Visual Lease

The typical implementation process for Visual Lease software generally takes about 90 days. Here’s a breakdown of the key phases involved:

1. Project Kickoff & Discovery: This initial phase involves identifying your company’s unique needs and setting project goals. An Implementation Manager will guide you through orientation training and preview the areas to be configured.
2. Platform Configuration: The platform is configured to reflect your unique processes, with best practice consultation provided by the Implementation Manager.
3. Data Population: Your existing lease portfolio data is migrated into the Visual Lease platform.
4. Testing & Validation: The configured platform is tested to ensure it meets your needs. Training is provided to the User Admin, and a sign-off period allows for thorough validation.
5. Go-Live: The platform is officially launched, transitioning out of the implementation phase. Ongoing support is provided by Account Management, Technical Support, and Customer Success teams.

Visual Lease is highly adaptable to fit specific business needs. Here are some key points:

• Custom Fields and Reporting: The software allows for unlimited user-defined fields and customizable reporting, enabling you to track data specific to your processes and reporting requirements.
• Security Configuration: You can configure user security groups and enable Single Sign-On (SSO) for enhanced security.
• Financial Customization: The platform supports detailed financial category setup, including custom financial categories and granular GL mapping.
• AI-Powered Automation: Visual Lease uses AI to automate lease data extraction, management, and analysis, reducing manual effort and errors.
• Comprehensive Contract Management: The software tracks all contacts associated with each lease, including brokers, attorneys, and property managers, ensuring centralized management.

These features make Visual Lease a flexible and scalable solution that can be tailored to meet the unique needs of various industries and business sizes.

Visual Lease has a range of costs associated with its implementation and customization:

• Implementation Costs: These can vary from $1,000 to $10,000, depending on the complexity of the setup.
• Customization Costs: For businesses requiring specific customizations, costs can range from $5,000 to $20,000.
• Training Costs: Training fees typically start at $500 for small businesses and can go up to $5,000 for larger enterprises.

Visual Lease offers comprehensive training and support to ensure users can effectively utilize the platform:

• VL University: An on-demand virtual training center providing video resources designed by platform experts.
• Learning Hub: A one-stop shop for all things lease accounting and administration, offering white papers, blogs, case studies, on-demand webinars, and more.
• Customer Success Managers: Dedicated managers to guide you through the implementation process and provide ongoing support.

Visual Lease employs robust security measures to protect your data:

• Encryption: Data is encrypted both at rest and in transit, ensuring it is secure at all times.
• Access Controls: Strict access controls are in place to ensure that only authorized personnel can access sensitive information.
• Regular Security Audits: The platform undergoes regular security audits to maintain compliance with industry standards and safeguard against data breaches.

These features and measures ensure that Visual Lease not only meets your business needs but also provides a secure and supportive environment for managing your lease portfolio.

Visual Lease typically releases updates quarterly. These updates include new features, enhancements, and security improvements. The updates are managed seamlessly, with minimal disruption to users. Visual Lease provides detailed release notes and documentation to help users understand the changes and how to leverage new functionalities.

Visual Lease’s policy on data ownership ensures that clients retain full ownership of their data. The platform supports data portability, allowing clients to export their data in various formats as needed. This ensures that businesses can easily migrate their data if they choose to switch platforms or need to integrate with other systems.

Visual Lease offers flexible terms for scaling up or down based on organizational needs. The platform is designed to be scalable, accommodating changes in the size and complexity of your lease portfolio. Whether you need to add more users, integrate additional features, or adjust your service level, Visual Lease provides options to customize your plan accordingly. This flexibility ensures that the software can grow with your business or adapt to downsizing if necessary.

Visual Lease’s terms and conditions for contract renewal and cancellation include several key points:

• Renewal: Contracts typically renew automatically unless either party provides notice of non-renewal. The notice period for non-renewal is usually specified in the contract, often requiring at least 30 to 60 days notice before the end of the current term.
• Cancellation: Clients can cancel their contracts under certain conditions, such as breach of terms by Visual Lease. Specific cancellation terms, including any penalties or fees, are detailed in the contract. Early termination may involve paying a prorated amount for the remaining contract period.
• Amendments: Any changes to the contract terms, including renewal and cancellation policies, must be agreed upon by both parties and documented in writing.
• Data Portability: Upon termination, clients have the right to export their data from the Visual Lease platform, ensuring they retain ownership and control over their information.

Visual Lease meets several key compliance standards to ensure accurate and reliable lease accounting:

• ASC 842: This standard by the Financial Accounting Standards Board (FASB) requires organizations to account for leases as right-of-use assets and liabilities on the balance sheet.
• IFRS 16: Issued by the International Accounting Standards Board (IASB), this standard mandates similar lease accounting requirements for international entities.
• GASB 87: This standard by the Governmental Accounting Standards Board applies to governmental entities, requiring them to recognize lease assets and liabilities.
• GASB 96: This standard addresses subscription-based information technology arrangements (SBITAs), ensuring compliance for government entities with these types of contracts.

These standards help organizations maintain compliance with financial reporting requirements, ensuring transparency and accuracy in their lease accounting processes.