Lease accounting software benefits accounting and finance staff by saving time during corporate operations, reducing human touch points and mistakes, increasing efficiency, and making more facets of the lease accessible. Professionals may access, authorize, log, manage the company asserts through enterprise lease accounting software.
Global Lease Accounting Software Market: Dynamics
- Increasing Government Regulations
- In 2016, the IASB released lease accounting standard, IFRS 16. FASB adopted a new lease accounting standard, ASC 842, representing IFRS 16 and a few minor variations. Both standards modify the manner in which leases are reported on company balance sheets. Today, businesses are recording financial leases on the balance sheet. Organizations are often liable for reporting running lease agreements onto the balance sheet and for revealing information in the financial statements notes. Hence, the increase in new standards has raised the demand for advanced lease accounting software.
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North America Led the Global Lease Accounting Software Market in 2019
- Based on region, the global lease accounting software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America held dominant share of the global lease accounting software market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the lease accounting software market in this region.
- The lease accounting software market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the lease accounting software market in the region.
Cloud based segment to expand at higher CAGR over the forecast period
- Based on deployment model, the market is segmented into on-premises and cloud/SaaS based. The cloud/SaaS based solution held dominant position in the market in 2019 and is expected to retain its dominance throughout the forecast period. The segment is expected to expand at the highest CAGR during the forecast period.
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- SaaS-based lease accounting systems allow an organization to manage leases at contract, plan, and asset rates. All data items, including assessments, estimates, communications and relevant documents, must be monitored for each asset. In addition, acts influencing and leasing products can be monitored, such as upgrades, transfers, partial sales, returns and renewals.
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