Gaining 50% more efficiency by using VL as a system of record.
Bassett Furniture, a public company managing over 400 leases, leverages Visual Lease to streamline ASC 842 compliance and efficiently manage their complex real estate, equipment, and vehicle leases, resulting in more accurate financial reporting and strategic business decisions.
“Just about every lease was impacted by COVID. There was abatement, deferrals – and even free rent for a few months. There were a lot of different scenarios that we had to go through and adjust to reflect what was happening with our lease portfolio. Visual Lease made it really easy to do that.”
Dru Ingram,
VP, Corporate Controller at Bassett Furniture
Since partnering with VL, Bassett Furniture has:
Consolidated all lease data into a single subledger, enhancing visibility and control for real estate and finance teams.
Simplified the generation of required journal entries, disclosures, and footnotes with automated processes, ensuring confident FASB compliance.
Enabled quick adjustments and updates to leases impacted by COVID-19, maintaining accurate and auditable lease records.
