Keeping track of your locations with Lease Management
A big retail chain may have a high number of locations across a wide region that you end up being responsible for. Although you can set up managers for each of these locations who can help run the ins and outs of daily retail procedures, there are a couple of important things you need to do in order to ensure that you keep up with all of your bills, agreements, and other paperwork related to owning or renting a location. Integrated Accounting is a component of the retail management software package that allows you to not only analyze data from store to store, department to department, or product to product, but helps you manage from the bigger picture, including the control of your leases.
On the surface, the way it works is fairly simple. You input some preliminary data such as when a lease began and what pricing you’re working with, and the system takes that into its database. Then, when a lease is about to be up for renewal, you’ll get an alert. This is only one of the reasons why it’s important to check your integrated accounting regularly – it will keep you on your toes!
In addition, the lease management component will use its powerful formulas to calculate rent pricing and, if you so choose, it will even post payments automatically to the GL. Another neat function is its advanced liability reporting, which can project up to twelve years ahead to show you what payments will look like on your various locations far into the future. This will help you in the planning process and can save you from some great hassle by showing you early on if a price is expected to change drastically.
For the retail chain with a substantial number of locations, using the integrated lease management tool is fundamental to staying on top of your business.