Commercial leases can be extremely complex and difficult to comprehend, with hours of manual review often required to accurately understand your obligations. For any business who deals with numerous properties and therefore a multitude of leases, the lease abstraction process is time consuming, laborious, error prone, costly and inefficient.
There is a better way.
Accurait® takes the manual labour out of the process and allows artificial intelligence to do the hard work accurately and efficiently for you.
What is Accurait?
LeaseInfo have created Accurait® to assist with the burden of lease abstraction and management, providing a Software as a Service product which can extract, organize, extract and export the information within your leases effectively and comprehensively. Developed in partnership with CSIRO’s Data61, Accurait is advancing the commercial lease management process.
The system works using Artificial Intelligence to convert a normal PDF lease to a clear and concise, exportable display of key data point which are backlinked and referenced to the document, saving time and money on the burdensome process of lease abstraction.
What can Accurait® do and how does it do it?
Key features of the platform include API integration, document standardisation and IFRS/AASB 16 compatible data, yet these highlights are only the beginning. Accurait is fast, reliable and powerful, with artificial intelligence allowing for constantly improving performance over time to deliver greater efficiencies for clients.
Accurait employs a subsection of Artificial Intelligence known as Natural Language Processing – the ability of a computer to ‘learn’ text with incredibly superior speed and accuracy.
Natural Language Processing Algorithms can read hundreds of lease agreements in a matter of seconds and perform several highly complex tasks including:
- Key datapoint extraction and backlinking
- Organisation of critical data
- Calculations of rent and forecasting
- Calculating expiry dates and sending automatic reminders
- Calculating NPV of lease liabilities and assets under AASB – 16 and IFRS
- Categorising key clauses such as demolition, refurbishment, make good and break clauses
- Calculating tenancy schedules and weighted average lease expiries
- Reading invoices and comparing values to the contractual lease values to check for variances
- Managing complex data hierarchies such as sub leases, vacancies and agreements for lease
By comparison, these actions could take a leasing team several weeks to achieve. Even then, the data would be subject to human error, considering the manual effort in wading through countless PDFs searching for relevant clauses.
Why Do I need Accurait®?
Leases hold crucial information and obligations, too often neglected or overlooked due the sheer burden of manual lease management. Thus exists an opportunity for change. As we venture into a new and exciting technological world, it is important to stay ahead and utilise all and any available opportunities to give your business an edge.
If your business deals with multiple leases and you are looking to cut time and costs, it would certainly be beneficial to consider whether Accurait® could be used in your workplace.
LeaseInfo offers clients easy and flexible complimentary training to ensure each subscriber is attaining the full potential of their products. The team also offers quick and responsive customer service and helpdesk, proud of their tightknit client relationships formed over the years.
Accurait also speaks for itself as a recent merit recipient at the NSW iAwards under the Business Service Markets and Infrastructure and Platforms Innovation of the Year categories as well as a finalist at the 2021 Proptech Association Awards. Or simply head to the Accurait website to hear what our current clients have to say.
You can visit the Accurait® website for more information or call us on 1300 RETAIL (738 245) now to discuss your needs and book an obligation free demo.
This post was authored by Simon Fonteyn. Simon is one of Australia’s leading experts in retail, childcare and medical leasing and rental valuations. He holds a Degree in Accounting & Finance, a Diploma of Valuation, a Masters of Management and is an Associate of the Australian Property Institute. With over 25 years experience in the commercial property industry, Simon founded LeaseInfo® as a way to provide more transparency to the industry.