The lease management landscape in India is headed for a digital makeover.
GURGAON, India, Nov. 7, 2023 -- Mynd Integrated Solutions Pvt Ltd, a trailblazer in the business process automation and outsourcing space, is excited to launch MYNDLeaseX, an innovative, new product that redefines the lease management solution and processes space in India.
Most property management software systems available in the Indian market today are built from the perspective of property owners, neglecting the needs of lessees. MYNDLeaseX, however, is designed specifically to address the challenges lessee enterprises face.
A SaaS-based offering, MYNDLeaseX empowers enterprises to proactively manage all their leases from one centralized, automated hub. The digital transformation unleashes new efficiencies, creating a win-win situation for both the lessee and the lessor.
A New Breed of Product: Lessee-Centric Design
Currently, most lessee enterprises in India use manual processes and spreadsheets to handle their leasing portfolios.
However, these home-grown systems are inefficient, time-consuming, resource-intensive, and often prone to errors. The challenge becomes especially complex when organizations lease multiple properties.
Juggling diverse properties, formats, landlords, and compliances requires a targeted solution.
MYNDLeaseX fills this gap.
A plug-and-play SaaS product, it allows enterprises to streamline, automate, and manage all their leasing activities from one integrated platform.
"Going digital," explains MYND Integrated Solution's CEO Saurav Wadhwa, "yields immediate, transformative benefits with enhanced accuracy and compliance levels. It helps in the scaling up journey, as enterprises gain real-time visibility into processes."
End-to-End Automated Lease Administration, Accounting, Compliance & Reporting
LeaseX simplifies and automates the entire lease management process - administration, accounting, compliance, and reporting - from start to finish, creating a seamless experience.
- Lease Administration:
From the initial phase of lease discovery, negotiation, and agreement, to payment schedules, renewals, and terminations, the entire lease lifecycle can be administered via MYNDLeaseX effortlessly.
It provides enterprises with a centralized dashboard for executing critical lease administration tasks, such as MoU and lease creation, landlord onboarding, workflow approvals, security deposit management, invoice tracking, utility bill management, rent escalation management, and more.
Automated reminders and a dynamic document management feature ensure every activity is tracked and easily accessible.
- Lease Accounting & Compliance (IND AS 116-Compliant):
MYNDLeaseX incorporates advanced technology to ensure accurate tracking of lease payments and compliance with Indian accounting standards.
It automates calculations for rent payments, security deposits, taxes, and other financial commitments. Integrated accounting tools guarantee precise financial reporting and seamless integration with existing accounting ERP systems.
Compliance, often a challenge for lessees, is also simplified through automation. MYNDLeaseX continuously updates users on prevailing regulations and ensures all leasing activities and accounting align with Indian accounting standards, such as IND AS 116. Automating IND AS 116 calculations and generating reports at both the individual lease and entity levels facilitate accounting entries in line with prescribed accounting standards.
- Reporting & MIS
Beyond basic lease management, MYNDLeaseX offers robust reporting and MIS capabilities through an intuitive interface.
Users can generate both periodic and ad-hoc reports to monitor lease performance, financials, and other metrics. These reports facilitate audit readiness and regulatory adherence and provide real-time operational visibility.
MYNDLeaseX's MIS functionalities enable users to access deep data insights, enabling trend analysis, forecasting, benchmarking, and budgeting.
Key Features:
- Cloud-Native Platform: Accessible from anywhere, built to scale.
- Plug-n-Play Model: Seamless transition as existing spreadsheets and systems can be integrated with MYNDLeaseX effortlessly.
- Customizable Workflows: Modules can be configured to fit custom leasing processes and requirements.
- SaaS-Based Commercial Model: Cost-effective, subscription-pricing model
- Quick Implementation: Implementation within a few weeks.
- Alerts & Notifications: Real-time alerts on important information, such as due dates, regulatory changes, and customizable trigger clauses.
- Secure Data Storage & Backup: Data integrity and security assured.
Benefits:
Digitizing lease management brings about efficiencies far beyond mere data management. With MYNDLeaseX, enterprises can expect:
- 100% Accuracy & Compliance: Automation ensures accuracy and compliance.
- Easy Scalability: Whether managing one property or a hundred, MYNDLeaseX scales to needs quickly.
- Cost-Savings: Better lease management allows enterprises to negotiate better leases and lower occupancy costs. Automation ensures resource and time savings.
- Risk Reduction: Automatic reminders and compliance tools ensure businesses don't face penalties or legal issues due to oversight.
- Better Decisions: Real-time visibility, advanced data analytics, and benchmarking metrics aid informed decisions.
MYNDLeaseX sets the gold standard for lease management and automation in the Indian market.
About MYND Integrated Solutions:
MYND Integrated Solutions is a leading provider of business process automation and outsourcing solutions, committed to delivering innovative and efficient technologies that empower businesses. With a focus on simplifying complex processes, MYND Integrated Solutions continues to redefine industry standards.
For more information about MYNDLeaseX and Mynd Integrated Solutions, please visit https://myndsolution.com
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