How To Avoid Costly Retail Lease Mistakes
If you were to take an informal survey of retailers, lease mistakes will be one of the subjects to come up. Why? Because it is appallingly easy to miss something in complicated retail lease agreements. That’s why ChainDrive’s Integrated Accounting solution includes a comprehensive Lease Management component. This enables retailers to avoid costly lease mistakes.
Centralize All Your Lease Agreements
One way retailers miss important lease “gotchas” is by having their data in silos. Isolating information almost guarantees something will be missed. That’s why a centralized database is such a necessity for retail management; all the information is available for whatever analysis is necessary, including lease agreements for every store.
Utilize All Your Software Features
Technology is a tool that has to be used intelligently before it can be useful. In selecting accounting software, look for features that make management efficient. One example would be the ability to calculate rent and automatically post monthly rent invoices to the GL.
Alerts that let you know when individual leases are up for renewal allow time to look over clauses and decide what needs to be renegotiated. Every lease is a lease that should be examined with the current status and upcoming plans in mind before renewing. This keeps you from getting locked into a lease that doesn’t fit your future.
Maximize All Your Future Plans
Advanced liability reporting allows you to plan and budget up to twelve years in advance. This is only effective when the liability reporting is integrated with all the data from across the enterprise. Seeing the big picture ahead requires having all the informational details in the right places. Like a jigsaw puzzle in a box, the individual pieces only make sense when they are put into the right place.
Retail leases look ahead, committing the retailer to a plan that hopefully is profitable. ChainDrive Integrated Accounting enables the retailer to put lease management in context and maximize potential.