In today’s day and age, information and data are kings. If you’re able to successfully manage data in your business, you can expect to be ahead of your competition. When we talk about lease management, even the most competent and experienced teams have their fair share of challenges. They are mostly administrative and thus, unavoidable. So, leasing companies can rely on lease administration software to overcome these challenges and increase productivity and reduce costs. In this blog, we will focus on Microsoft Dynamics-based lease administration software. We’ll look over the main features and benefits of having a dependable, cutting-edge leasing management software solution for your business.
What is Microsoft Dynamics and why is it good for leasing businesses?
Microsoft Dynamics Business Central (formerly known as Navision) is a digital platform for digital resources for enterprises. In short, it’s software that can be applied to a variety of different business needs, such as accounting for leasing. It’s a very multi-faceted tool that’s highly adaptable and being continuously developed and updated for nearly three decades to date.
Right now, the most popular version of the Microsoft Dynamics enterprise solution is based on the cloud. This means, that you don’t need to spend on high-class IT architecture in-house. Instead, the leasing program will be launched on the servers and your team will be granted access very quickly.
SOFT4Leasing is software for leasing companies and teams in leasing departments. It’s utilized by companies in numerous fields around the world (e.g. Yamaha Motor Finance, Iveco capital, and many more). It’s an intelligent tool for businesses with smart calculators, features adapted to your accounting standards, lots of different modules, a user-friendly interface, and a broad range of opportunities to increase productivity for leasing businesses.
Why is it important to have dependable software for lease administration?
Looking at the paper trail it creates, origination, and management of leases couldn’t be labeled as the easiest processes to manage. You have so much periodically incurring operations to account for, variables to always update, information to note, and data to adjust, according to changes on yours or the client’s end.
If you’re doing things manually or using outdated legacy software, you might be unnecessarily throwing away six-figure sums per year. One of our case studies showed that after implementing SOFT4Leasing, companies were able to reduce expenses by over 100,000 AUD (around 80,000 USD) annually. In addition, you will have reduced time expenditures because automated features shorten quoting and billing processes which are otherwise, quite demanding.
To sum up, in short, dependable lease administration software ensures reduced spending and a lot of saved time on your hands.
Which SOFT4Leasing features help cut costs the most?
If you look at it from the perspective of an outsider, lease administration software SOFT4Leasing has at least a few features which can reduce expenses for your business.
The first feature we’d like to highlight is SOFT4Leasing’s Quick lease origination. Generating quotes and preparing detailed responses is super simple. Input the most important information (e.g. lease term, interest rates, serial no., etc.) manually, using a responsive interface. Proceed and generate a quote much quicker. In relation, it’s much easier to administer new applications. Track the status of new applications to ensure smooth and streamlined lease management.
Next up is the credit scoring module. You can configure it for automatic application evaluation. Depending on the criteria you pre-determined earlier, the software will auto-accept, auto-reject, or request a further analysis of the application. Don’t keep your customers waiting and boost the “Time-to-Decision” KPI thanks to this feature alone.
And finally, SOFT4Leasing makes it easy to authenticate documents on the go. Eliminate human error and negative customer experiences associated with it by making use of the DocuSign e-signature module. Upload relative forms, contracts, notices, etc., sign them, and get more transparency with fewer errors along the way.
Easy to implement, hard to let go
A very important feature to consider, especially during this time when remote work increases in importance – cloud-based software. Centralized software solutions, developed on-premises, aren’t as versatile as cloud-based programs right now. Instead of having to build an IT architecture from the ground up or upgrade the current hardware, you can license administrative software for leasing administration in the cloud.
This way, every involved staff member can access data from their home office or anywhere remotely. Cloud-based lease administration software built on top of the Microsoft Dynamics Platform is launched on hosted servers, so all you have to worry about is getting to work. The technical side of things is being handled by the developers.
If you ever wish to expand, Microsoft Dynamics Business Central apps are definitely ready for scaling. Add new users, tailor and attach new modules on-demand. After licensing, our staff carries out training and instructions for your staff, so the time it takes to get the system up and running independently is surprisingly short!
How Microsoft Dynamics-based software makes it easy to optimize lease administration processes and track performances
In one of our earlier blog posts, we’ve covered a great way for leasing teams to track and look for ways to optimize their performance with the help of lease administration software SOFT4Leasing. We’ll give a slightly shortened version of that for you to better understand, how Microsoft Dynamics apps work to your benefit. So, here are the KPI’s which you should track for performance optimization
1. Withdrawals by Reason – lost business is never nice. However, keeping track of the reasons why quotes expired, were withdrawn, or refused can help your business adapt pricing, communication, or other strategies.
2. Time-to-Quote – in the world of today, you have to be very quick to react. Using the presets and templates, you can generate quotes even quicker and get on the right foot from the initial stages.
3. Rate of Conversions – arguably the KPI which everyone tracks the most. SOFT4Leasing is capable of calculating how many applications were approved by certain dates. To understand how quickly you’re able to turn quotes into loyal customers and to see how many quotes turn to withdrawals, you have to track conversion rates.
And that’s just the tip of the iceberg. For managers, they can generate charts and graphs using the KPI performance data which is tracked by SOFT4Leasing.