Transforming Operations: Falcon Leasing’s Experience with SOFT4Leasing

Dominique Smith, Director of Operations at Falcon Leasing, shares her insights on integrating SOFT4Leasing, a comprehensive software solution designed for lease management and automation, into their business operations. Discover more in this brief interview.

What is Falcon Leasing

Falcon Leasing is the leader in the industry when it comes to leasing new and used vehicles along with various type of equipment. We offer a wide variety of leasing options that are tailored to every business and individual. Our mission is to offer quick prompt service to our client and even go above and beyond to make sure the end user is happy.  Our past reputation is certainly a testament to the excellent employees and staff that have worked here over the years.

You can read more about Falcon Leasing at: www.falconleasing.net

What types of leasing/ asset finance Falcon Leasing do?

Here at Falcon Leasing we specialize in new and used vehicles, but we also lease all other type of equipment. We are able to lease construction equipment, farm equipment, recreational equipment including campers, boats, ATV’s and even golf carts.  There is almost nothing out there that we haven’t leased in the past.

What caused you to think about and search for new leasing software?

My accountant was constantly behind, so we never had accurate accounts receivable information. We managed most of our lease administration in Excel, working with multiple files, which led to inconsistencies and duplication. I thought to myself, there has to be a more automated solution, and that’s when I started searching for leasing software

What criteria impacted your decision to go with SOFT4Leasing?

I inquired with many vendors, all of whom told me that leasing software with full integration into an accounting solution did not exist. The other options I explored handled lease tracking and generated accounting entries, but I would still have to maintain a separate accounting solution. Only the SOFT4Leasing solution provided what I had been looking for: seamless integration with my accounting software and comprehensive management of leases at every stage.

What about SOFT4Leasing do you like best? What business goals has it helped you to achieve?

I really appreciate that all our leases are fully integrated with the accounting system. The activation and termination G/L entries are automated, as are the monthly invoicing and depreciation entries for each lease. This significantly reduces manual data entry from an accounting perspective and helps minimize errors. It’s also great that it tracks historical data, such as gain/loss on leases, the salesperson who submitted the deal, and VINs.

What about SOFT4Leasing do you like least? What improvements could be made to help your business?

While SOFT4Leasing offers many valuable features, it needed some customization too, such as displaying contract numbers or amortizing money down payments over the lease period. The process for creating new customers could be more streamlined, and handling multiple assets on one lease isn’t as intuitive as expected. Certain search functionalities also lack consistency, requiring exact values in some cases but not in others, which can be confusing.

It would be helpful if training manuals would be more detailed to consider the fact that there are changes that occur to leases after activation. In addition, some of the reports were too broad making it difficult to find key data.

Results achieved – after the implementation of the system

We have reduced our accounting bookkeeping hours from 160 hours per month to just 40 – a significant efficiency gain. While the sales team now has a bit more administrative work upfront, such as creating customer profiles and entering CAFT information into the lease, the system is essential for enabling us to scale effectively.