The end of 2022 ushered in an era of new lease accounting standards. Going into 2023 and beyond, ongoing lease accounting maintenance will affect every organization, whether public, private, or nonprofit. Included in that group are franchisee business owners. The trick to moving to new lease accounting standards will be timing. Those who have already gone through it say the transition takes 12 to 18 months.
To ease the pain of the transition, companies ought to consider using lease management software. This will help their finance teams by automating some of the necessary and repetitive time-intensive tasks. Instead of having to fill out spreadsheets, calculate liability, and keep track of ROU assets, the lease management software can do it for them. This software can help with franchise development by eliminating human error.
These new lease accounting standards will push finance and real estate teams into the future, and Occupier has the lease management software to help.
The Pains of Managing Multiple Locations
Franchise development is all about franchise growth. This growth means expanding to multiple locations. Even keeping track of one property can be a pain, but keeping track of several can be an absolute brain-boggler. Commercial real estate lease agreements require you to analyze the property to make sure it is suitable for your intended use, sign the agreement, store it, renew it when necessary, and have it on hand if you ever need to present it. Imagine doing that for multiple locations.
With lease administration software, you can get rid of that headache. The software can do all those things for you. That opens time that can be spent focusing on franchise development. Not only does lease administration software saves you time, however, but it can also save you money in the long run.
It’s well known that employee payroll is the biggest annual expense for franchisees, but second to that is paying for real estate. With lease administration software, you mitigate the risks of human error and get a better view of the leases in your portfolio. And by working in a single source of truth, every stakeholder can access your real estate data within a few clicks. So, when you are looking to grow in the future, lease administration software can help you analyze different locations to find the optimal property for your next space.
All of this is why franchisees must equip themselves with the best possible lease administration technology.
How Occupier’s Lease Management Software Helps
Occupier has developed a lease management software that streamlines franchise development. This proprietary software ties up all the loose ends for you, saving you time and money. Here are some of the most significant advantages of Occupier’s lease management software:
1. Location Selection
You’ve heard it before, but it is worth repeating: location matters. This is especially true in a post-pandemic world where franchisees have different needs for their units (e.g., drive-thrus, ghost kitchens, pick-up windows).
The Occupier lease management software has a site selection tool that can outline advantages and disadvantages when looking for your next physical location. By using data from your other franchise locations, this tool can help guide you, as well as compare and contrast your unique space needs. It also crunches numbers such as cost per square foot, lease terms, and tenant improvement allowances. Plus, you’ll have an advantage when negotiating with landlords because you will have accurate data at your fingertips.
2. Stakeholder Collaboration
Occupier’s lease management software is the only software that allows everyone involved to look at the same data at the same time. It is a powerful organizational tool that stakeholders can use throughout the life of a lease. Team members can set tasks and due dates for each other through the Occupier portal. This will keep the team on the same page and can have huge benefits, including faster speed to opening, optimized revenue generation, and better deals with landlords.
3. Metric Reports
Not only does Occupier’s lease management software house all your data, but it also presents it to you in an easily digestible way. Occupier believes that being visually organized goes a long way in understanding the impact of your lease. The dashboard allows you to easily look up lease expirations, critical dates, clause deadlines, and expenses. Occupier helps your real estate and operations teams stay organized by empowering them to make better strategic decisions for franchise development.
Franchising is a great way for business-minded people to become their own bosses, but most business owners want to focus on big-picture thinking. With Occupier’s lease management software, franchisees can spend less time crunching numbers and more time on franchise development and sales.