Rapid Adoption With Visual Lease
Recommended by the “Big 4” and major global accounting firms, the Visual Lease platform will ease your compliance of the new lease standard. Your asset accounting will be rapidly automated with our fully integrated FASB ASC 842 and IASB IFRS 16 Modules:
- Fastest journal entries
- Operating vs. Capital Lease Tests
- Calculation of Right Of Use Asset, Liability, Principle Payment and Interest Payment schedules.
- Disclosure Reports
- Drill-Down report builder
- Integration with ERP systems for AP or GL processing, including Oracle, SAP & 20+ others.
- APIs for 750+ applications to migrate data quickly and connect your enterprise
Questions to Ask
Here are some questions you should be asking now to get prepared for the transition:
- How does the new standard affect the current lease portfolio? Specifically, what is the total asset value (ROU) and liability value after recalculating the company’s lease portfolio?
- How will these new values affect the company’s key financial indicators such as ROA (return on assets), Debt to Equity Ratio, and related tax effects?
- What enhancements are needed to the lease management system to comply with the new standard?
- What methodologies should be employed to evaluate future lease/buy decisions in light of the new standard?
- What is the schedule and budget for implementing the necessary changes to lease management systems, lease accounting, and training of personnel?