Visual Lease [Review]
Pros
- Easy to use platform
- Calculation of GASB 87/FASB 842 liabilities
- Integration into your ERP
Cons
- Provide more Reporting options
Return on Investment
- Visibility
- Compliance
What is Visual Lease?
Visual Lease is a Lease Management Software that provides lease accounting functionality with lease administration functionality to manage a company's lease portfolio.
Categories & Use Cases
Maybe not this time
Pros
- Generates abstract reports
- Allows us to include lessor's leases
- Fairly user friendly
Cons
- Journal entries look confusing and generate XXX as codes
- Customer service should show concerns. When asked about XXX as codes in journal entries, customer support brushed off our concern as it was a default.
- No API interface with Intacct
Return on Investment
- We did not end up using the system too much because the lease accounting standard got postponed by FASB.
- Our real estate team did not use the system as they found it cumbersome. They still entered lease information into the system for accounting to have the information. They preferred to continue using Excel to track their leases.
Other Software Used
Sage Intacct, Concur Invoice, Concur Travel and Expense
Usability
Visual Lease helped all our needs!
Pros
- Database of all leases.
- This helps to track leases easily organization wide.
Cons
- So far, this has worked out extremely well for our governmental environment.
Return on Investment
- This has been extremely important in compiling all of the many leases that we have going on throughout different years and timelines.
Other Software Used
Microsoft 365 (formerly Office 365), Solver BI360
