At Visual Lease, we solve the everyday lease management challenges for organizations around the world. Our commitment to innovating and putting our customers first has empowered us to evolve our solution throughout our 25 years in business. To formalize and concentrate this effort into the future, Visual Lease is launching a new department—the Corporate Strategy Department. Its sole purpose is to gather information and harness the insights we glean from the market to determine a greater, forward-looking solution for our customers.
Right now, we are on the precipice of a very important time for leases. New lease accounting rules have disrupted thousands of organizations around the world. Accounting, real estate, finance, IT, legal and other operational departments have to follow new lease management processes and implement new internal controls. Users are sharing, dissecting, calculating and analyzing lease information in a variety of ways. As the market adapts to these new rules, new executive and operational challenges around leases will evolve and emerge.
VL’s Corporate Strategy Department will identify and explore the most significant challenges organizations are facing today and will face in the future. It will propose innovative and efficient ways to solve these challenges—through valuable new product capabilities, services or technical and service partnerships. It will utilize market research and a diverse and well-rounded network of customers, partners, competitive and peer software companies and market analysts. These ideas will be introduced to the business as key strategic initiatives, and the Corporate Strategy department will work with VL’s executive team to orchestrate their execution.
The introduction of Visual Lease’s Corporate Strategy Department marks a new chapter for our organization—perhaps the most exciting one yet! It will help us achieve even greater long-term value for our customers, helping them address new challenges that come their way. It is an exciting time for our customers, partners and teammates, as we build for the future, together.
Visual Lease Background
From the very beginning, Visual Lease was created to solve a widespread problem. As a practicing attorney, Marc Betesh, our founder and CEO, noticed that major corporations spent countless hours and huge sums of money negotiating their real estate leases with landlords. But once these agreements were signed they were often neglected. As a result, key deadlines were missed, protections were forgotten, critical opportunities were lost and rents were overpaid. More importantly, these leases were not serving their businesses as much as they were intended to. And so, 25 years ago, he and a small team created Visual Lease as a software platform that would give companies an easy way to access, track and analyze their leases. They built in hundreds of protections against the mistakes they’d seen. And they incorporated some of the best lease management practices from a vast client base. Visual Lease became a favored solution by hundreds of companies around the world.
In the past decade, Visual Lease identified another challenge that our customers were going to face. In 2016, domestic and international accounting boards—who set rules for accounting processes and financial statements—made robust changes to their stance on leases, requiring them to be captured on the balance sheet. This meant that our customers and thousands of other organizations needed to dramatically change how they accounted for their leases. To solve this problem, our teams researched the nuances of these rules and expanded our lease accounting functionality to produce the new journal entries, disclosure reports and other outputs. The combined solution—VL’s core lease management platform together with extensive accounting functionality—has given hundreds of organizations the ability to confidently achieve and sustain compliance with these new lease accounting standards, while also gaining greater control over and visibility into the performance of their leases.
Today, Visual Lease is the clear market leader, currently used by 950+ domestic and international companies, nonprofits and government entities to track, manage and report on more than 500,000 real estate, equipment and fleet leases. Our award-winning software embeds best practices and sophisticated functionality into one, easy-to-use platform. We have an extensive partner network that includes numerous accounting firms, real estate and IT service providers. Our growing and unified team have the drive, long-standing expertise, commitment to quality and innovative spirit to propel us forward.