compliance | Visual Lease https://visuallease.com Lease Software By Lease Professionals Fri, 17 May 2024 02:56:43 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 ASC 842 Lease Accounting https://visuallease.com/asc-842-summary/ Thu, 21 Mar 2024 16:30:32 +0000 https://visuallease.com/?p=6204

Table of Contents

What is ASC 842?

ASC 842 is an accounting standard issued by the Financial Accounting Standards Board (FASB) that governs the accounting treatment for leases. It requires companies to recognize lease assets and liabilities on their balance sheets for almost all leases, including operating leases, previously only disclosed in footnotes.

ASC 842 Lease Accounting

The purpose of ASC 842 is to increase disclosure and visibility into the leasing obligations of both public and private organizations. Where previously most leases were not included on the balance sheet, the new ASC 842 lease accounting standard requires companies to report right-of-use (ROU) assets and liabilities for almost all leases.

These changes to financial statements make it easier for investors, vendors, government agencies, and business stakeholders to (1) see a company’s exposure to risk and true financial position, and (2) make comparisons between organizations.

ASC 842 Summary of Changes

The lease accounting standard ASC 842, replaces the lease accounting standard ASC 840.

Why was ASC 840 replaced with ASC 842?

Given the high cost of leases and their historical lack of representation on the balance sheet, the introduction of ASC 842 provides transparency into organizations’ lease liabilities.

Before ASC 842, operating leases were not included on the balance sheet, which neglected to provide a full picture of cash flows from leases. This meant companies and investors were unable to identify how much debt was carried within a business’ lease obligations.

The new lease accounting standard requires organizations to include operating leases and financial leases on the balance sheet, which increases visibility into leasing costs and arrangements. This ensures an accurate depiction of company financials.

In addition, ASC 842 closely aligns with the new international lease accounting standard IFRS 16, especially in the way a lease is defined. This makes financial reporting more consistent for organizations with both U.S. and international lease assets.

For more differences between the new standards, take a look at our IFRS & FASB Lease Accounting Changes page for a quick reference to all of the improvements.

Who Does ASC 842 affect?

ASC 842 affects private and public companies of all industries and sizes within the U.S., including construction, business services, healthcare, manufacturing, retail, hospitality, transportation and more.

ASC 842 Lease Accounting

The purpose of ASC 842 is to increase disclosure and visibility into the leasing obligations of both public and private organizations. Where previously most leases were not included on the balance sheet, the new ASC 842 lease accounting standard requires companies to report right-of-use (ROU) assets and liabilities for almost all leases.

These changes to financial statements make it easier for investors, vendors, government agencies, and business stakeholders to (1) see a company’s exposure to risk and true financial position, and (2) make comparisons between organizations.

Lease Accounting Updates

Since FASB was issued ASC 842 in 2016, there have been numerous updates, such as:

  •       ASU 2017-13: Amendments to SEC Paragraphs
  •       ASU 2018-01: Land Easement Practical Expedient for Transition
  •       ASU 2018-10: Codification Improvements
  •       ASU 2018-11: Targeted Improvements
  •       ASU 2018-20: Narrow-Scope Improvements for Lessors
  •       ASU 2019-01: Codification Improvements
  •       ASU 2019-10: Effective Dates
  •       ASU 2020-02: Amendments to SEC Section on Effective Date
  •       ASU 2020-05: Effective Dates for Certain Entities
  •       ASU 2021-05: Lessors – Certain Leases with Variable Lease Agreements
  •       ASU 2021-09: Discount Rate for Lessees That Are Not Public Business Entities

 

Lease Accounting Subtopics under ASC 842

ASC 842 Lessee accounting for finance and operating leases

Lessee accounting for finance and operating leases

Under the previous guidance, ASC 840, leases were labeled capital or operating leases. However, their labels were changed to finance and operating leases under ASC 842.

The criteria defining a finance lease is as noted under the guidance in 842-10-25-2:

  •         The lease transfers ownership of the underlying asset to the lessee by the end of the lease term
  •         The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise
  •         The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease
  •         The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) equals or exceeds substantially all of the fair value of the underlying asset

If none of the criteria applies, then the lease would be considered an operating lease.

Accounting for both the finance lease and operating lease are similar under ASC 842, unlike ASC 840. The new standard now requires both leases to recognize both the lease liability and the right of use asset on the balance sheet unless the lease is considered a short-term lease (12 months or less).

Lessor accounting under ASC 842

Lessor accounting has not had any significant changes under ASC 842. Similar to ASC 840, lessors still need to determine the type of lease to record, which will be either an operating lease, sales type lease or a direct financing lease.

Under a sales type lease, the lessor is assumed to be selling a product to the lessee, which calls for the recognition of a profit or loss on the sale. For the lessor to classify the lease as a sales back lease, the lease must meet any of the criteria, noted within 842-10-25-2 (provided above) at lease commencement.

Further, when none of the criteria in 842-10-25-2 are met, a lessor shall classify the lease as either a direct financing lease or an operating lease as noted within 842-10-25-3. The following criteria within the standard are as such:

If both of the following criteria are met, the lessor should classify the lease as an operating lease:

  •         The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments in accordance with paragraph 842-10-30-5(f) and/or any other third party unrelated to the lessor equals or exceeds substantially all of the fair value of the underlying asset.
  •         It is probable that the lessor will collect the lease payments plus any amount necessary to satisfy a residual value guarantee.

Otherwise, the lessor is to classify the lease as a direct financing lease.

ASC 842: Financial Statement & Calculation Impacts

Under ASC 842, almost all leases must be represented on the balance sheet with a liability and an ROU asset. ASC 840 capital leases and ASC 842 finance leases are substantially the same. Both are capitalized on the balance sheet, and the method for doing so is similar under both standards. Discover how the new ASC 842 standard impacts the balance sheet.

How are lease calculations impacted under ASC 842? How can ASC 842 Compliance Software assist with these changes?

ASC 842 requires lease obligations to be captured on the balance sheet. The calculations that are involved to stay compliant are extremely susceptible to error – particularly if done without automation.

Lease accounting software assists with ASC 842 compliance by automating calculations and financial reports. It enables you to ensure reliable data – and provides transparency into the math behind the calculations.

Without automated calculations or processes around lease management, you may run into issues related to human error or lack the ability to back up your calculations.

ASC 842 Practical Expedients

Businesses can elect practical expedients to apply the accounting guidance more easily. Depending on the type of practical expedient, they can be elected by lease, class of asset or as an accounting policy. Examples of practical expedients include:

  •         Initial direct costs for leases that commenced before the effective date
  •         The ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset
  •         Locking in a lease classification
  •         Combining lease and non-lease components
  •         Failing to restate the prior year’s financials

ASC 842 Disclosure Requirements

The disclosure requirements for ASC 842 are quantitative and qualitative. Under ASC 842, a lessee must disclose information about the nature of its leases and lease terms and conditions. This includes general descriptions of leases and various details regarding terms and conditions, such as the basis that variable lease payments are determined.

 

ASC 842: additional reading

ASC 842: Software

ASC 842: Journal Entries

ASC 840 vs ASC 842

How does ASC 842 change the balance sheet?

Previously, only capital leases — leases that are essentially purchase agreements — needed to be recorded on the balance sheet. But under ASC 842, most leases except for short-term leases must also be included on the balance sheet.

In addition, FASB has changed the treatment of all leases to be intangible assets. This changes the terminology for capital leases, or leases that represent a purchase agreement. These leases are now called finance leases.

This means companies must report ROU assets and lease liabilities for operating leases as well as for finance (capital) leases under ASC 842. So now IT and office equipment, vehicles, construction equipment, and other leased assets must appear on the balance sheet along with real estate leases.

All the leases recorded under ASC 842 will now be part of the total reported assets and liabilities on an organization’s balance sheet — significantly changing the company’s financial statements.

What is considered a lease under ASC 842?

A lease is defined as a contract or an element of a contract that conveys the right of use (ROU) of a physically distinct identified asset for a specified period of time in exchange for payment.

The identified asset can be property, plant, equipment, or other tangible assets. The period of time can be described in terms of the amount of use for the identified asset, such as the number of production units a piece of equipment will be used to produce, rather than in terms of time per se.

Note: ASC 842 does not include assets that are covered in other accounting standards:

  • Intangible assets (ASC 350)
  • Minerals and biological assets including timber (ASC 930, 932)
  • Inventory (ASC 330)
  • Assets under construction (Covered under ASC 360)

How has lease classification changed under ASC 842?

Besides renaming capital leases “finance leases”, ASC 842 added a fifth lease classification question (“Is the asset so specialized that it is only useful to the lessee?”) to the test that determines whether a lease is a finance lease or an operating lease.

Essentially, this question says that after the asset is returned to the lessor, if the asset will have no value to anyone else without a major overhaul by the lessor, then the lease would be classified as a finance lease.

In addition, ASC 842 removed the so-called bright lines for the lease classification test. Previously these percentages were used to indicate what constitutes a “major part” of economic life (75%) or “substantially all” of the fair market value (90%); now these percentages are considered guidelines and you can elect whatever percentage you choose to use.

  • Transfer of title test: By the end of the lease term, will ownership of the asset transfer from the lessor to the lessee?
  • Bargain purchase option test: Is there a purchase option in the lease that the lessee is reasonably certain to exercise?
  • Lease term test: Does the lease term encompass the major part of the remaining economic life of the underlying asset?
  • Present value test: Is the present value of lease payments plus RVG (residual value guaranteed by the lessee) greater than or equal to substantially all of the fair market value of the asset?
  • Alternative use test: Is the asset so specialized that it is only useful to the lessee?

What does a lease classification test tell you?

Although almost all leases must be capitalized on the balance sheet under ASC 842, it is still necessary to classify them as either a finance lease (previously capital) or an operating lease. That’s because finance leases and operating leases are measured differently.

The lease classification test determines whether a leased asset is essentially an alternative method of financing the purchase of an asset, or if the majority of the life and/or value of the underlying asset is controlled by the lessee; if so, it must be classified as a finance lease. Otherwise, the lease must be classified as an operating lease.

Is there a low-value lease threshold under ASC 842?

IFRS 16 includes a threshold under which leases can be considered “low value” and do not have to be capitalized on the balance sheet. However, FASB has not specified a low-value threshold for excluding leases from the balance sheet under ASC 842. If this is an issue for your organization, you can discuss it with your auditors to determine if you can use a materiality threshold.

 

How to calculate a lease liability under ASC 842

Lease liability represents the current value of minimum future lease payments. To calculate it, you need to make assumptions about:

  • The likely amounts owed under residual value guarantee
  • Whether you are reasonably certain to exercise lease renewal options, termination options, or purchase options

The discount rate to use for the calculation is either the rate implicit in the lease (if known) or your organization’s incremental borrowing rate (IBR). Privately-held firms also have the option to use a risk-free rate.

Keep in mind that the assumptions you make about lease options at the beginning of the lease often change over time. If during the term of a lease you change your mind about whether you are likely to exercise any lease options, you will need to remeasure both your lease liability and your ROU asset.

How is ROU calculated under ASC 842?

The ROU asset is calculated as the lease liability, plus or minus these adjustments:

  • Plus initial direct costs and prepaid lease payments
  • Minus lessor incentives, accrued rent, and ASC 420 liability at transition date

Over the life of the lease, the ROU is amortized linearly. All of the assets and liabilities that adjust the ROU asset are reclassed from the balance sheet and included as one number to show the total leased asset.

Why do embedded leases have a bigger impact under ASC 842?

Previously, because operating leases were not on the balance sheet, embedded leases had little impact on the income statement since the expense was usually being straight-lined. But now that all leases must be capitalized on the balance sheet, you need to:

  • Examine all contracts to find any embedded leases within them
  • Separate the lease components (for use of assets) from non-lease components (payments for the service) within the contract

Identifying embedded leases and their components is a complex task that takes time, judgment, experience, and consistency. It is another area where you might want to enlist the help and guidance of an accounting advisor.

 How to Transition to ASC 842

Preparing for ASC 842 is a time-consuming, comprehensive effort that expands further than the accounting and finance department. It requires cross-departmental collaboration between IT, legal, procurement, etc.

In fact, since the introduction of the new standard, impacted private companies have been slow to make the transition. In July 2021, The Visual Lease Data Institute (VLDI) reported 75% of surveyed private companies were not yet fully compliant with ASC 842. In addition, 40% said they were underconfident in their ability to comply with the new lease accounting standard because they didn’t have all the necessary lease data gathered.

As of August 2022, The VLDI reported that while nearly all private companies (98%) have started the transition to ASC 842, one-third (33%) are still not fully prepared to implement the new standard.

Businesses are under massive pressure as they attempt to prepare for their initial reporting period under the new lease accounting standard.

The steps and milestones to ensure a successful transition to the new accounting standard are:

  •         Planning and analysis

o   Determine project stakeholders and project lead

o   Determine and approve budget for solution

o   Collect and prep leases across portfolio

o   Conduct needs assessment for a solution

  •         Software evaluation

o   Kickoff software vendor evaluation

o   Attend solution demonstrations

o   Sign preferred vendor contract

  •         Implementation

o   Gather business requirements and build timeline

o   Complete software configuration

o   Lease review, data analysis and entry

o   Validation and testing

o   Journal entry and disclosure pilot

  •         Go-live and transition

o   Go live with software

o   User training

o   Adopt platform internally

o   Transition to new FASB accounting standard

  •         Operationalizing and sustaining

o   Ongoing maintenance (remeasurements, data management, change management)

o   Annual reporting

Benefits of New Standards and Implementation

According to data from The VLDI, 71% of private companies believe ASC 842 presents an opportunity for their business.

The new lease accounting standards encourage organizations to adopt a centralized view of their lease portfolio, providing them with an opportunity to prioritize a proper lease management strategy. In turn, this provides them with much of the information they require to remain adaptable in a post-pandemic world.

Using a centralized system of record for leases provides companies with the ability to quickly and easily access crucial terms and clauses, such as the ability to exit, extend or change a lease.

With this newfound visibility, companies can respond to unforeseen circumstances strategically, such as a retailer needing to shutter brick-and-mortar locations or exercise an exclusivity or force majeure clause to protect the future of its business.

While some organizations manage and report on their leases using Excel, research has repeatedly shown that 90% of spreadsheets contain errors with 50% of processes enabled through those spreadsheets having “material defects”.

Read More Content About ASC 842

ASC 842 Compliance Software

ASC 842 Balance Sheet

Leasehold Improvements for ASC 842

The post ASC 842 Lease Accounting first appeared on Visual Lease.]]> Article: 12 Big Tech Challenges Remote Real Estate Companies Are Facing Right Now https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/13/12-big-tech-challenges-remote-real-estate-companies-are-facing-right-now/?sh=5ba2e78a40c3#new_tab Tue, 14 Dec 2021 19:29:23 +0000 https://visuallease.com/?p=6522 Adopting new technology has become the reality of every business, especially in the modern remote work era. Companies that shifted to a work-from-home environment during the pandemic had to train...

The post Article: 12 Big Tech Challenges Remote Real Estate Companies Are Facing Right Now first appeared on Visual Lease.]]> Adopting new technology has become the reality of every business, especially in the modern remote work era. Companies that shifted to a work-from-home environment during the pandemic had to train employees on the usage of new digital tools and establish remote work policies that hadn’t previously been put into practice.

The post Article: 12 Big Tech Challenges Remote Real Estate Companies Are Facing Right Now first appeared on Visual Lease.]]> Article: Four Predictions For Lease Accounting In 2022 https://www.forbes.com/sites/forbesfinancecouncil/2021/12/10/four-predictions-for-lease-accounting-in-2022/?sh=ce6919467e41#new_tab Mon, 13 Dec 2021 23:37:48 +0000 https://visuallease.com/?p=6517 New lease accounting standards coupled with the many pressures brought on by the pandemic have changed how organizations prioritize their leases. Companies are currently reevaluating their lease portfolios to ensure...

The post Article: Four Predictions For Lease Accounting In 2022 first appeared on Visual Lease.]]> New lease accounting standards coupled with the many pressures brought on by the pandemic have changed how organizations prioritize their leases.

Companies are currently reevaluating their lease portfolios to ensure these costly agreements still make sense in light of their new business goals and operations. As a result, many of these same organizations are making modifications to existing leases or are considering different options and/or terms for new agreements.

The post Article: Four Predictions For Lease Accounting In 2022 first appeared on Visual Lease.]]> Article: 2022 Commercial Real Estate Vision https://www.globest.com/2021/12/07/2022-commercial-real-estate-vision/?kw=2022%20Commercial%20Real%20Estate%20Vision&utm_source=email&utm_medium=enl&utm_campaign=nationalamalert&utm_content=20211207&utm_term=rem&enlcmp=nltrplt4#new_tab Mon, 13 Dec 2021 23:35:22 +0000 https://visuallease.com/?p=6515 You’d be forgiven for gaining a case of whiplash moving from 2020 to 2021. Disaster—a seemingly closed economy, crashed supply chains, tight labor availability, and many millions out of work—turned...

The post Article: 2022 Commercial Real Estate Vision first appeared on Visual Lease.]]> You’d be forgiven for gaining a case of whiplash moving from 2020 to 2021. Disaster—a seemingly closed economy, crashed supply chains, tight labor availability, and many millions out of work—turned into rising values, some hot sectors, and rising rents and increased stability by 2021.

Stepping into 2022 should be a good deal less jarring. And yet, there might be changes and surprises. Here’s what experts see as coming up.

The post Article: 2022 Commercial Real Estate Vision first appeared on Visual Lease.]]> No Further Delays From FASB: It’s Time to Move Your ASC 842 Lease Accounting Project Forward https://visuallease.com/no-further-delays-from-fasb-its-time-to-move-your-asc-842-lease-accounting-project-forward/ Mon, 15 Nov 2021 16:58:32 +0000 https://visuallease.com/?p=6465

Joe Fitzgerald

SVP of Lease Market Strategy
Visual Lease

On November 10, 2021, The Financial Accounting Standards Board (FASB) decided not to issue a third delay to the ASC 842 effective date for private companies. It was widely agreed that after two prior deferments, impacted organizations have had enough time to effectively prepare for their transition to the new standard.  

The decision, however, came as a surprise to many private organizations that were, indeed, relying on the prospect of more time.  

In late July 2021, we surveyed 500 senior accounting and finance professionals at private companies with more than 1,000 employees to understand where they were in their journeys toward complying with ASC 842.  

Despite the deadline being mere months away, 75% of respondents stated they were not yet compliant with ASC 842, with 30% less than halfway through the process. Furthermore, 40% claimed they were only somewhat confident about their ability to successfully adopt the new standard in time for their next scheduled reporting period after December 15, 2021.  

This data indicates that despite the many known risks associated with misreporting lease financials– including increased audit fees (51%), damage to an organization’s reputation (49%) and risk of legal action (48%) – private companies have largely underestimated the time and resources required to navigate this complex process, likely banking on yet another extension from FASB.  

However, last week’s FASB session made it clear that despite private companies being largely underprepared and underconfident in their ability to adopt ASC 842, the sand has run out of that hourglass. 

In addition to dealing with the pressures of meeting the confirmed deadline of December 2021, private companies are simultaneously evolving how they prioritize and manage their commercial real estate leases to accommodate new business needs. To effectively make changes and then measure their impact, they require easy access to their lease agreements.  

What many of these same companies fail to realize is that they can leverage their lease accounting compliance project to gain a better overall visibility into their lease portfolio.  

With the right technology and personnel in place, organizations can effectively achieve and sustain lease accounting compliance, and go one step further to maximize the value of their leases. However, there is one major caveat, and that’s time.  

Private companies cannot spare another moment – leases are dynamic agreements, and the rules surrounding the already complicated standard are ever-changing. Impacted companies must act now to ensure they mitigate the risks and capitalize on the benefits associated with managing and tracking their lease portfolios.  
 

To help you get on the right track, quickly, we’ve rounded up a few resources to best position you in your journey toward complying with ASC 842:  

  • Our first report under The Visual Lease Data Institute, which I referenced earlier in this blog post, explores the opportunities and barriers that companies face in their efforts to comply with ASC 842. It’s jam-packed with unique insights informed by a proprietary survey of 500 senior finance and accounting professionals at private organizations with more than 1,000 employees. 
     
  • Access to our bench of experienced industry experts, some of whom helped inform the construction of ASC 842. Leveraging our knowledge as seasoned accounting and finance professionals, we’re here to address any and all questions about the lease accounting guidelines, the technology and vendor landscape, audit preparedness and how to unlock real ROI for your company along the way. 
     
  • Our Lease Accounting Milestone Planner (LAMP)TM, an interactive and easy-to-use tool that will provide you with clear next steps and goals to help manage your lease accounting process, both before and after you meet initial compliance.

There’s no time to waste. With Visual Lease’s help, get started today.   

 

The post No Further Delays From FASB: It’s Time to Move Your ASC 842 Lease Accounting Project Forward first appeared on Visual Lease.]]> New Report from The Visual Lease Data Institute Reveals that the Commercial Real Estate Industry is in Recovery https://visuallease.com/new-report-from-the-visual-lease-data-institute-reveals-that-the-commercial-real-estate-industry-is-in-recovery/ Tue, 09 Nov 2021 13:30:52 +0000 https://visuallease.com/?p=6438 Majority of surveyed tenants plan to expand their commercial real estate footprint in the New Year   Woodbridge, NJ (Nov. 9, 2021) Visual Lease, the #1 lease optimization software provider, today unveiled a survey of 400 senior accounting and finance...

The post New Report from The Visual Lease Data Institute Reveals that the Commercial Real Estate Industry is in Recovery first appeared on Visual Lease.]]>

Majority of surveyed tenants plan to expand their commercial real estate footprint in the New Year  

Woodbridge, NJ (Nov. 9, 2021) Visual Lease, the #1 lease optimization software provider, today unveiled a survey of 400 senior accounting and finance professionals and commercial real estate executives, 200 of whom representing the perspective of tenants, and 200 of whom representing the perspective of landlords. The report entitled, “Commercial Real Estate in 2022: Outlook for an Industry in Recovery,” shares insights into how both sides are approaching leases in response to the ongoing effects of the COVID-19 pandemic.  

“The commercial real estate industry has dramatically changed over the past nineteen months,” said Marc Betesh, founder and CEO of Visual Lease. “Businesses have grappled with new restrictions, considerations and challenges, which have directly impacted their real estate needs. Both landlords and tenants are uncertain of what shifts and trends are here to stay, which has made planning ahead more difficult than ever before. We created this report to help both parties better understand the industry and ensure that they are maximizing the value of future leases, setting themselves up for success in 2022 and beyond.” 

Key 2022 trends and predictions from the report include:  

  • Ready to Commit to Longer Terms – Sixty-five percent of surveyed tenants are considering their physical space needs more than one year prior to signing a new lease agreement. Fifty-eight percent of tenants are prioritizing leases of at least five years in length, with nearly 20% interested in 10 or more years of occupancy. While plans are being made, the future remains uncertain as 93% of tenants note that their 2022 real estate strategy is temporary and will likely be revised post-COVID.  
  • Real Estate Footprints Poised to Expand – Sixty-five percent of landlords expect tenants will add space to their real estate portfolios in 2022. Similarly, 70% of tenants plan to expand their commercial real estate footprint in the year ahead.  
  • Back to Work: Urban Revival – Seventy-eight percent of landlords predict that the greatest demand for leased properties in 2022 will appear in cities. Tier 1 cities like Los Angeles and New York are anticipated to draw the biggest crowd, signaling a revival for major metropolitan areas that were previously hard-hit during the onset of the pandemic.  
  • Rents Bounce Back, But Not All Businesses Will – Seventy-five percent of landlords expect 2022 commercial rent prices to be about the same or higher than rent prices were prior to the pandemic, which is in line with what 61% of tenants expect, as well. A rent increase may create some challenges as 61% of tenants admit that their organization fell behind on rent during the pandemic, and 37% are still behind on rent.  
  • Future-proofing Leases to Accommodate Changing Demand – All surveyed (100%) landlords had tenants request modifications to their leases mid-term in response to the impacts of COVID-19. As a result, 99% of landlords have revised their agreements to better accommodate existing and future tenants, including changes to building rules and regulations (57%), operating expenses (54%), indemnification and insurance (45%), as well as sublet/assignment rights, rent abatement and force majeure clauses. 
  • Approaching New Terms With Caution – Based on what they learned from managing their businesses during COVID-19, tenants note that the following will be important considerations when negotiating future leases: flexible scaling plans for space (57%), flexible lease termination (49%), shorter lease duration (36%) and an ability to sublease (33%), among others.  
  • Poor Lease Management Led to Costly Mistakes – Nearly 80% of tenants have experienced negative impacts due to inadequate lease controls, the most frequently reported being the inability to respond to changing circumstances due to the pandemic (34%), missing an option to extend a deadline (28%), miscalculating lease costs (28%) and forgetting to update unfavorable or unwanted lease terms (28%).  

For full study results, download Commercial Real Estate in 2022: Outlook for an Industry in Recovery. 

About The Visual Lease Data Institute 

The Visual Lease Data Institute is a collection of market-leading data, trends and insights on lease accounting, management and optimization created and curated by Visual Lease, provider of the #1 lease optimization software. The Institute was founded on 35 years’ experience managing lease data and financials and was created to arm organizations with the knowledge required to achieve and maintain lease accounting compliance and leverage their leases as strategic business assets. 

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.  For more information, visit visuallease.com. 

Media Contacts 
Erica Bonavitacola 
Visual Lease 
T+1 732 860 4838 
ebonavitacola@visuallease.com 
 
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T+1 212 398 9680 
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The post New Report from The Visual Lease Data Institute Reveals that the Commercial Real Estate Industry is in Recovery first appeared on Visual Lease.]]> Article: 10 Red Flags To Watch For When Signing A Commercial Property Lease https://www.forbes.com/sites/forbesrealestatecouncil/2021/09/29/10-red-flags-to-watch-for-when-signing-a-commercial-property-lease/?sh=75f20098155b#new_tab Thu, 28 Oct 2021 14:56:54 +0000 https://visuallease.com/?p=6419 Leasing a commercial property is a huge step for a business. The right space in the right location can attract ideal customers and take an entrepreneur’s business to the next...

The post Article: 10 Red Flags To Watch For When Signing A Commercial Property Lease first appeared on Visual Lease.]]> Leasing a commercial property is a huge step for a business. The right space in the right location can attract ideal customers and take an entrepreneur’s business to the next level. The key to unlocking this business potential lies in a property’s lease.

The post Article: 10 Red Flags To Watch For When Signing A Commercial Property Lease first appeared on Visual Lease.]]> Visual Lease Appoints Erinn Tarpey as Chief Marketing Officer https://visuallease.com/visual-lease-appoints-erinn-tarpey-as-chief-marketing-officer/ Tue, 26 Oct 2021 15:22:55 +0000 https://visuallease.com/?p=6411 Company continues to strengthen its senior leadership team Woodbridge, NJ – October 26, 2021 — Visual Lease, the #1 lease optimization software provider, today announced that Erinn Tarpey, current Senior...

The post Visual Lease Appoints Erinn Tarpey as Chief Marketing Officer first appeared on Visual Lease.]]>

Company continues to strengthen its senior leadership team

Woodbridge, NJ – October 26, 2021 — Visual Lease, the #1 lease optimization software provider, today announced that Erinn Tarpey, current Senior Vice President of Marketing, will advance to become the organization’s first Chief Marketing Officer. In her new role, Tarpey will continue to oversee Visual Lease’s brand direction, company positioning and go-to-market strategies for its solutions and services.

“Erinn joined Visual Lease in early 2020, a critical time for our organization,” said Visual Lease’s founder and CEO, Marc Betesh. “Since then, she has grown our marketing department, advanced our systems and operational performance and enhanced our brand presence and corporate communications. Due to her diligence, focus, tenacity – and the results she has achieved for our business – it gives me great pleasure to recognize her contributions with this promotion. In her new role, Erinn will continue to fuel our continued growth and success as a leader in our industry.”

Before joining Visual Lease, Tarpey served as a member of the senior leadership team at iCIMS, where the business grew its annual recurring revenue by 25-30% year over year during her near eight years with the company. Prior to joining iCIMS, Tarpey acquired more than 20 years of B2B and B2C marketing experience gained on both the client and agency sides, gaining expertise in managing the development of proprietary research, supporting mergers and acquisitions and marketing through the partner channel.

“It’s been thrilling to help define and drive Visual Lease’s vision,” said Tarpey. “We are in a unique position, having achieved so much in the past few years, and poised for even more growth in the months to come. In addition to offering superior software and service, we have the strategic foresight to ensure our customers are best positioned for the years ahead. I am looking forward to building on the foundation that our seasoned leadership team has created to reach new heights as the leading lease optimization software provider.”

Visual Lease is continuing to hire across all departments. Click here to learn about career opportunities.

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.

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

 

The post Visual Lease Appoints Erinn Tarpey as Chief Marketing Officer first appeared on Visual Lease.]]> Visual Lease Announces Alliance with Arazzo Solutions https://visuallease.com/visual-lease-announces-alliance-with-arazzo-solutions/ Wed, 13 Oct 2021 13:30:13 +0000 https://visuallease.com/?p=6391 Partnership will empower organizations to accelerate their ability to comply with new lease accounting standards and maximize the value of their commercial real estate assets  Woodbridge, NJ – October 13, 2021 — Visual Lease, the #1 lease optimization software provider, today announced a partnership...

The post Visual Lease Announces Alliance with Arazzo Solutions first appeared on Visual Lease.]]> arazzo solutions alliance

Partnership will empower organizations to accelerate their ability to comply with new lease accounting standards and maximize the value of their commercial real estate assets 

Woodbridge, NJ – October 13, 2021 — Visual Lease, the #1 lease optimization software provider, today announced a partnership with Arazzo Solutions, a specialized professional services firm in the commercial/corporate real estate (CRE) industry. This partnership combines both organizations’ deep expertise in lease administration and lease accounting to provide mutual customers with the ability to achieve and sustain lease accounting compliance while simultaneously unlocking the full value of their lease portfolio.  

“We are thrilled to welcome Arazzo Solutions to the Visual Lease community,” said Marc Betesh, founder and CEO of Visual Lease. “Their level of commitment to their customers and their understanding of the importance of lease accounting mirrors our own values and mission. Together, we’ll equip organizations with the technology, insight and guidance they need to maintain lease accounting compliance and maximize the return on existing and future corporate real estate investments.” 

With this partnership, Arazzo Solutions will offer its clients lease administration and lease accounting services directly powered by Visual Lease’s software. Arazzo Solutions will better help its clients maintain compliance with important lease accounting deadlines and requirements, and provide them with the crucial lease information needed to make stronger operational decisions. 

“We recognize that this is a critical time for organizations to reevaluate their real estate investments,” said Deb Vallo, Principal at Arazzo Solutions. “What many don’t realize is that they can’t make informed decisions about their lease portfolio without full visibility into all of their leases. We’re working with Visual Lease to help companies properly manage, track and visualize their leases so that they can successfully leverage their portfolios as strategic assets.” 

To learn more about Visual Lease’s Alliance Partner program, visit here.  

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.   

About Arazzo Solutions 

Arazzo Solutions is a boutique professional services firm focused on the Commercial and Corporate Real Estate (CRE) industry. Our team has a unique combination of expertise in lease administration, lease accounting, project management, and CRE systems analysis and support. We have a strong commitment to putting our clients first and a passion for helping our clients develop industry-standard best practices and improving links between CRE strategies and their organizational culture, creating a strategic fit that brightly highlights the importance of the CRE team within their organization. We also bring an in-depth understanding of CRE business processes and comprehensive knowledge of CRE accounting, including the latest FASB, IASB, and GASB accounting guidelines (FASB ASC 842, IASB IFRS 16, and GASB 87). Visit us at www.arazzosolutions.com 

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  

The post Visual Lease Announces Alliance with Arazzo Solutions first appeared on Visual Lease.]]> Visual Lease Announces Record-Breaking Third Quarter https://visuallease.com/visual-lease-announces-record-breaking-third-quarter/ Mon, 11 Oct 2021 14:06:01 +0000 https://visuallease.com/?p=6393 Company now helps more than 800 organizations manage upwards of 500,000 leases Woodbridge, NJ – October 11, 2021 — Visual Lease, the #1 lease optimization software provider, today announced results...

The post Visual Lease Announces Record-Breaking Third Quarter first appeared on Visual Lease.]]>

Company now helps more than 800 organizations manage upwards of 500,000 leases

Woodbridge, NJ – October 11, 2021 — Visual Lease, the #1 lease optimization software provider, today announced results from the third quarter of 2021, including sustained double-digit annual recurring revenue and customer growth. The company continues to make strategic investments in its product, services, people and infrastructure and is now helping more than 800 organizations achieve lease accounting compliance and improve the financial, legal and operational performance of their leases.

“There’s a huge shift in the way that organizations are looking at their leases,” said founder and CEO of Visual Lease, Marc Betesh. “They are trying to manage evolving work patterns while simultaneously staying compliant with the new lease accounting rules. As companies revisit their leases to address these demands, they’re realizing how much a dedicated solution like Visual Lease can help. By standardizing and centralizing their lease data, organizations are improving lease performance, reducing costs and streamlining their audit processes.”

In Q3 2021, Visual Lease:

Product

  • Streamlined its reporting performance, making it easier for users to quickly generate a Journal Entry Summary Report.
  • Improved the process around financial entries when importing calculations and transaction values.
  • Introduced GASB 87 Complete and ASC 842 Proven Path, which are end-to-end lease accounting solutions and services packages for public sector entities and private companies with fewer than 100 leases.
  • Launched The Visual Lease Data Institute, publishing unique data, trends and insights on lease accounting, management and optimization to help inform its product and community of customers and partners.

Talent

  • Grew its employee base by more than 25% year-over-year, hiring across a range of departments and levels within the organization.
  • Named a Best Place to Work in New Jersey by NJBIZ.

Industry Recognitions

To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom.

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.

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

 

The post Visual Lease Announces Record-Breaking Third Quarter first appeared on Visual Lease.]]> Visual Lease Announces Q4 Webinar Schedule https://visuallease.com/visual-lease-announces-q4-webinar-schedule/ Mon, 27 Sep 2021 13:17:10 +0000 https://visuallease.com/?p=6363 Solution provider to host a series of virtual events, gathering industry experts to share unique insights and opportunities around lease accounting  Woodbridge, NJ – Sept. 27, 2021 — Visual Lease,...

The post Visual Lease Announces Q4 Webinar Schedule first appeared on Visual Lease.]]>

Solution provider to host a series of virtual events, gathering industry experts to share unique insights and opportunities around lease accounting

 Woodbridge, NJ – Sept. 27, 2021 — Visual Lease, the #1 lease optimization software provider, has announced its lineup of complimentary educational webinars for the final quarter of 2021. The organization has planned several online events to provide senior accounting and finance professionals with insight into how to achieve and maintain lease accounting compliance, unlock cost-saving opportunities within their lease portfolios and more.

Marc Betesh, founder and CEO of Visual Lease, said, “Due to our deep domain expertise in lease management, The Financial Accounting Standards Board (FASB) sought feedback from experts at Visual Lease when it was devising the new lease accounting standards. We were there for the genesis of ASC 842. Our team understands how complex lease accounting can be.”

Betesh continued, “Between the knowledge of our in-house experts and the insights we glean from our robust community of customers and partners, we continue to embed industry best practices into our platform. Our upcoming webinars are an opportunity for us to share our expertise with you, helping you to not only achieve and maintain lease accounting compliance, but also, to capitalize on the many business benefits to be had along the way.”

Visual Lease’s current Q4 webinar schedule features sessions on the following topics:

  • How to Prepare for Common Day 2 Lease Accounting Challenges – During this 3-part webinar series, industry experts will provide insight into how to solve the most pervasive and problematic Day 2 lease accounting challenges. Each session will cover common challenges associated with each focus area, as well as tangible examples and actionable takeaways for attendees. The presenters will cover how to leverage best practices and dedicated technology to address each concentration:
  • How to Unlock Financial Opportunities with Lease Optimization (Oct. 21) – In this session, members of the Visual Lease team will dive into different ways to use your lease accounting compliance project to unlock hard- and soft-dollar savings and improve operational performance of your leases. Register here.
  • An Inside Look at the Visual Lease Product Roadmap (Nov. 16) – In this webinar, members of the Visual Lease senior leadership team will provide a sneak-peek into new product capabilities that are on the horizon to help Visual Lease users manage and maximize every asset in their lease portfolio. Register here
  • Get Ahead of Day 2 Lease Accounting with Visual Lease (Dec. 14) – In this session, industry leaders will discuss the main roadblocks associated with lease accounting compliance and how to address these challenges with centralized lease data. Register here.

To keep up with all of Visual Lease’s upcoming virtual events, visit here.

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.

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

The post Visual Lease Announces Q4 Webinar Schedule first appeared on Visual Lease.]]> Article: How To Influence A FinTech Provider’s Product Roadmap https://www.forbes.com/sites/forbestechcouncil/2021/09/15/how-to-influence-a-fintech-providers-product-roadmap/?sh=1034aa964d81#new_tab Fri, 17 Sep 2021 13:18:22 +0000 https://visuallease.com/?p=6341 Are you truly getting the most value out of your financial technology? We recently surveyed 500 senior and accounting finance professionals and found that 53% of respondents use three to...

The post Article: How To Influence A FinTech Provider’s Product Roadmap first appeared on Visual Lease.]]> Are you truly getting the most value out of your financial technology?
We recently surveyed 500 senior and accounting finance professionals and found that 53% of respondents use three to five software solutions to support financial decision making, accounting and financial reporting, planning and analysis and audit prep.

The post Article: How To Influence A FinTech Provider’s Product Roadmap first appeared on Visual Lease.]]> Article: Changing accounting standards driving financial process remediations https://www.complianceweek.com/accounting-and-auditing/changing-accounting-standards-driving-financial-process-remediations/30731.article#new_tab Fri, 03 Sep 2021 13:29:17 +0000 https://visuallease.com/?p=6260 Public companies have significantly changed their financial processes in the past year and are not done yet, according to data released last month by Deloitte.

The post Article: Changing accounting standards driving financial process remediations first appeared on Visual Lease.]]> Public companies have significantly changed their financial processes in the past year and are not done yet, according to data released last month by Deloitte.

The post Article: Changing accounting standards driving financial process remediations first appeared on Visual Lease.]]> Press release: Visual Lease Honored as Gold Stevie® Award Winner in the 2021 Stevie Awards for Great Employers https://visuallease.com/press-release-visual-lease-honored-as-gold-stevie-award-winner-in-the-2021-stevie-awards-for-great-employers/ Mon, 30 Aug 2021 16:06:59 +0000 https://visuallease.com/?p=6216 Woodbridge, NJ – August 30, 2021 — Visual Lease, the #1 lease optimization software provider, has been named the winner of a Gold Stevie® Award in the Employer of the...

The post Press release: Visual Lease Honored as Gold Stevie® Award Winner in the 2021 Stevie Awards for Great Employers first appeared on Visual Lease.]]>

Woodbridge, NJ – August 30, 2021 — Visual Lease, the #1 lease optimization software provider, has been named the winner of a Gold Stevie® Award in the Employer of the Year category in the sixth annual Stevie Awards for Great Employers. This category recognizes the world’s best employers based on their efforts since the beginning of 2020.

“Like many businesses, we’ve recently had to adjust our way of working.” said Visual Lease’s founder and CEO, Marc Betesh. “This recognition validates the choices we’ve made, such as fully embracing remote work and committing to a culture of open communication. I’m proud of our team for helping to maintain our sense of community, always responding to and supporting each other’s needs. A great employer listens to and prioritizes its people, and that’s something we’ll continue to do through every phase of our growth.”

The Stevie Awards for Great Employers recognize the world’s best employers and the human resources professionals, teams, achievements and HR-related products and suppliers who help to create and drive great places to work.

More than 950 nominations from organizations of all sizes in 29 nations were submitted this year for consideration in a wide range of HR-related categories. More than 70 professionals worldwide participated in the judging process to select this year’s Stevie Award winners.

Earlier this year, Visual Lease was ranked in the top 20% of the 2021 Inc. 5000 list and among the Top 100 Software Companies of 2021 by The Software Report. The company was also honored with a Bronze Stevie® Award in the Fastest Growing Company of the Year category in The 19th Annual American Business Awards® and named a Top Workplace in New Jersey by NJ.com.

In 2020, Visual Lease gained its first placement on the Inc. 5000 list of fastest-growing companies in America and was named among the top third of high-growth companies on the Deloitte 2020 Technology Fast 500™. Visual Lease was also recognized by NJBIZ as one of the Best Places to Work in New Jersey and was named No. 10 on NJBIZ’s list of New Jersey’s 50 Fastest Growing Companies in 2020.

To keep up with all Visual Lease’s announcements and milestones, visit its newsroom.

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.

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

The post Press release: Visual Lease Honored as Gold Stevie® Award Winner in the 2021 Stevie Awards for Great Employers first appeared on Visual Lease.]]> Article: GASB 87: Six Steps To Success Under The New Lease Accounting Standard https://www.forbes.com/sites/forbesfinancecouncil/2021/08/24/gasb-87-six-steps-to-success-under-the-new-lease-accounting-standard/?sh=2e24b7bf4126#new_tab Wed, 25 Aug 2021 15:22:53 +0000 https://visuallease.com/?p=6203 Last year, the Governmental Accounting Standards Board (GASB) voted to defer the effective date of lease accounting standard GASB 87 to give public sector entities more time to adapt to...

The post Article: GASB 87: Six Steps To Success Under The New Lease Accounting Standard first appeared on Visual Lease.]]> Last year, the Governmental Accounting Standards Board (GASB) voted to defer the effective date of lease accounting standard GASB 87 to give public sector entities more time to adapt to the many impacts of Covid-19.

The post Article: GASB 87: Six Steps To Success Under The New Lease Accounting Standard first appeared on Visual Lease.]]> Article: Lease accounting changes keep on coming https://www.accountingtoday.com/news/lease-accounting-changes-keep-on-coming#new_tab Fri, 20 Aug 2021 18:42:47 +0000 https://visuallease.com/?p=6196 Private companies are facing a deadline on implementing the new lease accounting standard, but recent updates in the rules could make an impact on their financial statements and disclosures.

The post Article: Lease accounting changes keep on coming first appeared on Visual Lease.]]> Private companies are facing a deadline on implementing the new lease accounting standard, but recent updates in the rules could make an impact on their financial statements and disclosures.

The post Article: Lease accounting changes keep on coming first appeared on Visual Lease.]]> Article: Business Challenges And Opportunities Arise As Lease Accounting Deadline Looms https://www.forbes.com/sites/forbesrealestatecouncil/2021/08/17/business-challenges-and-opportunities-arise-as-lease-accounting-deadline-looms/?sh=1aff89e71ce1#new_tab Wed, 18 Aug 2021 17:46:53 +0000 https://visuallease.com/?p=6179 The financial world has a never-ending list of new standards and practices to adhere to, many of which intersect with the world of corporate real estate.

The post Article: Business Challenges And Opportunities Arise As Lease Accounting Deadline Looms first appeared on Visual Lease.]]> The financial world has a never-ending list of new standards and practices to adhere to, many of which intersect with the world of corporate real estate.

The post Article: Business Challenges And Opportunities Arise As Lease Accounting Deadline Looms first appeared on Visual Lease.]]> Press release: Visual Lease Ranks in the Top 20% on the 2021 Inc. 5000 List https://visuallease.com/press-release-visual-lease-ranks-in-the-top-20-on-the-2021-inc-5000-list/ Tue, 17 Aug 2021 13:05:06 +0000 https://visuallease.com/?p=6170 Organization recognized as one of the fastest-growing private companies in America for the second consecutive year Woodbridge, NJ – August 17, 2021 — Visual Lease, the #1 lease optimization software...

The post Press release: Visual Lease Ranks in the Top 20% on the 2021 Inc. 5000 List first appeared on Visual Lease.]]>

Organization recognized as one of the fastest-growing private companies in America for the second consecutive year

Woodbridge, NJ – August 17, 2021 — Visual Lease, the #1 lease optimization software provider, was named on the 2021 Inc. 5000 list of the fastest-growing private companies in America. Rankings were based on participating companies’ three-year growth rate, and this inclusion marks Visual Lease’s second consecutive year placing within the top 20% of the private companies recognized.

“These past few years have required businesses to pivot and work differently,” said Visual Lease’s founder and CEO, Marc Betesh. “In navigating this challenging climate, many organizations have uncovered new ways to operate and support their customers. Our consistent and continued growth mirrors just how important lease accounting compliance has become for companies across all sectors, and how Visual Lease is rising to help them take control over their lease portfolios.”

The list represents a unique window into the most successful companies within the American economy’s most dynamic segment—its independent businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

In addition to this recognition, earlier this year Visual Lease was ranked among the Top 100 Software Companies of 2021 by The Software Report. The company was also honored with a Bronze Stevie® Award in the Fastest Growing Company of the Year category in The 19th Annual American Business Awards® and named a Top Workplace in New Jersey by NJ.com.

In 2020, Visual Lease gained its first placement on the Inc. 5000 list of fastest-growing companies in America and was named among the top third of high-growth companies on the Deloitte 2020 Technology Fast 500™. Visual Lease was also recognized by NJBIZ as one of the Best Places to Work in New Jersey and was named No. 10 on NJBIZ’s list of New Jersey’s 50 Fastest Growing Companies in 2020.

To keep up with all of Visual Lease’s announcements and milestones, visit its newsroom.

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.

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

The post Press release: Visual Lease Ranks in the Top 20% on the 2021 Inc. 5000 List first appeared on Visual Lease.]]> Article: New Report From The Visual Lease Data Institute Reveals Urgent Action Needed for Private Companies to Comply With Lease Accounting Standard ASC 842 https://www.tmcnet.com/usubmit/2021/07/29/9419896.htm#new_tab Thu, 12 Aug 2021 15:40:41 +0000 https://visuallease.com/?p=6094 Visual Lease, the #1 lease optimization software provider, today unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts...

The post Article: New Report From The Visual Lease Data Institute Reveals Urgent Action Needed for Private Companies to Comply With Lease Accounting Standard ASC 842 first appeared on Visual Lease.]]> Visual Lease, the #1 lease optimization software provider, today unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts toward achieving compliance with ASC (News – Alert) 842.

The post Article: New Report From The Visual Lease Data Institute Reveals Urgent Action Needed for Private Companies to Comply With Lease Accounting Standard ASC 842 first appeared on Visual Lease.]]> Article: Study: Urgent Action Needed for Private Firms to Comply with Lease Accounting Standard https://www.equipmentfa.com/news/32727/study-urgent-action-needed-for-private-firms-to-comply-with-lease-accounting-standard Thu, 12 Aug 2021 15:38:53 +0000 https://visuallease.com/?p=6093 Visual Lease unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts toward achieving compliance with ASC 842. The report...

The post Article: Study: Urgent Action Needed for Private Firms to Comply with Lease Accounting Standard first appeared on Visual Lease.]]> Visual Lease unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts toward achieving compliance with ASC 842. The report reveals that despite 100 percent of respondents acknowledging the many benefits that lease accounting can bring, 75 percent are not yet compliant.

The post Article: Study: Urgent Action Needed for Private Firms to Comply with Lease Accounting Standard first appeared on Visual Lease.]]> Press release: Visual Lease announces ASC 842 Proven Path https://visuallease.com/press-release-visual-lease-announces-asc-842-proven-path/ Tue, 10 Aug 2021 15:55:26 +0000 https://visuallease.com/?p=6085 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...

The post Press release: Visual Lease announces ASC 842 Proven Path first appeared on Visual Lease.]]>

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:

  • Complete lease accounting and management capabilities to automatically perform all needed lease accounting calculations as well as centralize and manage a company’s lease portfolio, stay on top of important dates and milestones and track all options and obligations.
  • Robust, flexible reporting options with access to a library of more than 100 templates, including one-click Roll-Forward reports which provide a view of an organization’s balances from the beginning through the end of a specific period.
  • Access for unlimited, cross-functional users, all of whom can fully interact with lease data in one centralized system, fueling their ability to reinforce internal processes and create efficiencies.
  • Unparalleled support from an experienced, dedicated team of implementation and account managers and ongoing customer support representatives to maximize the value and use of the platform.

“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.

The post Press release: Visual Lease announces ASC 842 Proven Path first appeared on Visual Lease.]]> New report from The Visual Lease Data Institute reveals urgent action needed for private companies to comply with lease accounting standard ASC 842 https://visuallease.com/new-report-from-the-visual-lease-data-institute-reveals-urgent-action-needed-for-private-companies-to-comply-with-lease-accounting-standard-asc-842/ Thu, 29 Jul 2021 13:00:47 +0000 https://visuallease.com/?p=6051  While 100% of surveyed companies agree on the business value of complying with the lease accounting standard, most are underconfident and unprepared for the looming deadline Woodbridge, NJ (July 29,...

The post New report from The Visual Lease Data Institute reveals urgent action needed for private companies to comply with lease accounting standard ASC 842 first appeared on Visual Lease.]]>

 While 100% of surveyed companies agree on the business value of complying with the lease accounting standard, most are underconfident and unprepared for the looming deadline

Woodbridge, NJ (July 29, 2021) – Visual Lease, the #1 lease optimization software provider, today unveiled the results of an in-depth study of 500 senior finance and accounting professionals analyzing where companies are in their efforts toward achieving compliance with ASC 842. The report reveals that despite 100% of respondents acknowledging the many benefits that lease accounting can bring, 75% are not yet compliant. This report marks the first release under The Visual Lease Data Institute, a collection of market-leading data, trends and insights on lease accounting, management and optimization created and curated by Visual Lease.

The 2021 Lease Accounting Market Analysis: The Road to Readiness for ASC 842 explores the journey, opportunities and barriers that companies face in their efforts to comply with the new accounting standard published by the Financial Accounting Standards Board (FASB), which requires them to track and fully disclose all qualifying leased assets, including commercial real estate and equipment leases. The report was informed by a proprietary survey of 500 senior finance and accounting professionals at private organizations with more than 1,000 employees.  It excludes public sector organizations and governmental entities, which have to comply with a similar lease accounting standard.

Key highlights of the report include:

  • Real Business Opportunity – All surveyed senior finance and accounting professionals recognize that complying with ASC 842 will offer their companies substantial benefits, including more transparent valuation of the organization (54%), cost savings (54%), easier preparation for audits (53%) and the ability to make strategic lease decisions (50%).
  • Need for Urgent Action – Despite the significant business opportunity that comes with lease accounting compliance, of the 75% of surveyed companies who are not yet fully compliant, nearly half (46%) are less than halfway through or have not yet begun the process. Moreover, a shocking one in five respondents admit that achieving full compliance has been a low business priority.
  • Pandemic Delays – Many private companies may now be playing catch-up from the impact of Covid-19, with more than two in five respondents (43%) noting that their organization’s process has been delayed due to the global pandemic.
  • Race Against the Clock – With the December 2021 deadline for private companies less than five months away, two in five respondents (40%) are only somewhat, not very, or not at all confident about their organization being ready to reach full compliance with ASC 842. One reason why? More than two in five (42%) surveyed admit that the ASC 842 compliance process has taken more time than expected, which puts those who have not started the process at serious risk. This is particularly concerning considering the average anticipated staff hours to gather all the necessary lease information to fully adopt ASC 842 is 1,334 hours, equivalent to more than 33 weeks of full-time labor for a highly skilled worker.
  • Companies Can’t Do It Alone – More than one in three (36%) of senior finance and accounting professionals surveyed note that they don’t have the right people, technology and tools in place. High among the things they consider to be essential in the process are implementing new (48%) or upgrading existing (51%) lease management and accounting software.
  • Not a One-and-Done Disclosure – Reaching ASC 842 compliance in time for the standard’s effective date is only part of the battle. Ninety-nine percent of respondents expect to face ongoing challenges maintaining compliance after the 2021 deadline. Among the most anticipated challenges include accurately tracking and managing future modifications to leases, adopting new technologies to optimize the process and continuing to train and educate staff.

“We understand just how complex lease accounting is,” said Marc Betesh, founder and CEO of Visual Lease. “For 35 years, we’ve seen firsthand how tight lease portfolio management can amount to millions of dollars in savings and improve business performance. With the deadline for private companies to comply with ASC 842 rapidly approaching, we knew it was the right time to gather our insight, experience and expertise to provide you with the first report under The Visual Lease Data Institute. Our goal is simple – to arm you with the information you need to feel confident about your organization’s lease accounting compliance journey.”

For full study results and helpful guidance towards ASC 842 compliance, download The 2021 Lease Accounting Market Analysis: The Road to Readiness for ASC 842.

About Visual Lease

 Visual Lease is the #1 lease optimization software provider for managing, analyzing, streamlining and reporting on lease portfolios. Developed by industry-leading lease professionals and CPAs, it combines GAAP, IFRS and GASB-compliant lease accounting controls with easy, flexible and automated lease management processes. More than 700 of the world’s largest publicly traded, privately-owned and public sector organizations rely on Visual Lease to control their lease portfolios, integrate with their existing business systems and maintain regulatory compliance. 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.

About The Visual Lease Data Institute

The Visual Lease Data Institute is a collection of market-leading data, trends and insights on lease accounting, management and optimization created and curated by Visual Lease, provider of the #1 lease optimization software. The Institute was founded on 35 years’ experience managing lease data and financials and was created to arm organizations with the knowledge required to achieve and maintain lease accounting compliance and leverage their leases as strategic business assets.

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

The post New report from The Visual Lease Data Institute reveals urgent action needed for private companies to comply with lease accounting standard ASC 842 first appeared on Visual Lease.]]> Press release: Visual Lease announces strong second quarter results https://visuallease.com/press-release-visual-lease-announces-strong-second-quarter-results/ Tue, 20 Jul 2021 14:21:03 +0000 https://visuallease.com/?p=5932 Company reports key strategic investments and double-digit annual recurring revenue growth year-over-year Woodbridge, NJ – July 20, 2021 — Visual Lease, provider of the #1 lease optimization software, today announced results from...

The post Press release: Visual Lease announces strong second quarter results first appeared on Visual Lease.]]>

Company reports key strategic investments and double-digit annual recurring revenue growth year-over-year

Woodbridge, NJ – July 20, 2021 — Visual Lease, provider of the #1 lease optimization software, today announced results from the second quarter of 2021, including double-digit annual recurring revenue growth year-over-year, as well as industry recognition for its robust software capabilities and sustained high growth. The company also continued to make strategic investments across its product and service offerings to help organizations leverage their lease accounting process to unlock a range of business opportunities.

“We recognize that lease accounting compliance is a long game, and there’s a lot to lose and gain in this process if you’re not on top of the changing requirements,” said Marc Betesh, founder and CEO of Visual Lease. “We’re continuing to make investments in our product and team to not only streamline our customers’ lease accounting compliance, but also help them achieve efficiencies and hard-dollar savings that can have a real long-term impact on their businesses. In fact, we recently conducted a survey of 500 senior finance and accounting professionals, and 100% of them recognized these additional benefits stimulated by the adoption of the new lease accounting standard. We know and understand what those benefits are and show our customers how to achieve them.”

In Q2 2021, Visual Lease:

Product

  • Enhanced its reporting performance, resulting in a doubling of the speed of generating disclosure, journal entry summaries and roll-forward reports.
  • Further expanded its GASB support, launching technical accounting features to streamline the handling for lessor termination calculations, schedule modifications and reports.
  • Launched short-term calculations, empowering users to easily create short-term calculations irrespective of the lease terms.
  • Introduced its Customer Advisory Board, assembling a select group of senior financial management and real estate executives from across its base of valued customers to share insights and solicit feedback on Visual Lease’s solutions and services.

Talent

  • Announced Guy Zerega as SVP of Sales, bringing in an experienced software sales leader to help the organization continue to grow and scale with the industry.
  • Welcomed Pamela Cosmillo as Director of Human Resources, placing an increased emphasis on its people and position as a leading workplace.
  • Grew its employee base by more than 35% year-over-year, hiring across a range of departments and levels within the organization.

 Industry Recognition

To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom.

About Visual Lease

Visual Lease is the provider of the #1 lease optimization software for managing, analyzing, streamlining and reporting on lease portfolios. Developed by industry-leading lease professionals and CPAs, it combines GAAP, IFRS and GASB-compliant lease accounting controls with easy, flexible and automated lease management processes. More than 700 of the world’s largest publicly traded, privately-owned and public sector organizations rely on Visual Lease to control their lease portfolios, integrate with their existing business systems and maintain regulatory compliance. 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.

 

Media Contacts

Erica Bonavitacola
Visual Lease
T+1 732 860 4838
ebonavitacola@visuallease.com

 

Geena Pickering
Gregory FCA
T+1 212 398 9680
gpickering@gregoryfca.com

 

The post Press release: Visual Lease announces strong second quarter results first appeared on Visual Lease.]]>