Last Updated on February 9, 2023 by Morgan Beard
The pandemic has brought about many changes in the office.The realization that people can effectively work remotely has created restructured post-pandemic office spaces. That has influenced organizations real estate strategy and increased demand for lease accounting software solutions.
While employees are increasingly keen on keeping a remote or hybrid work style. Only 5% of employers think that fully remote working will be possible in their organizations. Business leaders will need to find a balance. One that accounts for their employees’ desire for flexibility and the needs of post-pandemic office spaces — and that’s going to have huge implications for the way organizations manage real estate.
The Future of the Office
Changing expectations for the workplace have immediate consequences for lease accounting. There is a growing trend toward multiple smaller office spaces. Employers look to provide employees more opportunities for in-person collaboration and choosing how they do things.
Short-term, flexible, or subleased office spaces with connections to the wider community have emerged as popular solutions. In fact, studies predict that five million people will be using coworking spaces by 2024. This trend in combination with the new ASC 842 standards mean that finding a streamlined lease management and lease accounting software is mission critical.
Streamlined Leasing Accounting Software Is Here
You likely will have larger portfolios of leases in the near future, including more short-term agreements. To streamline leasing and keep track of changes in the office, your business will need reliable lease management and lease accounting software.
Occupier can help in several ways. Our software abstracts and centralized all leases. As your portfolio diversifies, you can stay on top of the associated administration, critical dates, and important clauses — and keep everyone on your team in the loop. Our team sends a weekly digest that includes any relevant dates with your leases or items you’ll need to address soon.
Occupier’s lease accounting software enables ASC 842 and IFRS 16 compliance. Automated calculations of your ROU assets, and lease liabilities free up your time to focus on more strategic tasks. In addition, Occupier’s lease accounting software makes it easy for the finance team to align with the real estate team on new lease deals in pipeline.
Deals themselves will become easier to plan and manage, too. Occupier’s transaction management features allow you to track rent, square footage, and comps. Enabling your team to plan more efficiently and accurately for deals. You can also better manage your LOIs and take advantage of real estate data in negotiating proposals and deal terms. Lastly, as your single source of real estate truth, any internal or external stakeholder can collaborate and communicate more efficiently with the entire team.
All these uses cases make lease accounting for multiple office spaces seamless. Start unlocking more real estate insights for your business. The future of the office is flexible, it’s hybrid. and it requires lease accounting software to streamline your real estate management processes.
Want to learn more about how Occupier can streamline your company’s lease accounting? Book a demo today.