Lease abstraction services: get the facts at your fingertips
Lease abstraction is the process of extracting relevant data points from your lease contracts and other source documents. While it’s important to have your source documents available for reference, you don’t want to have to read through them every time you need to locate a critical fact, such as a payment amount, due date, lease option or other data point that requires action. Investing in lease abstraction services makes the essential facts easily accessible.
The lease abstraction process identifies those critical data points and makes them available in your lease accounting and lease administration system. Through Visual Lease, you can also share that data with other systems, including your ERP, AP/GL, IWMS and communications platforms.
Lease abstraction services to collect FASB & IFRS lease accounting data
Because of the changes to lease accounting standards, organizations are under the gun to collect and report on a great deal of lease data. That includes equipment and other leased assets that were previously off the balance sheet. Many operating leases for real estate must now be accounted for as right-of-use assets and liabilities. Getting prepared to do that means going back to every one of your leases and pulling out the data points needed to do the calculations. Visual Lease can help you determine exactly which data points you need to extract, and provide the experienced resources to get it done fast.
What’s more, lease abstracts within Visual Lease are linked back to your source documents, so it’s easy to drill down for validation about a point during an audit.
Lease abstraction services to collect lease management information
For those handling the day-to-day administration of leases (whether for real estate, equipment, vehicles or any other leased asset) our lease abstraction services provides access to all commercial lease abstract data points as well as your source documents in Visual Lease’s central repository. Because Visual Lease doesn’t charge you by the user, you can give access to lease data to everyone who needs to use it, including your facilities staff, legal department, procurement, and IT in addition to your real estate lease administrators and accounting teams.
Visual Lease has the expertise to do lease abstraction right
Our team of skilled attorneys and real estate professionals have reviewed and abstracted over 50,000 leases and are available to help summarize yours directly into Visual Lease. As a leader among lease abstraction companies, we continually stay ahead of new market trends in lease abstraction services, including AI and OCR.
Because Visual Lease links summarized text to the original source documents, you have greater flexibility as to the amount of information summarized in the system. Our team will help guide you to the most effective and efficient level of data extraction so you can maximize the return on your abstracting dollars.
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