4 Leasing business challenges that make companies lose money
Author Agneta Venckute
The way you choose to cope with your daily business challenges either improves your business (as you might create new opportunities for yourself) or deepen the problem (if it is not solved, the problem stays). We analyzed the main challenges leasing business companies face that makes them lose money and time on a daily basis.
1st challenge: Separate systems
Having to manage your leasing business with a few different software solutions can be one of the factors that keeps your business from growth. The whole business management becomes time-consuming and there is a high probability of data loss, duplication (for example, moving information from one system to another) and inconsistency due to the risk of human error.
As business grows, the management of the increasing number of lease agreements becomes even more time consuming, challenging, and of course, costly! Is it possible to avoid it all?Yes, if you choose an all in one software solution and have lease management and general accounting in one place! This will not only help you avoid the issues I have listed out before, but eventually save money as well!
One of our leasing clients from Australia estimated that after getting the Soft4Leasing solution the company managed to save around 120 000 AUD annually for extra staff in the back office and around 30 minutes of employee time for each quote!
Our software works on Microsoft Dynamics platform where sales and marketing, lease management, lease accounting and Microsoft financial accounting are included in what we call Soft4Leasing. And let me point out here that most software companies for leasing don’t have general accounting. All the Soft4Leasing systems are synchronized and all the numbers are matched. There is the history and all the systems are available from the first page.
2nd challenge: Manual work
I do not want to bore you saying that time is money as you have probably heard this thousands of times before, but now think again this way: every single task you are currently doing manually takes the time from either you or your employees and this is the time you could have spent elsewhere, for example developing your leasing business! This very customer Selfco is the good example of how taking off the manual tasks off human resources can help the business grow. After eliminating manual tasks, highly competent leasing employees were able to start using their skills to improve the business numbers rather than to do manual routines with no added value.
Another client of ours, had a very tiring manual work routine on daily basis. Not having a software solution, made them to calculate the interest rate in the Excel spreadsheet and invoice it with bills handwritten and discard the data in the accounting. Now with the software solution implemented, this process is automatically made by the software and one employee can save 3-4 hours per day! That makes half of the total employee’s work hours! How much money would this help you save?
Having a software solution, can help you optimize your back office, even though the amount of your data and lease agreements increase during the time. Enabling brokers and dealers whom you can offer easy to use front office tools and will help your business growth tremendously!
3rd challenge: Reporting
Analysis and reporting are essential for any business manager seeking to improve his business processes or make financial decisions. Having one software solution with all the business data in one place gives you tremendous benefit – you can analyse your data by any metric you please and have Power Bi diagrams for the data as well.
Soft4Leasing provides you with reporting and statistics tools such as pipeline reports, portfolio reports, a set of data sources for building custom reports with external tools (BI systems or Excel Pivots), and more.
4th challenge: Software expenses
Smaller and large leasing companies have different criteria for software selection. Modular structure of our software allows to benefit both smaller companies and large complex leasing business.
How many of these challenges does your company face?
Register for a free Soft4Leasing trial and learn how you can manage your business processes more efficiently!