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Compliance and Risk Management
LeaseTeam offers a variety of tools to assist equipment finance companies in tracking insurance, UCCs, and tax rate changes, exporting data in order to file electronically, and much more. Our comprehensive compliance and risk management functionality includes:
Sales Tax Calculations, Reporting and Jurisdiction Selection
Many lenders have leases and/or loans with equipment located throughout the U.S. and/or Canada. The borrowers generally pay sales and use tax as well as property tax on this equipment. These taxes may be specific to both industry and jurisdiction (state, city, county, national, etc.). Keeping track of jurisdictions and their corresponding tax codes can be a difficult task. But LeaseTeam’s software cuts through the red tape and makes it much simpler for equipment finance companies to calculate, assess, track, file, pay and report on sales and property taxes.
LeaseTeam’s portfolio management software handles sales and use tax on all types of transactions. It uses the sales tax rate codes in all invoicing programs and maintains a complete tax history. Sales tax reports process on a cash or accrual basis. With the standard sales tax function, users maintain the current sales tax rates in the system, then invoice and report on up-front sales tax (when required by the state). Taxes can also be financed, allowing the customer to pay the taxes as a part of the financed amount.
Electronic Sales Tax Rate Updates
The Vertex Sales Tax Q Series tool blends the most accurate and timely state and local tax research in the industry with advanced open systems and windows technology to tak eyou to a whole new level of tax compliance confidence.
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Property Tax Calculations and Reporting
Field Level Security
The Field Level Security tool offers enhanced security by providing security at a field level in addition to the menu level. Field Level Security restricts important accounting information from being changed by unauthorized users. This provides greater flexibility and precision in establishing user security limitations.
It also offers the ability to set security on most fields. For example, the user may have access to Customer Maintenance to edit address information but may be denied access to tax code information stored on the customer record.
Database Audit Tools
Due to the Sarbanes-Oxley Act (SOX), executives and auditors of publicly held companies (as well as many private and international companies) must validate the accuracy of their financial statements. LeaseTeam’s portfolio management software allows users to track changes to the database through the Lumigent Audit DB module. Lumigent Audit DB provides an unimpeachable audit trail of database activity so that companies may confidently attest to their data’s accuracy. Audit DB provides the only true record of what happened to data when and by whom, meeting the requirement for a system of validation.
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For more information on meeting Sarbanes-Oxley requirements with data auditing, please click here.
Or visit the Lumigent Web site by clicking here
Insurance Tracking
LeaseTeam’s portfolio management software allows you to track as many insurance policies per contract as necessary. If you need insurance monitoring and/or placement, we offer tools which can be extremely helpful in doing so. We offer various tools that help you track equipment insurance:
The Insurance Tracking tool is designed to prevent losses by tracking insurance policy expirations and providing lists of equipment that is not covered by insurance. Click here to learn more...
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UCC Tracking
If your workload is fairly low, you may wish to file UCCs on your own. But if you’re managing a larger portfolio, you don’t want to risk running out of time and not getting your UCCs filed. Our system accommodates you either way: Our software allows you to track as many UCCs per contract as you need to.
Available tools include:
UCC Direct allows you to outsource the UCC filing function to UCC Direct Services. Click here to learn more...
UCC Tracking provides a tracking mechanism for unlimited UCC filings per contract or asset. Reports are provided to inform the user of expiring and missing filings. No accounting is involved with the UCC Tracking tool. It is strictly a means of tracking all of the UCC filings completed for assets leased by a equipment finance company.