test and review the results. Reconcile the lease listing from the new software to the list you consolidated prior to data migration. Test a sample of data points to ensure completion and accuracy within the new system. In addition to testing out the raw data, review a few of the new software\u2019s amortization schedules to compare to results from your previous software. Be prepared to explain any differences between the methodologies of each software and get comfortable with the reports, amortization schedules, and journal entry calculations from the new software in case your auditors have any questions.<\/p>\n<p>Compare the new software\u2019s account balances and report outputs to those of your general ledger balances to check for any differences. As all software does things a little bit differently, variances will likely occur. Prepare to reconcile the differences and record any necessary one-time adjusting entries once the new software is implemented.<\/p>\n<p>Finally, don\u2019t skip sufficient training. Again, all software works a bit differently, so there will be a period of adjustment for your users to get up to speed on the new software. Ensure all users know the proper support channels and are aware of any changes in functionality, processes, or procedures impacting their day-to-day.<\/p>\n<h2>Summary<\/h2>\n<p>If the functionality of your current lease accounting software just isn\u2019t cutting it, consider switching to a new software that better meets your organization\u2019s current and future needs. Following the steps above will help you seamlessly transition to a more efficient and valuable software.<\/p>\n<p><a href=\"https:\/\/finquery.com\/free-demo\/\">Schedule a free demo with LeaseQuery<\/a> to see what an alternative software can do for you!<\/p>\n<h2>Related articles<\/h2>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Organizations initially focused on lease accounting standards compliance may have overlooked critical software features. Now, with increased expertise and advanced solutions, they recognize the need for improvement. If you\u2019ve seen any of the signs it\u2019s time to break up with your lease accounting software, follow these steps to switch to a more effective vendor. 1. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":169611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12843,3767,14809,1698,3080,2962],"dealstore":[],"offerexpiration":[],"class_list":["post-169610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accounting","tag-blog","tag-lease","tag-replace","tag-solution","tag-steps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Replace Your Lease Accounting Solution in Five Steps - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=169610\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Replace Your Lease Accounting Solution in Five Steps - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Organizations initially focused on lease accounting standards compliance may have overlooked critical software features. 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