Soft4Leasing supports several asset financing concepts ‒ hire purchase, financial (finance or capital) lease, operational (operating) lease, and chattel mortgage bringing benefits for automotive, equipment, real estate and other kinds of asset finance, leasing and fleet management companies.
Main Soft4Leasing features
Origination and Management of Lease Contracts. You can create Quotes, do installment calculation, create Applications, prepare installment schedule, activate Lease Contract, keep track of contract balances, terminate and close the contract. System checks on data consistency and data completeness, gives a clear list of what is missing on, e.g., lease application.
Application Management feature gives you several functionalities related to lease/loan origination process, in particular: 1) Disbursement schedule – payment instructions to all suppliers, insurers and originator involved in the application), 2) Vetting Check – tool for verification of applicant references, like employment and credit references, 3) Special approval conditions – for conditional approval of an application, 4) Source of access – to keep track of how new customer approached the lessor (e.g. ad, web search, dealer recommendation, etc.).
Applicant Management. You can have multiple applicants or parties involved in single application (e.g. co-applicants, guarantors, directors, partners, next of kin, etc.). System distinguishes between individual and business applicants, and lease process differs accordingly. The granule allows to collect many different applicant attributes, such as industry sector, legal form (for businesses), occupation, marital status, residential status (for individuals).
Financial Product Configuration.Configure Financial Products, like Finance Lease, Operating Lease, Hire Purchase, Installment Sale, Chattel Mortgage, Consumer Loan in the system. Configuration includes installment calculation controls, applicable VAT codes, accounting rules, etc. Feature enables basic system-wide settings, like possible installment frequencies (e.g. weekly, fortnightly, monthly, quarterly, etc.), pre-defined Terms, and Residual Value Matrix.
Status Flow. Configure different statuses of a lease (e.g. new application, submitted application, approved, declined, contract signed, activated, suspended, expired, etc.). You can define the status flow rules. This feature also allows you to analyse historical process flow. The same feature allows you to track statuses of Assets (e.g. on stock, leased, repossessed) or status of dealers/ suppliers (e.g. potential, under appraisal, authorised, on whatch-list, etc.).
Interest Calculation. System allows calculation of actual daily interest, in two components: a) financing interest, based on outstanding receivable, and b) penalty interest, based on overdue amount. Feature allows configurable methods of 360/30, 365/Actual, Actual/Actual days conventions. You can see interest calculation log, with each component involved in calculation – number of days, interest base, interest rate, tolerance applied. Variable (floating) interest scenarios when financing interest is build of two components – floating reference rate plus fixed interest margin, are available.
Asset Management. System allows you to list each unit on lease application, identify with unique ID, set attributes of the asset (e.g. new or used, starting mileage, color, etc.). In Application stage, each asset has defined supplier, purchase price, tax group, residual value and more. In Active Contract stage, asset master record is used in depreciation (depending on the financial product), asset valuation, and security registration processes. You can have multiple assets on a single contract.
Originator Management allows having master records of equipment dealers, finance brokers, i.e. parties who introduce new lease applications. System allows multi-branding, grouping of dealers, dealer authorization and several other related functionalities. Dealer interface for the web access is available.
Credit Decision Process Management. Approve or decline an application. The functionality can be extended with Credit Line, Scoring Automation, Decision Automation and other features. Delegated Lending Authority setup and control of officer authorization allows to take credit decisions, based on customer’s current exposure and amount of new credit; it also takes into account customer’s rating, balloon value and has separate authorizations for initial approval/ decline, loan variations, write-off to loss account.
Document Management. Feature provides document creation, storage, distribution functions throughout lease process. Enables you to configure document templates and map to data in the system (e.g. automate Lease Contract form with data fields filled in). You can upload signed contracts and supporting documents to the system with no need of external software.
Role Centers. You get different “first pages” of the system, depending on the user role, in particular: Sales person/ Originator, Credit Officer, Credit Manager, Compliance Officer, Compliance Manager, Finance Officer, Finance Manager, Collections Officer, Collections Manager.
Integration with General Ledger. It has leasing posting setup, i.e. mapping lease process to G/L accounts, and multiple functions for G/L posting automation: on contract activation, on installment due, on contract termination. You can get G/L trial balance per lease contract.
Reporting and Statistics Tools. Set of data sources for building custom reports with external tools (BI systems or Excel Pivots).
Soft4Leasing is a complex asset-based finance and leasing software. We have particular functional software sets to satisfy leasing business management requirements of both small and large leasing companies. Please e-mail us to discuss how Soft4Leasing can help to empower your business.
Each leasing company is different. Each one requires personal approach. Let’s talk.