Package provides robust tech capabilities and all-inclusive implementation and support required to achieve lease accounting compliance with ASC 842
Woodbridge, NJ – August 10, 2021 — Visual Lease, the #1 lease optimization software provider, today introduced ASC 842 Proven Path, a full end-to-end lease accounting solution for private companies with fewer than 100 leases. Similar to the company’s GASB 87 Complete solution, ASC 842 Proven Path combines Visual Lease’s industry-leading software solution with all-inclusive implementation and ongoing support. It was expertly designed to enable the seamless and accurate adoption of the new lease accounting standard in 50 business days or less.
“Achieving and maintaining compliance with lease accounting standard ASC 842 is incredibly nuanced,” said Joe Fitzgerald, SVP of Lease Market Strategy at Visual Lease. “There are over 70 data elements to capture and track, and any company with any appreciable number of leases needs to plan out the process carefully. As we saw with public companies back in 2019, it takes significant time to identify all of the leases, collect the documents and capture the data before you can run any lease accounting calculations. Trying to do this without software extends the time even further.”
ASC 842 Proven Path package users will benefit from:
“We recently conducted a survey of 500 senior finance and accounting professionals and found that the adoption of new technologies was one of biggest anticipated challenges to maintaining compliance with lease accounting standards after 2021,” said founder and CEO, Marc Betesh. “Working with a solution provider that you can rely on is what will help you maintain confidence, ongoing compliance. With a 98% customer retention rate, we are a trusted partner to our customers, and we’re deeply committed to navigating this journey with them.”
To learn more about Visual Lease’s ASC 842 Proven Path package, visit here.
Media Contacts
Erica Bonavitacola
Visual Lease
T+1 732 860 4838
ebonavitacola@visuallease.com
Katie Vroom
Gregory FCA
T+1 212 398 9680
kvroom@gregoryfca.com
About Visual Lease
Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS platform is embedded with more than three decades of best practices from major corporations and leading industry professionals. Our award-winning solutions are used by 800+ organizations to manage 500,000+ real estate, equipment and other leased assets. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.
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