In today’s complex regulatory and operational landscape, lease management is no longer confined to the domain of property teams alone. Financial reporting standards such as IFRS 16 have elevated lease data into a high-stakes financial concern, making it essential for finance teams to have accurate, timely, and structured access to property information. This shift demands greater collaboration between property and finance teams, whose priorities and workflows have traditionally been siloed. But while the need for alignment is clear, the path to seamless collaboration can be challenging. Many businesses still rely on fragmented systems, disconnected spreadsheets, and informal processes that make it difficult for teams to work from a single, consistent source of truth. As a result, decisions are delayed, errors creep into reporting, and compliance becomes harder to sustain. In this article, we explore the importance of property-finance collaboration in lease management, the common barriers that prevent it, and how modern technology can help bridge the gap and drive better outcomes for the entire organisation.
The case for collaboration
At first glance, property and finance teams might appear to operate in parallel but unrelated spheres. Property managers are focused on negotiating leases, managing landlord relationships, and ensuring the physical assets are fit for purpose. Finance professionals, meanwhile, are concerned with lease liabilities, cost forecasting, compliance, and ensuring accurate financial disclosures. However, lease data sits at the intersection of these functions. Key data points, such as lease commencement dates, payment schedules, renewal options, or CPI-based rent increases, hold significant implications for both operational execution and financial reporting. A lack of collaboration or a misalignment in understanding this data can result in late payments, incorrect accounting entries, missed renewals, or inaccurate journal postings under IFRS 16. The stakes are high: leases are often one of the largest liabilities on the balance sheet. A collaborative, transparent lease management process helps to mitigate financial and compliance risks while improving operational decision-making.
Common barriers to collaboration
Despite the clear overlap in responsibilities, several factors often hinder effective collaboration between property and finance teams:
Siloed systems. Property data is often stored in asset management systems or spreadsheets maintained separately from the finance team’s ERP or accounting software. This separation makes real-time collaboration difficult and increases the risk of errors due to duplicate data entry.
Different priorities and language. Property teams tend to focus on the physical and commercial elements of leases, while finance teams are concerned with timelines, valuation, and compliance. Without a shared framework or vocabulary, communication can break down.
Manual processes. Updating lease information or initiating changes often involves email chains, shared drives, or PDF documents. These manual methods are prone to delays and miscommunication, particularly when teams are juggling competing deadlines.
Lack of visibility. When only one team has access to certain data or documents, the other team may be left operating on assumptions. This lack of visibility leads to inconsistencies in reporting and decision-making.
How technology facilitates cross-functional collaboration
Dedicated lease management software addresses many of these pain points by creating a centralised, digital environment where all stakeholders can access, update, and work with the same set of information. This shared visibility forms the foundation of effective collaboration. Here are several ways a platform like Nomos One can enable better cooperation between property and finance teams:
Single source of truth
With all lease data centralised in one system, both property and finance teams can confidently work from a consistent and accurate data set. Key lease terms, schedules, documents, and events are stored securely and updated in real-time. This eliminates version control issues and helps ensure that lease modifications are captured and reflected across departments immediately.
Automated event tracking
Lease events, such as renewals, rent reviews, and expirations, often require input or decisions from multiple teams. Event reminders and notifications within Nomos One help ensure that both property and finance personnel are aware of upcoming deadlines and can prepare accordingly. The ability to assign responsibilities and track event workflows enhances accountability and coordination.
Integrated workflows for lease changes
When a lease is modified, updated workflows guide users through the necessary steps to capture the change and apply it consistently. Property teams can document commercial changes such as new terms or break clauses, while finance teams can review and approve accounting treatments such as remeasurements or asset adjustments. These integrated workflows help ensure changes are recorded accurately, logged for audit, and visible to both teams.
Audit trails and documentation
Finance teams often require detailed documentation and audit trails to support journal entries, disclosures, and external audits. Lease management systems like Nomos One help log every change, create time-stamped records, and allow document uploads so that both internal and external stakeholders have full visibility over the lease’s lifecycle.
Role-based access and permissions
While cross-functional visibility is important, so too is maintaining control over sensitive financial or contractual data. Role-based access in lease management platforms ensures that each team member sees only what is relevant to their role, while still participating in shared workflows and contributing to collective processes.
Expanding the collaboration: legal and operations
While the focus is often on property and finance, other teams such as legal and operations also play a key role in lease management. Legal teams need access to current lease agreements and amendments to verify obligations and mitigate risk. Operations teams are often responsible for ensuring that the terms of a lease align with business requirements, such as facility access or service levels. Technology helps facilitate this broader collaboration by providing a centralised system of record accessible to all stakeholders, reducing the need for manual document requests or disjointed communications.
The business impact of better collaboration
When property and finance teams work together effectively, the benefits are substantial. These include:
Improved compliance and audit readiness. Lease information is accurate, complete, and backed by clear documentation.
Stronger financial reporting. Journals, remeasurements, and disclosures are based on up-to-date data and consistent interpretations.
Operational efficiency. Manual work is reduced, and key processes are automated, freeing teams to focus on strategic tasks.
Risk mitigation. Renewal windows, rent increases, and other financial milestones are addressed proactively.
Better decision-making. With a full picture of lease obligations and performance, leadership can make informed decisions about portfolio optimisation, budgeting, and long-term strategy.
Lease management is inherently multidisciplinary. Property and finance teams each bring critical expertise to the table but only by working together can organisations unlock the full value of their lease data and ensure compliance in a complex regulatory environment. With the support of modern lease management technology, this collaboration becomes not only possible but seamless. By adopting a platform like Nomos One, organisations empower their teams to collaborate on a single system, share responsibility for outcomes, and gain the visibility and control they need to manage leases confidently across the portfolio.
Ready to align your teams with better tools and processes? Book a demo with Nomos One to see how we can help your teams collaborate more effectively on lease data and lifecycle management.
