Leading web-based software solution helps Baker Tilly clients with multiple real estate, vehicle and equipment leases efficiently comply with new accounting standard
Woodbridge, NJ (March 7, 2019) – Leading advisory, tax and assurance firm Baker Tilly Virchow Krause, LLP (Baker Tilly) announces partnership with leading lease accounting and management software provider, Visual Lease. The enterprise level lease accounting software benefits clients with lease portfolios of all sizes by providing:
- Flexible, cloud-based lease accounting software
- Compatibility with all lease types
- Highly efficient automated lease accounting
- Ability to import lease data
- Classification of leases with an automated lease test
- Automated lease calculations, journal entries and disclosures
- Easily configurable Excel-based reporting
Effective at the end of 2018, the new ASC 842 standard on accounting for leases changes the financial reporting obligations of companies that enter into leasing transactions for assets such as real estate, vehicles and equipment.
“This scalable solution offers exceptional value by creating efficiencies for clients who want a user friendly solution for high volume lease portfolios,” Jere Shawver, CPA, Baker Tilly’s managing partner of assurance and risk, said. “They need to comply with the new ASC 842 standard, but without this solution they would have to manually account for their leases, driving up their internal costs and reducing available resources to complete high value projects. The Baker Tilly / Visual Lease partnership makes a highly efficient platform available to clients of all sizes.”
Through partnership with Visual Lease, Baker Tilly will provide the results of Visual Lease’s flexible configuration, efficient data migration, and ASC 842 accounting compliance to clients. The software also offers specialized lease accounting functionality including percentage rent, lessor/sublease, sale leaseback, and more, ensuring that clients with complex lease arrangements are able to comply with the regulations easily.
“We are excited to work with Baker Tilly to provide their clients with a fully scalable solution for managing their lease portfolios,” said Marc Betesh, CEO of Visual Lease. “By implementing the Baker Tilly / Visual Lease solution, companies can quickly comply with the new lease accounting standard through a proven solution that combines a leading lease administration software solution with excellent implementation and consulting support from a top firm in the industry. In the end, Baker Tilly’s clients will have improved financial and operational control over their leases.”
To learn more about Baker Tilly’s lease impact assessment and implementation services, visit bakertilly.com/services/assurance/leases-asc-842.
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.
About Visual Lease (visuallease.com)
Visual Lease provides lease accounting and lease administration solutions to help companies manage, analyze, and report on their leased asset portfolios, including real estate, equipment, and more. The company’s SaaS platform combines GAAP & IFRS-compliant lease accounting controls with sophisticated and flexible lease portfolio administration. Over 500 of the largest publicly-traded and privately-owned corporations, retailers, hospitals, and institutions around the globe rely on Visual Lease’s cloud-based SaaS platform to meet operational and compliance requirements. For more information, please visit visuallease.com.