Lease accounting and management software is a specialized type of business software designed to help organizations effectively manage and account for their lease agreements. It supports compliance with accounting standards such as ASC 842 and IFRS 16 by automating lease classification, measurement. It also generates comprehensive reports on lease liabilities, assets, expenses, and other financial metrics to facilitate financial statement preparation and analysis. This software is critical for companies that lease assets such as real estate, equipment, and vehicles, enabling them to adhere to relevant accounting standards and regulations.