If you need to set up a new lease accounting system, then you can use an Excel-based program rather than buying a completely new software package. What are the advantages of using a lease accounting program for Excel?
1. Get an Instant Lease Accounting System
If you buy a new lease accounting software package, then you have to install it before you can use it. Even then, you might not be able to set up the system immediately.
For example, you might need to integrate the program with your existing software packages. If it isn't immediately compatible, then you might have to make more comprehensive system changes.
Things get a lot easier if you install an Excel-based program. It slots into your existing Excel implementation and you shouldn't have any compatibility problems. You should be able to use your new software much faster. It will contain all the specialist lease accounting tools you need.
2. Work With a Familiar Program
You might need some time to master a new software program once it is up and running. If you haven't used a package before, then you'll have to work out what the system can and can't do.
You'll also need time to understand how to use your new program. You might spend more time than you anticipated finding out ways to make it work effectively for your business and user needs.
If you use an Excel add-on, then you already have experience of using the software. These programs also usually come with a range of useful templates, charts, reports, and calculations that you'll recognize. They are easy to apply to your company's lease accounting needs if you already know how the software works.
3. Reduce Your Software Implementation Costs
If you buy new standalone software, then your implementation costs could be high. Even if you have IT people on staff, they'll have to spend time putting the software on your network and computers. If they run into incompatibility issues, then this job will take longer. If you don't have an IT department, then you might have to hire contractors to install the system.
You could also have some system downtime while your software is installed. Delays to your work cost money. Plus, you have to cover the cost of the package and, sometimes, individual user licenses.
An Excel-based system should cost less. You already have the core program, Excel, on your system, so installation should be fast and problem free. You shouldn't have any integration or downtime delays.
Contact a lease accounting program for Excel suppliers to find out more.