Jan Johannes Kyhnæb

Changing legislation places obstacles for the leasing industry - 3 great pieces of advice to get around the challenges

All companies that manage a leasing business have felt the consequences of the many changes in legislations within the area. Economic loopholes must be closed of course, but unfortunately, it’s often companies that handle the leasing management, who meet the biggest bill.

Whenever the legislation is changed, it requires that you as an affected business familiarize yourself with the new rules and enforce them – but it takes time away from already time-consuming processes.

Many leasing business find it difficult to evaluate whether or not their lease  management system works in the best way posssible. Find out in this quiz if  your solution is optimized for your business. 

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That’s why we’ll give you great advice on how to beat the problems to the punch and arm the business even more towards the challenges of the future:

 

1. Automate the work with the proportional tax

There are several requirements connected with the recalculation of registration tax and it’s therefore crucial that you have a modern solution that can handle the new registration tax quickly to enter this calculation of the registration tax. Your lease management system must be able to automate everything within the calculation of a new tax and not only automate the work with the recalculation, but also the processes that future changes in legislation demand.

This will help your employees to keep the amount of errors to a minimum, and at the same time, they’ll have a better overview of your cases which will ensure that they can provide customers with the right information at the right time.

 

2. Adjust your lease management system to the new reality

All companies are different, which is why there isn’t two identical solutions. However, it’s important that your company gets your lease management solution adjusted every time new rules and thereby requirements arise, as we have seen with the recalculation of the proportional tax. And this apply to whether you solve challenges by acquiring new integrations, having a modern solution built within an older system, or invest in a new and sparkling solution.

The most important thing is that it meets your needs. And if you’re in doubt about whether your solution does, you should ask yourself the following: Do we have a minimum of manual work flows? And do we have a maximum of automated processes? If you can answer yes to both, don’t despair: The reality changes constantly and you only have to make sure that your lease management is adjusted to the new reality.

 

3. Update and educate your employees

A lease management solution is not any better than the people who uses it. Therefore, the success with solution is dependent on whether you educate your employees in the use of it. And not only in the beginning, but as a continuous process. Both concurrently with the updates and attachment of new integrations, but also a general education. Not only to make use of everybody’s potential, but also to avoid that a potential misuse or misunderstandings don’t spread. This makes your employees capable of managing the leasing work better, but also to always be up-to-date with new rules and legislation within the area.

If you, as a company, are focused on these three areas, you will be in a strong position – when it comes to the current and future legislative changes. With a modern lease management solution, you’ll decrease the working hours with recalculation, lower the number of mistakes and at the same time ensure that you digitalize your data. In addition, you’ll increase efficiency and free resources from your employee, who in return can spend time on the most important asset for your company: customers.

 

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