Categories: Lease Accounting

2024 Lease Accounting Trends and Solutions

In our latest blog post, we delve into the findings of our Visual Lease Data Institute (VLDI) research that sheds light on the evolving terrain of lease accounting.

About the Research: We surveyed senior finance and accounting professionals alongside financial management experts in government sectors.

The research offers a revealing look at the challenges and solutions in the realm of lease accounting. As we unpack the intricacies of standards ASC 842 and GASB 87, we discover the significant impact of talent shortages, the struggle for knowledge retention, and the pivotal role of innovative software solutions in streamlining lease accounting processes.

Challenges in Lease Accounting

A critical finding is the impact of talent shortages and retention issues on adopting lease accounting standards.

  • Both sectors report their teams being stretched thin, with significant concerns over employee burnout.
  • Knowledge maintenance is another major hurdle, with a substantial percentage of both sectors finding it challenging to maintain compliance.

Overcoming Lease Accounting Challenges with Technology

Successful companies have overcome talent shortages by leveraging centralized systems for lease accounting and administration.

  • Third-party lease accounting software has been instrumental in streamlining tasks, improving accuracy, and ensuring regulation compliance.
  • Such software saves significant hours for private and public entities and provides essential customer support.

The journey toward lease accounting compliance is fraught with challenges, but organizations can navigate these complexities effectively with the right tools and support. Visual Lease’s insights and solutions provide a roadmap for businesses to turn these challenges into opportunities for growth and strategic advantage.

For more insights, visit the VLDI section of our website.

About The Visual Lease Data Institute

The Visual Lease Data Institute is a hub for key data trends insights on lease accounting, management, and optimization. It’s a resource designed to equip businesses with the necessary knowledge for lease accounting compliance and to use leases as strategic assets. The institute’s expertise is recognized widely, with mentions in prominent publications like The Wall Street Journal and Forbes.

Visual Lease

Visual Lease Blogs - read about the best lease administration software, lease management solutions, commercial lease accounting software & IFRS 16 introduction.

Recent Posts

Visual Lease Named a Workday Innovation Partner to Help Organizations Provide Expanded View of Lease Portfolios

This integration will provide mutual customers with a comprehensive view of their lease portfolios, helping…

2 days ago

How to Create a Lease Amortization Schedule: A Comprehensive Guide

When it comes to managing leases and financial obligations, understanding how to calculate a lease…

1 week ago

Lessee vs. Tenant: What’s the Difference?

When it comes to real estate and leasing agreements, terms can sometimes get a bit…

1 week ago

Understanding Prepaid Rent for ASC 842: What You Need to Know

What is prepaid rent?  Prepaid rent refers to lease payments made in advance for a…

2 weeks ago

Finance Leases vs. Operating Leases: Understanding the Differences and ASC 842

Finance leases and operating leases are two common types of lease arrangements that businesses encounter.…

2 weeks ago

Article: What Investors Eye in 2025

Despite headwinds, these asset classes stand out in CBRE’s latest survey.

4 weeks ago