Visual Lease’s platform empowers you and your company to be compliant and successful.
Complex Lease Accounting Software, Simplified
Visual Lease is the smartest choice when it comes to accounting for your leased assets.
Your company is unique and so are your leases. You need an easy way to capture and track the fields and data points that you need. Visual Lease can help you do just that, regardless of your company size or industry.
Implementation is often one of the biggest hurdles for lease accounting, but it doesn’t have to be with Visual Lease. Our experienced Implementation Managers are dedicated to seamlessly guide you through each stage of implementation.
Intuitive User Interface
You don’t need to spend a lot of time learning how to use Visual Lease. Our platform is highly intuitive and easy-to-use, so you can efficiently navigate the information you need.
Tired of wasting time and energy pulling data from several different systems? Visual Lease’s lease accounting software enables both one-time and recurring integrations with the top ERP systems, including general ledger, accounts payable, and accounts receivable modules.
Lease accounting software with robust functionality that is also user-friendly.
Gathering the required lease information for financial reporting is always harder than it seems and is always prone to error. Visual Lease allows you to configure your own ad-hoc reports or choose from a library of over 100+ standard reports to see the data you want, when you want.
Comprehensive Audit Trail
The integrity of your company’s lease data depends on capturing changes and updates to your leases. Ensure you have full transparency into every input and change through Visual Lease’s audit trail functionality, which makes all changes easily traceable and highly trackable.
Varying treatments for different types of leases can make accounting for your portfolio extremely time-consuming and challenging. Harness the power of Visual Lease’s calculation engine, which captures the data points required to produce journal entries, so you can spend less time generating accurate calculations.
We get it, you have a lot to keep track of and the stakes are high. With Visual Lease, you can pull together everything you need to generate the reporting and disclosures required for timely compliance under ASC 842, IFRS 16 & GASB 87.
Functional Currency Support
Visual Lease offers compliance with the accounting standards in every currency conversion scenario. The functional currency feature provides supporting evidence for audit and compliance purposes, stores both direct and reciprocal spot and average rates and automates the conversion process for output to the Lease Accounting Standard and Disclosure reports.
Lease Accounting Software FAQs
Lease Accounting Software is a software as a service (SaaS) that easily manages tracking and reporting on all financial aspects of leases, including right-of-use assets, interest expenses, liability, and other elements under FASB , GASB and IASB guidance.
New reporting standards for leasing
The complexity of lease accounting has changed drastically within the last few years, due to the introduction and adoption of ASC 842 and IFRS 16.
Previously, it was easy to track the financials of operating leases manually with spreadsheets. However, the new reporting standards provides new, more complex standards, including a significant impact on financial reporting.
As a result, many more data points need to be tracked and audited within lease accounting software. An automated lease accounting software solution can ensure consistent and accurate calculations.
Automate a process that would otherwise be manual
Without lease accounting software, using manual processes opens up companies to auditing errors and risks.
Between the potential for typos, misplaced decimals, and formula errors, human error alone can severely impact your business during an audit. Also, the overall heavy level of detail required within ASC 842 and IFRS 16 is often too much information for one spreadsheet to handle, therefore increasing complexity.
Lease accounting software automatically tracks all the fields you need for accurate calculations and reporting. Calculations are built right within the platform to pull from any numerical field, therefore eliminating any concerns that arise from old, manual processes.
Lease management to keep up with data needed for disclosure reports
Lease accounting relies heavily on accurate lease data. Without a proper way to track and manage your leases, data that is needed for disclosure reports could easily become outdated and inaccurate.
Lease management software provides a seamless way to track all lease data that pertains to ASC 842, GASB 87 & IFRS 16, and beyond. Made up of two functions, lease administration and lease accounting, lease management software ensures one single source of truth for lease data.
Automated Journal Entries
Easily generate different types of operating and finance lease liabilities within journal entries by using data maintained within the platform. Once your data has been populated within the system, everything from calculations to journal entries to disclosure reports can be generated automatically.
Robust reporting capabilities provide access to view information stored within the platform, through both standard and ad-hoc reports. Users can select to view standard out-of-the-box reports, or build their own configurable, ad-hoc reports on any field within the platform.
Lease Administration vs “Just” Accounting
The data tracked within a lease administration solution is critical to generating accurate calculations. Lease administration software goes hand-in-hand with lease accounting software. Lease administration includes, but is not limited to:
- Lease documentation management
- Initial and ongoing lease data input
- Management of legal and financial obligations/payments
These essential lease administration tasks provide checks and balances within lease accounting software functions, including:
- Initial and ongoing accounting calculations based on lease data
- Generating journal entries to ledger
- Running disclosure reports and backup
Flexibility to manage ASC 842 & IFRS 16
Regardless of your company’s lease accounting compliance needs, a lease accounting software that is fully configurable enables you to capture specific fields and track lease data to meet both ASC 842 and IFRS 16 requirements. Utilizing a system that allows you to easily configure relevant lease data helps organize your information to match your processes.
Seamless, end-to-end implementation makes sure your lease accounting software is up and running quickly and successfully. A properly experienced implementation plan provides milestones throughout each phase, including:
- Identifying key project goals
- Best practice consultation
- Data migration import templates
- Training, sign-off, and support
View more information about Visual Lease’s implementation.
With Visual Lease’s lease accounting software, you can pick from a library of 100+ standard reports (including ASC 842, IFRS 16, and GASB 87 disclosures), or instantly create ad-hoc reports on any field or scenario within the system. These reports can be viewed within the platform, downloaded, and integrated into other systems (i.e. ERPs).
Yes, Visual Lease supports one-time and recurring integrations to third-party applications, such as ERPs (accounts payable, accounts receivable, general ledger) and more. Visit our integrations page for more information.
Lease accounting is not one-size-fits-all, and software should be able to support many different fields to account for the various types of leases and lease accounting standard requirements. With Visual Lease, you can configure and track any relevant data and financial fields that are relevant to your business.