Visual Lease & Workday have partnered together to give finance teams the best of both worlds – a game changing, end-to-end financial management tool coupled with a best-in-class lease optimization platform.
Many organizations lack the comprehensive oversight needed to manage their real estate and equipment portfolios, making it difficult to coordinate reporting and insights across multiple departments like finance, facilities, and operations. This lack of oversight makes it significantly challenging to manage lease accounting compliance efficiently and accurately. Without controlled, real-time data flows, information becomes inaccurate and unreliable – making data-driven decisions a significant challenge.
The partnership features a pre-built integration, which automates the bidirectional exchange of critical financial data points, standardizing and simplifying lease management processes while ensuring compliance with FASB/IFRS and GASB 87/96 standards.
By integrating Visual Lease with Workday, organizations can achieve greater operational efficiency, financial accuracy, and strategic oversight of their lease portfolios.
With intelligently automated financial processes and deeper insights through Workday Financial Management, you can focus less on transaction processing and more on analysis and action.
Workday allows for comprehensive revenue management, along with customer and contract management, services CPQ, invoicing, collections, and impressively robust reporting to help meet the latest accounting standards.
A system you can adapt to your needs.
Businesses ebb and flow over time. Workday helps you remain agile and stay ahead of change with our flexible foundation. Adapt business processes while continuously tracking change as you go.
Intelligent automation optimizes your processes.
Machine learning reduces friction by continuously detecting anomalies and making recommendations. This helps finance interpret and review results, while focusing on the areas of business that matter most.
One place to transform data into accounting.
Workday automatically ingests, enriches, and transforms business event data into accounting, simplifying your accounting in the process.
Fresh insights to guide the business.
Workday delivers data to all corners of your organization, surfacing insight right when you need it. Stakeholders can see what’s driving the business and take action.
Always-on auditing for maximum control.
Workday provides undefeatable electronic evidence. We document every transaction and change continuously, to help organizations of all sizes proactively manage risk and monitor compliance.
The Workday integration is an SFTP set-up, but it can be configured to be as real-time as a customer desires it.
Visual Lease sends out three main feeds – invoices for customers, or Accounts Receivable (AR), invoices for suppliers, or Accounts Payable (AP) and accounting journals or general ledger information (GL). Those files are exported into a secure location, and then Workday has automation built in that checks for those files on a regular basis, picks them up, and imports them into the ERP system.
In turn, Workday sends information back to Visual Lease to keep both systems accurate, including financial data and payment statuses.
The biggest advantage of this integration is that it’s pre-built. A lot of you may hear that word and think “ok, that saves time,” but it’s much more than that.
The pre-built integration between Visual Lease and Workday:
Removes all of the guesswork.
Workday and Visual Lease worked together to pre-map data and files to make your job easier. This integration is a best practice, saving you time and resource allotment, which is huge for teams that are already tight on bandwidth.
Creates a system of record.
At the end of the day, Workday is a finance team’s bread and butter. Visual Lease can be their system of record for portfolio data, while the data transfer allows Workday to continually be the source of truth for financial information.
Shorter Project Times.
The Workday team estimates that pre-built integrations save their customers and prospects 30-40% off of project times, which is significant cost and time savings.
