Equipment leasing software: manage equipment in all forms

Data: 2021.01.26

Equipment leasing software is the number one solution for managing equipment leasing operations throughout your company, from the front office to the back office. It brings automated, sustainable compliance for a diverse range of lease products: office equipment, heavy equipment, IT equipment, farm equipment, etc. and empowers lessors of all sizes. End-to-end platform helps in managing funding, improving company’s customer service and lets you enjoy data integrity and consistency by propelling your organization forward. What are the main features of equipment leasing software you need to know?

Lease equipment of any type easily: from office equipment to heavy equipment

Lately more and more companies start to understand the benefits that come with lease versus purchase and are looking for the best leasing partner option. What plays the most important role in this search game is quickness and simplicity of a lessor, which allows client to rely on its professionalism and be sure that everything will be done in a completely unexceptionable way.

With equipment leasing software, any type of new or used equipment, from office or restaurant equipment-to trucks-to heavy machinery is leased and managed easily and efficiently. The entire leasing process — from the lease quote through the entire contract to reporting, using the system could be completed more quickly because of the built-in functionalities.

You can originate leases using features such as:

  • Disbursement schedule – payment instructions to all suppliers, insurers and originator involved in the application);
  • Vetting Check – tool for verification of applicant references, like employment and credit references;
  • Special approval conditions – for conditional approval of an application;
  • Source of access – to keep track of how new customer approached the lessor (e.g. ad, web search, dealer recommendation, etc.)

Customers appreciate the ability to lease any kind of products from the office equipment to heavy equipment online, without going to the lessor’s office and signing many papers. Soft4leasing works with the major eSignature service provider —DocuSign, and if your company needs it, we could provide this possibility to sign all the agreements online. It will take only an integration with equipment leasing software to ensure the ability for client to submit his application virtually. Automated system then runs Decision Tree logic, which immediately gives one of three results: auto-approved, auto-declined, referred to credit officer. Your employees save their time and client is completely happy because of the quick response.

Data integrity reduces risk and drives down costs

All-in-one equipment leasing software for your business provides the ability to keep everything what is happening in your company in a one place. Here you can manage not only the entire leasing process, but also service orders, financial transactions and actions related to customer service too. Furthermore, of course, create, store and distribute all relevant documents, share them with colleagues, partners and third parties if it is needed. Data integrity reduces risk of mistakes made because of the human nature and drives down costs by decreasing the amount of administrative work your employees have.

Firstly, the system allows you to keep track of each leased unit: list it on the lease application, identify with it with a unique ID, and set the attributes of the asset (e.g. new or used, starting mileage, color, etc.). Secondly, you can review and schedule all work orders: create service orders related to leased asset, order services, items from 3rd party suppliers, keep track of actual service cost and price and invoice services to customer. Thirdly, throughout the lease process you can configure document templates and map to data in the system (e.g. automate Lease Contract form with data fields filled in), and upload signed contracts, supporting documents to the system. Trust equipment leasing software and its data integrity feature to save time and increase efficiency of your work.

In addition, we need to mention that equipment leasing software is easily integrated with your company’s General Ledger. This feature has a leasing posting setup, i.e. mapping lease process to G/L accounts, multiple functions for G/L posting automation and ensures that there will be no discrepancies between General Ledger and lease accounting.

Improved customer service brings clients’ trust

Handling customer inquiries faster than anyone else in the market gives you an advantage against competitors, and automated equipment leasing software makes you able to interact with customers at every stage of their lease quickly and intuitively.

Using system, customer service specialists always have access to the right information and see everything related to particular lease in one place. Your front office will be able to provide quick quotations for a customer over the telephone using pre-set conditions and the user-friendly self-explanatory system interface. Applicants’ data, such as information about employment, incomes, expenditures, financial commitments of an individual applicant is stored in the Asset and Liability Statement module and gives insights for each customer service specialist that he could immediately provide all the necessary information to the client.