Let’s be honest, most of us only use a fraction of the tools available to us. And if it’s a software feature we never realized existed, we miss out on things that could make it work a whole lot easier.
Many organizations rely on DebtBook for GASB lease and subscription compliance, not realizing all the features and functionality designed to simplify your workflow and save you significant time previously spent on manual work.
Every feature is designed to take tedious, time-consuming processes off your plate so you can focus on more important things. Whether it’s eliminating manual adjustments, generating journal entries in seconds, or ditching extra spreadsheets, DebtBook is here to help.
Let’s take a look at a few features in DebtBook’s Lease and Subscription Management solution you may not know about.
1. Easily Input Contract Modifications and Other Changes
No Manual Adjustments – Just Clean, Audit-Ready Data
Lease and subscription agreements are constantly evolving as modifications, amendments, and terminations happen all the time. But entering these changes manually can be confusing and time-consuming.
Many DebtBook users still rely on workarounds for every type of update, even when a more precise option is available. This can create reporting inconsistencies, make tracking contract history difficult, and lead to unnecessary manual adjustments.
How You Can Use DebtBook
DebtBook’s Modification/Remeasurement feature makes handling contract amendments simple. Easily input updates to existing agreements, and your schedules and key reports will update automatically—no manual work required.
With this feature, you can:
- Automatically generate GASB-compliant calculations that won’t impact prior-year reporting.
- Keep all historical changes and calculations in a single, organized lease or subscription schedule.
- Receive the correct journal entries and reporting adjustments without manual intervention.
What This Means for You
- Less time spent making manual adjustments, so you can focus on higher-value tasks.
- A clearer, audit-ready record of every contract modification with no missing data.
- A more reliable and efficient process, reducing the risk of errors in financial reporting.
With DebtBook, keeping contracts up to date no longer has to be a frustrating, time-consuming process. Instead, it’s seamless, accurate, and built to save you time.
2. Generate Detailed Journal Entry Exports with Your General Ledger Coding
Spend Less Time on Adjustments and More on Strategy
Generating journal entries and audit notes has traditionally been a slow, manual process for most organizations before utilizing DebtBook. Compiling and adjusting these entries takes too long, and manual edits increase the risk of errors.
Even small mistakes can create compliance issues, leading to potential financial restatements and additional scrutiny during audits. Finance teams often spend unnecessary time making adjustments instead of focusing on strategic work.
How You Can Use DebtBook
DebtBook’s accounting and reporting settings make exporting journal entries and audit notes faster and easier.
With just a few clicks, you can:
- Select the appropriate settings to ensure that the journal entries are tailored to your organization’s accounting needs.
- Generate detailed journal entry exports that include your organization’s general ledger coding.
- Save reporting parameters to ensure that future reporting is readily available.
What This Means for You
- Eliminate manual adjustments so entries are audit-ready from the start.
- A more efficient year-end process, freeing up time for other priorities.
- Faster audits with clean, standardized reporting that reduces back-and-forth with auditors.
- Greater confidence in financial accuracy, minimizing compliance risks and avoiding costly restatements.
With DebtBook, journal entries and audit notes become a seamless, automated part of your workflow so you can spend less time fixing errors and more time making strategic decisions.
3. Save Time with AI-Powered Data Extraction
Let AI Handle the Heavy Lifting
For anyone who has ever manually entered lease and subscription contract data, you know the process can be time-consuming. You have to cross-reference multiple fields, switch between documents, and double-check every detail to ensure accuracy. It’s a tedious process.
DebtBook’s AI Contract Processing feature is designed to extract key data fields directly from your lease and subscription contracts, significantly reducing the manual effort required. This feature leverages AI technology to quickly pull essential details, so you can spend less time on data entry and more time on high-value work.
How You Can Use DebtBook
With this new AI-powered feature, you'll be able to:
- Upload lease and subscription contract documents in a seamless, full-page experience designed to keep you focused on the task.
- Let AI extract key details, such as lease start and end dates, payment terms, and other critical fields and populate those details into the lease or subscription input form.
- Review and approve extracted data in just a few clicks, so no more jumping back and forth between forms. Then simply enter any remaining required information.
- Save progress at any time with a draft mode, allowing you to pause and return later without losing work.
At DebtBook, AI is designed to assist with repetitive or predictable activities, allowing you to focus on higher-impact work.
What This Means for You
- Faster lease creation since AI removes much of the manual data entry, saving you valuable time.
- Increased accuracy due to minimizing human error by extracting and organizing key details automatically.
- A more streamlined workflow so no more switching between documents to input data manually.
- Flexibility and control so you can review, edit, and finalize the information before completing the process.
Discover all of DebtBook’s Features
DebtBook is more than just a compliance tool, it’s a smarter way to manage your leases and subscriptions and help you comply in hours, not weeks. Every feature is designed with one goal in mind: to simplify your workflows, eliminate manual effort, and give you time back.
If you’re still spending hours on manual adjustments, juggling spreadsheets, or struggling with outdated processes, it’s time to take a fresh look at what DebtBook can do. These features are built to make your life easier, so why not put them to work?
Explore what’s possible and start making the most of DebtBook today.
Related Lease & Subscription Reading
- Automated Lease & Subscription Journal Entries: Audit Ready in Clicks
- Challenges in ASC 842 Compliance & How Technology can Help
- Understanding ASC 842 Compliance for Nonprofits, Higher Education, & Healthcare
Disclaimer: DebtBook does not provide professional services or advice. DebtBook has prepared these materials for general informational and educational purposes, which means we have not tailored the information to your specific circumstances. Please consult your professional advisors before taking action based on any information in these materials. Any use of this information is solely at your own risk.
