Fame Rental has expanded its platform to include new financing and lender management features. The new capabilities allow rental businesses to:
- Handle financing contracts
- Manage loans
- Monitor leases on equipment and other assets
“This feature is not available in other software platforms. The Fame capability is vital for rental businesses because it provides ASC 842-compliant lease accounting, automatically classifies short- and long-term liabilities, and allocates interest expense to each asset with each payment. Ultimately, rental businesses benefit because they can better manage equipment amortization, acquisitions, and disposals of financed equipment," said Joe Lewis, CEO of Fame Rental.
The upgrade to Fame’s Financing Management capability sets the stage for the upcoming FameAir Lender Portal launch. Like the FameAir Customer Portal, the FameAir Lender Portal will allow select lenders to have controlled access to information required for periodic compliance reporting.
