Comprehensive ongoing support
The vendor's support staff should be able to provide you with ongoing product training, technical support and full customer support. Accruent global support team offers free superclass training, a proven certification training curriculum and a robust user network.
The right automations and functionalities for your business
The lease accounting tool you choose should meet your needs both out of the box and in the long term. Ask your potential vendors:
- If reports will be formatted according to the standard's disclosure requirements
- If their software will send automatic alerts when it's time to renew
- If the software can guarantee compliance as financial reporting requirements change
- If the cost of lease accounting software includes updates and enhancements
After the initial sale, many vendors do not offer product enhancements and innovations, so their products quickly become dated. Look for a company that continuously enhances its offerings based on feedback and market trends. In the same vein, make sure that the solution you choose is not siloed and that it will offer the continued functionality and integrations you will need down the line.
SOC report compliance
System and Organization Controls (SOC) reports are reports issued by third-party CPAs that help establish credibility of service providers. They establish credibility based on five categories: security, availability, processing integrity, confidentiality and privacy.
There are three types of SOC reports, though SOC type 1 and SOC type 2 are most relevant for lease accounting software.
You will want to make sure that your provider is compliant with SOC 1 and SOC 2 so you can be sure you're working with trustworthy software.