Risk Management 101 with Leasecake, Part 1: Never Miss a Critical Date

Managing multiple locations and their critical dates is no small feat, with critical dates for lease renewals and financial obligations constantly looming. From juggling lease agreements to ensuring timely rent payments, the day-to-day tasks can pile up quickly. But perhaps the biggest challenge of all is keeping your finances in sync across various systems. Whether you’re dealing with rent bills, compliance with ASC 842/IFRS 16, or the complexities of multi-location operations, the stakes are high—and mistakes can be costly.

That’s where Leasecake comes in. We understand the headaches that come with lease management and financial reporting. Our accounting integrations are designed to take those headaches off your plate, allowing you to focus on what really matters: growing your business and serving your customers. Let’s dive into how these integrations can transform the way you manage your leases.

Why Sync Your Lease Data with Your Accounting System?

If you’re still manually entering lease data including critical dates into your accounting system, you’re not alone. But you’re also missing out on a huge opportunity to save time, reduce errors, and streamline your operations. Manual data entry is not only time-consuming—it’s also a breeding ground for mistakes. And when it comes to lease accounting, even small errors can lead to big problems, from late payments to non-compliance with accounting standards.

By syncing your lease data with your accounting system, you can eliminate these risks. Leasecake’s integrations automate the transfer of crucial financial information, ensuring that your data is always accurate, up-to-date, and compliant with the latest accounting standards. No more double-checking entries or scrambling to fix errors during audit season—just smooth, seamless operations that keep your business running efficiently.

What Does This Look Like in Practice?

Let’s take a closer look at how Leasecake’s integrations work and why they’re essential for any business managing multiple leases.

Automate Rent Bills and Payments To Ensure Critical Dates are Not Missed

Rent payments are the lifeblood of lease management, but they can also be a major source of stress. Manually tracking due dates, calculating adjustments, and entering payments into your accounting software is tedious work—and the margin for error is slim. A missed payment or incorrect amount can lead to late fees, strained relationships with landlords, and unnecessary financial penalties.

With Leasecake, you can automate the entire process. Our integration ensures that rent bills are automatically pushed to your accounting system, so payments are always timely and accurate. It’s a simple yet powerful way to ensure that your obligations are met without the hassle of manual entry. Just set it up once, and let the automation handle the rest.

What Lease Rent Bills can sync from Leasecake:

• Base Rent Payment
• Percentage Rent
• Operating Expenses (Common Area Maintenance – CAM)
• Property Taxes
• Insurance
• And custom entries 

Stay Compliant

Compliance with lease accounting standards like ASC 842 and IFRS 16 is non-negotiable, but staying on top of these complex rules can be a challenge. These standards require precise tracking and reporting of lease liabilities and assets, and the stakes are high—non-compliance can result in significant fines and penalties, not to mention the potential damage to your reputation.

Leasecake’s integration takes the complexity out of compliance. By automatically syncing ASC 842/IFRS 16 journal entries to your accounting system, you can ensure that your financials are always audit-ready. Whether it’s monthly asset amortization, interest expense, or reclassification of leases, our integration handles the heavy lifting, so you don’t have to worry about last-minute adjustments or discrepancies.

What lease accounting Journal Entries you can sync from Leasecake:

1. Initial Recognition of Lease Liability and Right-of-Use (ROU) Asset
2. Monthly Lease Payment
3. Amortization of ROU Asset
4. Interest Expense on Lease Liability
5. Reclassification of Lease Components

Reduce Errors and Save Time 

Manual data entry isn’t just tedious—it’s risky. Every time you manually enter data into your accounting system, you’re opening the door to potential errors.  Missing a critical date or two becomes more of a potential issue. And in lease accounting, even a small mistake can have big consequences, from financial discrepancies to compliance issues.

By automating the transfer of financial data between Leasecake and your accounting system, you can significantly reduce the risk of errors. This not only saves you time but also gives you peace of mind knowing that your data is accurate and up-to-date. And with fewer errors to fix, your team can focus on more strategic tasks that drive your business forward.

Gain Flexibility and Control 

We know that every business is unique, and your lease management needs might differ from the next. That’s why our integrations are designed with flexibility in mind. Whether you need to sync data automatically on a schedule or prefer to trigger manual transfers as needed, Leasecake gives you the control to manage your lease accounting on your terms.

Need to reconcile a rent bill or update a journal entry? No problem. Leasecake’s integration allows you to customize the timing and scope of data transfers, so you can ensure that your financials are always in sync with your operational needs.

Supported Accounting Systems

We’ve built our integrations to work seamlessly with some of the most popular accounting platforms out there. Currently, Leasecake supports QuickBooks Online, Sage Intacct, NetSuite, and Restaurant365, with one-way data transfer from Leasecake to your accounting system. This ensures that your lease data flows smoothly and securely into your financial reports, reducing the need for manual intervention.

And if your preferred system isn’t on the list, don’t worry—we’re always exploring new integrations. Just drop us a line at info@leasecake.com, and let us know what you’d like to see next. We’re here to make sure your lease management experience is as smooth and stress-free as possible.

How Easy Is It to Get Started?

You might think that setting up these integrations would require a technical expert, and while it does take some work, we’ve done our best to make the process straightforward and manageable. There are a few steps involved, and you’ll need to make sure the right data is in place, but you don’t need to be an IT specialist to get it done. We’ve designed the setup to be as intuitive as possible, and we’re here to support you. Once everything is configured, you’ll be able to sync your Leasecake account with your accounting system, reducing the manual work moving forward.

And the best part? If you’re on our Grow package, these integrations are included at no extra cost. Just turn them on, set up your preferences, and let the automation do the work. It’s that easy.

The Bottom Line: Fewer Headaches, More Strategic Planning

In today’s fast-paced business environment, time is your most valuable resource. Leasecake’s accounting integrations are designed to help you reclaim that time by eliminating the manual tasks that bog you down. Whether it’s automating rent payments, ensuring compliance with lease accounting standards, or reducing the risk of errors, our integrations allow you to spend less time on the details and more time on what really matters: growing your business.

Conclusion

By consolidating your lease management and financial reporting into one seamless workflow, you’re not just streamlining operations—you’re also setting your business up for long-term success so you don’t miss important data and critical dates. And when audit season rolls around, you’ll have the confidence of knowing that your financials are accurate, compliant, and ready to go.You will never miss critical dates again. 

So why wait? Simplify your lease accounting today and discover the peace of mind that comes with Leasecake’s integrated solutions. Ready to get started? Contact us at info@leasecake.com, and let’s make lease management easier together.To learn more about Leasecake’s lease management platform and how we can help you grow your business, manage multiple locations, save money by understanding exactly what’s in your lease agreements, and minimize the risk of overpaying or missing a lease renewal, schedule a demo.