Lease Management: The Key to Successful Lease Accounting

Written by: Robert Michlewicz, President at Visual Lease

I was drawn to Visual Lease for several reasons, one of the biggest is how the company is leading the market in addressing big areas of exposure and risk for public, private companies and government entities.

What exactly do I mean by that?

I’m proud to say that in June, Visual Lease was the only software provider named a Leader in both Lease Accounting and Lease Administration categories by G2.

Keeping in mind that this recognition is solely based on customer feedback, it is a direct reflection of the decades of work and expertise behind our software and services.

Visual Lease has been around for 25+ years, and was first developed as a world-class lease management solution, serving the real estate departments of some of the largest U.S. corporations. Anticipating the introduction of the new lease accounting standards, the company expanded the platform in 2018 to include robust lease accounting capabilities. Today, we help 1,000+ organizations get compliant, stay audit-ready all year long, take advantage of cost-savings opportunities and make better-informed operational decisions.

A reason I was drawn to Visual Lease is the same reason it’s been recognized by G2 (and a few others like Capterra, Deloitte, Inc.). As a business, we know the risks associated with complying with the new lease accounting standards without first implementing a proper lease management strategy. Further, we’ve seen time and time again just how valuable it can be for an organization to have accurate and complete lease data. We’ve built our platform on these insights, and our efforts are backed by some of the most experienced and well-informed experts in the industry.

But please, don’t take my word for it…. check out what our customers had to say when asked what they like best about Visual Lease:

• “Visual Lease streamlines our accounting for leases and completely replaces our existing Excel solution (for both GAAP and IFRS).” – Adam B.
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• “I like being able to view the details for all of our various leases in one place. It’s nice to have a one-stop shop that everyone (who needs the details) can access.” – User in Consumer Goods
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• “The simplicity of asset management is the best part of VL. It is very scalable lease accounting and management software. You can solve major lease accounting challenges with automated calculations and full integrations.” – Internal Consultant in Information Technology & Services
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• “Visual Lease gets the job done. The thing I like the most is that it does what we need it to do. It meets all of our needs from ASC 842 implementations, to rent payments, to tracking renewals, it does it all. Multiple departments use Visual Lease, and it does a good job at meeting our collective needs.” – Administrator in Healthcare
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• “I have used Visual Lease with two different companies now, and both times they have been positive experiences. I have managed a smaller lease portfolio of 30-50 leases. While I don’t utilize all of the tools that are available within Visual Lease, the tools themselves are well thought out. I recently completed our first year-end audit after implementing the ASC 842 lease standard, and the Standard Lease Reports were simple to pull and provide to our audit team. Visual Lease is well aware that there is a learning curve with using their software, so they have a comprehensive training website called ‘VL University’ that has on-demand training videos that will walk you through the features of the website. There is also a User Guide that I can review to learn how every feature works within the website. I have also had my service tickets replied to within 24 hours of submitting them. I think Visual Lease cares about its customers and is an excellent partner for managing leases.” – Assistant Controller in Manufacturing
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• “I like the alerts that help you know in advance when the lease terms are slated to change. Also, it is easy to add people to a distro list for alerts.” – User in Retail‌

This recognition is exciting, and a testament to not only where we’ve been, but also, where we’re headed. After just one month of working with our amazing team and customers, I am even more encouraged, energized and inspired to be a part of Visual Lease.

I’ll leave with two parting thoughts:

1. First and foremost, thank you and congratulations to the entire team at VL for your relentless commitment to our customers.
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2. And to my network, if you’re interested in learning more about why lease management is so critical to your business, visit this page.