Worried about your next lease audit?
Juggling ASC 842 and IFRS 16 on spreadsheets is a recipe for compliance headaches and costly errors that auditors love to find.
Manual data entry and tracking lease changes leaves your financial reports vulnerable to mistakes, putting your entire organization at significant risk.
This isn’t just about messy spreadsheets. It’s about the integrity of your financial data and the strategic decisions that depend entirely on its accuracy.
The right software fixes this by automating compliance and centralizing data, turning a major audit risk into a strategic advantage for your team.
In this guide, I’m breaking down the best lease accounting software to help you cut audit risks and gain full, confident control over your portfolio.
You’ll discover tools that ensure accuracy, streamline reporting, and empower you to make smarter, data-backed financial decisions for your growing business.
Let’s dive in.
Quick Summary:
| # | Software | Rating | Best For |
|---|---|---|---|
| 1 | Trullion → | Finance teams with complex audits | |
| 2 | Visual Lease → | Enterprise organizations | |
| 3 | FinQuery → | Teams managing complex compliance | |
| 4 | LeaseAccelerator → | Companies needing centralized data | |
| 5 | Nakisa → | Large enterprises with complex leases |
1. Trullion
Struggling with complex lease accounting and audit readiness?
Trullion offers an AI-powered accounting platform specifically designed to automate financial workflows for your team.
This means you can streamline critical accounting workflows from lease accounting to audit readiness. The result is effortless compliance.
Here’s how Trullion can empower you.
Trullion streamlines compliance by automating every step of lease accounting, from AI-powered contract extraction to real-time schedules, journal entries, and disclosures.
You’ll gain confidence in your compliance, and your auditors will be relaxed, as Virgin Voyages cut close time with Trullion and reduced reporting by over 25%. Trullion helps you move faster and smarter, adapting to your unique workflows across complex audits and lease portfolios. Additionally, it automates workflows, offering quick setups, scalable infrastructure, and ready-to-review reports for your financial transformation team.
Ultimately, you get peace of mind and trusted data.
Speaking of trusted data, my guide on best market research software provides insights for strategic decisions.
Key features:
- AI-powered Lease Automation: Automates every step of lease accounting, including contract extraction, real-time schedules, journal entries, and disclosures.
- Unified Compliance Platform: Consolidates ASC 842, IFRS 15/ASC 606 revenue recognition, and audit readiness tasks into one comprehensive system.
- Agentic AI Assistant: Provides a human-language user experience for automating financial workflows, enhancing accuracy and coverage for accounting and audit teams.
Trullion features, pricing, & alternatives →
Verdict: Trullion stands out as a best lease accounting software option, especially for finance leaders aiming to reduce audit risks and improve efficiency. Its AI-powered automation of lease accounting, including contract extraction and real-time reporting, reduces manual tasks and provides audit-ready compliance. Virgin Voyages even reduced reporting time by over 25% using Trullion.
2. Visual Lease
Struggling to unify your complex lease portfolio?
Visual Lease offers an enterprise solution to manage your entire lease lifecycle and empower informed business decisions.
This means you can efficiently track, report, and maintain compliance across standards, reducing audit risks, while streamlining lease management and accounting processes.
Don’t take chances. Take charge.
Visual Lease transforms your lease management and accounting by centralizing your lease data for enhanced operational efficiency and strategic planning. This introduces automated processes, significantly reducing manual effort and potential errors in tasks like generating journal entries, disclosures, and reports.
You can integrate lease information with other business processes, supporting crucial strategic decision-making and overall operational effectiveness. Additionally, Visual Lease provides robust controls specifically built for real estate, equipment, and emissions management workflows, ensuring confidence and compliance. Plus, it enables sustainability reporting, allowing you to track the environmental impact of your leased and owned assets.
The result is total visibility, optimized lease terms, and streamlined operations.
Key features:
- Centralized Lease Data: Unifies your entire lease portfolio, making data effortlessly accessible for better decision-making and real-time insights, eliminating data silos.
- Comprehensive Compliance: Generates accurate disclosures, journal entries, and reports to meet ASC 842, IFRS 16, GASB 87, and GASB 96 lease accounting standards.
- AI-Supported Automation & Integrations: Streamlines lease management and accounting processes, reducing manual effort, and seamlessly integrates with your existing enterprise systems.
Visual Lease features, pricing, & alternatives →
Verdict: Visual Lease is the best lease accounting software for enterprise organizations needing total visibility and compliance. It offers deep domain expertise, streamlined collaboration across functions like finance, real estate, and legal, and robust controls for risk reduction, ensuring strategic financial and operational outcomes.
3. FinQuery
Struggling with complex lease accounting compliance?
FinQuery offers robust lease accounting software to simplify compliance with ASC 842, IFRS 16, and GASB 87, among others. This means your team can achieve confident compliance.
The platform helps generate amortization schedules, journal entries, and disclosure reports, your fast track to audit readiness for lease accounting.
This ensures your strategic goals are met.
FinQuery centralizes all contracts in one repository, streamlining contract management. This helps you reduce effort spent on prepaids and accruals by up to 80%, automating accounting for these expenses.
You can easily simplify reconciliations for audits and close with automated prepaid asset/accrued liability reports, giving you comprehensive control. Additionally, it automates amortization schedules and roll forward reports. Plus, FinQuery integrates with any ERP or general ledger, ensuring seamless data flow and empowering strategic decisions from site selection to investor reporting.
The result? Reduced audit risks and empowered decisions.
Key features:
- Comprehensive Compliance: Facilitates adherence to ASC 842, IFRS 16, FRS 102, GASB 87 & SFFAS 54, simplifying complex accounting for confident compliance.
- Automated Accounting: Automatically generates amortization schedules, journal entries, and disclosure reports, reducing manual effort for prepaids and accruals by up to 80%.
- Centralized Contract Management: Provides a central repository for all contracts, enabling budgeting, cash flow forecasting, and streamlined management.
FinQuery features, pricing, & alternatives →
Verdict: FinQuery’s robust features like automated schedules, audit-ready reports, and multi-standard compliance make it the best lease accounting software for simplifying complex accounting. It streamlines contract management and reduces effort on prepaids by up to 80%, ensuring you achieve confident compliance and empowered strategic decisions.
4. LeaseAccelerator
Struggling with scattered lease data and compliance risks?
LeaseAccelerator tackles these issues by centralizing all your lease information into one platform. This means you gain clear visibility across lease accounting, real estate administration, and sourcing applications.
Your team can say goodbye to juggling spreadsheets and outdated systems, as LeaseAccelerator automates critical tasks to save time and minimize errors significantly.
So, how does LeaseAccelerator empower your decisions?
It simplifies your lease management by bringing all details into a single, accessible platform. You can streamline tasks like tracking, renewals, and approvals, freeing up resources for strategic priorities.
Furthermore, LeaseAccelerator eliminates the hassle in compliance processes by automating complex accounting standards like ASC 842 and IFRS 16. This includes tracking terms and managing accurate financial reporting, reducing costly errors and ensuring you stay audit-ready effortlessly. Plus, it seamlessly integrates with over 140 ERPs and EPMs, allowing for real-time data feeds and IT-free export features, enhancing overall efficiency and decision-making by centralizing all your lease data.
It truly simplifies your leases and cuts costs.
Key features:
- Centralized Lease Data Management simplifies lease tracking, renewals, and approvals, providing a single source of truth for all your lease information, boosting visibility and control.
- Automated Compliance Support for ASC 842 and IFRS 16 eliminates manual tasks, reduces errors, and ensures audit readiness with powerful insights and streamlined reporting.
- Seamless ERP/EPM Integration connects with over 140 systems, providing real-time data and IT-free export capabilities, improving efficiency and supporting smarter cost savings.
LeaseAccelerator features, pricing, & alternatives →
Verdict: If you are seeking the best lease accounting software to reduce audit risks and gain strategic insights, LeaseAccelerator’s automation of compliance processes and centralized data management is an excellent choice. It has been shown to reduce evergreen payments by 18% and manual audit reports by 80 hours, empowering smarter capital investment decisions.
5. Nakisa
Struggling with complex lease accounting compliance?
Nakisa offers an enterprise-grade Lease Accounting Suite, empowering you to manage high-volume postings and complex scenarios efficiently. This means your finance team can streamline workflows and gain invaluable insights. The software handles diverse assets and complex leasing scenarios.
Here’s how Nakisa solves your compliance headaches.
Nakisa delivers robust cloud software designed for accuracy with high-volume postings across various assets like property, equipment, and land. You can automatically post accruals, payments, and asset depreciation to up to 45 concurrent finance systems like SAP or Oracle. Additionally, Nakisa ensures global compliance with IFRS 16, ASC 842, and local GAAP, both transactionally and in reporting. The result? Your data is secure and centralized, enabling full efficiency and compliance in managing your owned, leased, and sub-leased portfolios.
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Audit risks can be significantly cut.
Key features:
- Comprehensive Compliance: Supports global standards like IFRS 16, ASC 842, and local GAAP, ensuring transactional and reporting accuracy for regulatory adherence.
- Automated Postings: Automatically handles accruals, payments, and asset depreciation, posting to up to 45 concurrent finance systems and general ledger accounts in SAP or Oracle.
- Centralized Data Management: Provides a single, secure location for all your owned, leased, and sub-leased portfolio data, enabling efficient management and compliance.
Nakisa features, pricing, & alternatives →
Verdict: Nakisa Lease Accounting stands out as a strong contender for the best lease accounting software, offering robust solutions for high-volume transactions and complex leasing scenarios. Its ability to ensure global compliance across ASC 842, IFRS 16, and GASB standards, coupled with centralized data management, makes it ideal for reducing audit risks and empowering strategic decisions.
6. iLeasePro
Struggling with lease compliance and audit risks?
iLeasePro offers intuitive, cost-effective, and accurate solutions for complex lease management and accounting. This means you can easily optimize lease processes with minimal training.
Your journey to compliance and efficiency will be smoother with iLeasePro’s automated tasks, which cut down on errors and support compliance.
It’s time to transform your lease accounting.
iLeasePro simplifies lease accounting for both real estate and equipment leases, helping you easily calculate liabilities and apply assets to your balance sheet. You can generate clear, accurate financial reports, ensuring compliance from Day 1 with ASC 842.
The platform assists with classifying, measuring, and reporting all lease types, including finance, operating, and short-term leases. Its FASB Lease Classification Wizard guides you through the complexities, making sure you adhere to the correct accounting methods. Additionally, features like consistent amortization schedules, automated journal entries, and accurate lease payment calculations significantly reduce manual effort. This results in accelerated month-end closings, real-time updates, and robust audit-ready documentation, empowering your strategic decisions.
Plus, you get secure auditor access, ensuring seamless reviews without additional costs.
Key features:
- Automated Compliance: Automates lease classification, journal entries, and financial disclosures for ASC 842, IFRS 16, and GASB standards, significantly reducing audit risks.
- Centralized Management: Consolidates all lease data, including documents and critical dates, into one secure platform, eliminating manual reconciliation and enhancing operational efficiency.
- Comprehensive Reporting: Offers over 50 customizable reports for in-depth lease analysis, supporting strategic decision-making and ensuring transparent financial reporting for stakeholders.
iLeasePro features, pricing, & alternatives →
Verdict: For growing companies navigating ASC 842 compliance, iLeasePro stands out as a best lease accounting software option, centralizing data and automating complex tasks. Its SOC 1 Type 1 and Type 2 certifications underscore its commitment to data integrity, making it ideal for finance leaders seeking audit-ready documentation and efficient month-end closes.
7. Leasecake
Struggling to control your third-largest operating expense?
Leasecake offers robust lease management and accounting software, directly addressing the complexities of real estate portfolios. This means you gain critical clarity.
You can transform hidden real estate risks into actionable insights, ensuring you’re never blindsided by obligations. This gives you control to make smarter decisions.
Here’s how you unlock growth.
Leasecake centralizes every lease detail, from renewals and tenant obligations to occupancy costs. This robust system helps you avoid preventable costs and negotiate stronger deals.
Its AI capabilities turn complex documents into clear insights, reducing legal review time and surfacing opportunities you might otherwise miss. You also get a LIFT™ Score, an AI-powered assessment that instantly uncovers hidden risks in your leases and contracts, showing where to dig deeper. Plus, with portfolio reporting, you can spot trends, flag outliers, and make faster decisions.
This means you can stop reacting and start growing your business with confidence.
While we’re discussing how to gain insights from your data, you might also find my guide on event tracking software helpful.
Key features:
- Comprehensive Lease Management: Provides visibility into due dates, automates timely reminders, and assigns tasks to ensure critical deadlines are met and locations are protected.
- Actionable AI Insights: Leverages artificial intelligence to convert complex lease documents into structured data, speeding up reviews and identifying opportunities to save money.
- Strategic Reporting & Mobile Access: Offers detailed portfolio reporting to analyze trends and flag risks, complemented by a mobile app for on-the-go access to crucial lease data.
Leasecake features, pricing, & alternatives →
Verdict: For growing companies grappling with ASC 842 compliance and seeking to transform real estate liabilities into strategic assets, Leasecake stands out as the best lease accounting software. Customers have recovered over $225,000 annually in CAM overcharges, showcasing its tangible ROI for improving your company’s valuation and simplifying transactions.
8. Netgain
Struggling with lease accounting compliance and audit risks?
Netgain’s NetLease product offers automated ASC 842 compliance, specifically designed for large portfolios. This means you can easily manage the complexities of lease accounting.
It handles everything from terminations to disclosures, automating the heavy lifting of compliance for you. This streamlines your workflow and reduces manual effort significantly.
Here’s how Netgain helps.
NetLease is built to scale within NetSuite, ensuring accurate and audit-ready reports. It eliminates disconnected tools and manual work, centralizing your lease data.
This powerful software automates transaction matching and journal creation, leading to greater accuracy and fewer errors. You can reconcile daily without relying on cumbersome spreadsheets, freeing up your team’s time.
Additionally, Netgain integrates with various systems like eCommerce and CRM through SuperSync, ensuring data flows seamlessly. This keeps your processes in sync and allows your team to focus on strategic tasks rather than data stitching.
The result is a smoother, more confident financial close.
Key features:
- Automated ASC 842 compliance: NetLease specifically automates everything from lease terminations to disclosures, keeping your large portfolios compliant and audit-ready.
- Seamless NetSuite integration: Built 100% natively within NetSuite, Netgain eliminates disconnected tools and manual work, centralizing your accounting workflows.
- Comprehensive lease management: Manage leased assets easily with NetLessor, automating depreciation and tracking assets across entities for full visibility and clean audit trails.
Netgain features, pricing, & alternatives →
Verdict: Netgain’s focus on automating ASC 842 compliance within NetSuite makes it an excellent choice for businesses seeking the best lease accounting software. Its ability to handle large portfolios, reduce manual entry, and provide clean audit trails helps minimize risks and empower strategic financial decisions.
Conclusion
Still dreading your next lease audit?
I know that juggling ASC 842 and IFRS 16 on spreadsheets is a recipe for costly errors that put your financial reports at risk.
Replacing these outdated manual workflows is no longer just about efficiency. It’s about protecting your data’s integrity and ensuring you have audit-ready compliance reports your team trusts.
So what should you do?
After reviewing all the options, Trullion stands out. Its AI-powered platform directly tackles audit risks by automating workflows from contract extraction to disclosure reports.
Virgin Voyages cut reporting time by over 25% with Trullion. The best lease accounting software delivers this kind of trusted, audit-ready data and ultimate peace of mind.
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I recommend you book a free demo of Trullion to see how its AI platform can empower your entire finance team.
You will achieve effortless compliance.
