Culture Amp
by Culture Amp
by Culture Amp
Profile Information Last updated on: 1 July 2024
Profile Information Last updated on: 1 July 2024
We help make selecting a software for your business effortless, economical and efficient.
by Culture Amp
by Culture Amp
Profile Information Last updated on: 1 July 2024
Profile Information Last updated on: 1 July 2024
The implementation process for Visual Lease software is structured and comprehensive, designed to ensure that organizations can effectively manage their lease portfolios and comply with relevant accounting standards. The typical implementation process involves several key phases, each tailored to meet specific business needs and goals. Here’s a detailed breakdown of the process:
1. Project Planning and Goal Definition
The implementation begins with a clear definition of the organization's lease accounting goals. Visual Lease works closely with the client to review and collect all necessary data sources, such as legacy systems, spreadsheets, and lease documents. This phase includes setting up a project plan that outlines the steps, timelines, and responsibilities.
2. Data Collection and Review
This step involves gathering all relevant lease data from various sources. Visual Lease provides templates to help standardize data collection, ensuring that all necessary information is captured efficiently and accurately.
3. Data Migration
Data migration is a critical component of the implementation process. Visual Lease offers different scenarios for data migration depending on where the data currently resides—be it in databases, spreadsheets, or paper documents. The process includes mapping the data into Visual Lease import templates, validating the data for accuracy, and then importing it into the Visual Lease platform. This phase ensures that the data is clean, organized, and ready for use in the new system.
4. System Configuration and Customization
Visual Lease provides a highly configurable platform that can be tailored to reflect an organization’s specific terminology and operational needs. During this phase, the system is set up to capture and manage lease data effectively, with fields and functionalities customized as required by the client.
5. Integration with Other Systems
To maximize efficiency and data coherence, Visual Lease can be integrated with other enterprise systems such as ERP and accounting software. This integration facilitates automated financial reporting and helps maintain data integrity across systems.
6. Testing and Validation
Before going live, it is crucial to test the system thoroughly to ensure that all configurations and data integrations work as expected. Visual Lease conducts rigorous testing to validate that the system setup meets all specified requirements and functions correctly.
7. Training and Support
To ensure that all users are comfortable and proficient with the new system, Visual Lease provides comprehensive training and support. This includes webinars, videos, and hands-on sessions to help users understand how to use the platform effectively.
8. Go-Live and Ongoing Support
Once the system has been tested and all users trained, the organization goes live with Visual Lease. The previous system may run in parallel for a period to ensure a smooth transition. Visual Lease offers ongoing support to address any issues and to help with any further customization or integration needs.
Duration of the Implementation Process
The implementation duration can vary depending on the organization's lease portfolio's complexity and the project requirements. Typically, the process can take several weeks to a few months. Visual Lease aims to execute the implementation efficiently to meet any compliance deadlines and to minimize disruption to the organization’s operations.
Yes, Visual Lease software can be extensively customized to fit specific business needs. Here are several data points highlighting its customization capabilities:
Customizable Components: Visual Lease offers a range of customizable components, including abstract categories, income and expense modules, reporting and analytics, user-defined fields, and drop-down lists. This allows businesses to tailor the software to their specific requirements.
User-Defined Fields: The software provides unlimited user-defined fields, enabling organizations to capture the nuances most important to them. This feature is particularly useful for businesses that have unique data tracking needs that standard lease software solutions may not accommodate.
Configurable Reporting and Dashboards: Visual Lease allows for personalized dashboard views and configurable reporting. Organizations can set up workflows their way and pivot when needed, which is crucial for adapting to changing business environments.
Flexible Data Transfer: The software supports flexible data transfer, including protected auditable file transfers and compliant application programming interfaces (APIs), which facilitate the integration of lease data across different company systems.
Modifiable Business Intelligence and Reports: Visual Lease provides modifiable business intelligence and reports, allowing users to meet individualized organization requirements. This includes leveraging more than 100 pre-built templates or creating reports from scratch with the reporting generator.
Integration Capabilities: The software includes an Integrations Hub that automates the exchange of data across ERPs, business intelligence tools, and other systems, further enhancing its adaptability to specific business needs.
Compliance and Custom Clauses: Visual Lease is compliant with major financial standards like FASB and IFRS, and it allows for the configuration of custom data fields and contract clauses to meet specific local and international requirements.
Setup Fees: Visual Lease does not charge an entry-level setup fee. This approach allows organizations to start using the software without worrying about upfront costs associated with the initial implementation.
Maintenance and Support Charges: Visual Lease adopts a "software as a service" model, which means that implementation services, training, and help desk support are all included in the price paid for the product. This inclusive approach ensures that users receive the necessary support and training without additional charges. Visual Lease emphasizes that services such as implementation, training, and ongoing support are part of the package, aiming to provide a predictable cost without extra charges for these essential services.
Customizations and Integrations: While the sources do not explicitly mention additional charges for customizations or integrations, Visual Lease highlights its flexibility and scalability, suggesting that the platform can be tailored to meet specific business needs without significant extra costs. The emphasis is on providing a configurable and scalable solution that meets the unique needs of each customer, potentially reducing the need for costly customizations.
Visual Lease offers comprehensive training and support to new users, ensuring they can effectively utilize the software for lease management and accounting. Here are the key aspects of their training and support offerings:
VL University: Visual Lease provides an on-demand virtual training center known as VL University. This platform is designed to help users get up to speed quickly and efficiently. It includes a variety of training resources and materials that cover different aspects of the software, allowing users to learn at their own pace.
Training Courses: VL University offers specific courses, such as the one on configuring user access, which explores the process of setting up and maintaining users so they can access and interact with the software effectively. These courses are designed to provide detailed, step-by-step guidance.
Training Videos: The training also includes videos designed by Visual Lease platform experts. These videos contain step-by-step guidance, making it easier for new users to understand how to use different features of the software.
Customer Support: Visual Lease is known for its excellent customer service, which is prompt and efficient. This support is part of the value users get from the software, ensuring they have help available whenever needed.
Dedicated Customer Success Manager: For organizations implementing Visual Lease, a structured training program is complemented by the support of a dedicated customer success manager. This manager helps ensure that users are not only trained but also continue to find success with the software.
Help Desk Support: Visual Lease includes help desk support as part of the service provided to users. This ensures that any technical issues or user queries are addressed promptly, helping to maintain smooth operations.
Visual Lease employs a variety of security measures to ensure the protection and integrity of data within its lease accounting software. Here are the key security measures in place:
Data Encryption: Visual Lease ensures that all lease data is encrypted both at rest and in transit. This encryption protects the data from unauthorized access and ensures its confidentiality as it moves to and from the servers.
User Authentication and Access Controls: The software requires users to enter a username and password to access the system. Additionally, Visual Lease supports more sophisticated authentication features such as multi-factor authentication (MFA) and Single Sign-On (SSO), enhancing the security of user logins and access controls.
IP Whitelisting: This security measure restricts access to the software so that users can only log in from secured devices connected to approved IP addresses. This helps prevent unauthorized access from unsecured locations.
User Roles and Permissions: Visual Lease allows for detailed configuration of user roles and permissions, ensuring that users only have access to the data and functionalities necessary for their roles. This separation of duties helps prevent unauthorized data access and manipulation.
SOC 1 Type 2 Audited Data Center: Visual Lease's data center is audited twice yearly under SOC 1 Type 2 standards. This audit includes a review of the company’s policies and procedures and its accounting calculations, ensuring that the data center operates securely and in compliance with industry standards.
Physical Security of Servers: The physical security of servers where data is hosted is a critical component of Visual Lease's data security strategy. This includes measures to protect the physical servers from unauthorized access and hazards.
Data Security Validation: Visual Lease has earned SSA18 SOC 1 Type 1 certification, following a comprehensive independent audit that verified the controls in place to secure data.
Visual Lease actively manages and releases updates to its platform to ensure it remains effective and compliant with evolving lease accounting standards. The management and frequency of these updates are highlighted by several key points:
Regular Updates: Visual Lease consistently introduces updates to enhance functionality and compliance. For instance, in 2020, Visual Lease announced its product release version 20.4, which included enhanced features such as an improved accounting feed audit trail.
Response to Standards and User Needs: Updates are often in response to new lease accounting standards and user feedback. This approach ensures that the software remains relevant and useful for its users, adapting to changes in accounting standards and industry practices.
Community-Driven Enhancements: The platform evolves based on feedback from the Visual Lease customer community. This feedback drives improvements, ensuring that updates are user-focused and address the actual needs of the clients.
Award-Winning Software Updates: The updates not only focus on compliance and functionality but have also been recognized in the industry, as Visual Lease was named a winner of a Bronze Stevie® Award in the Customer Service Department of the Year category, reflecting its commitment to quality and service in updates.
Annual Major Updates: While the exact frequency of updates can vary, major updates are typically announced annually, as evidenced by the release notes and historical update patterns provided in press releases and product announcements.
Visual Lease's policy on data ownership and portability is clearly outlined in their legal documents, emphasizing the client's ownership of their data and the provisions for data portability.
Data Ownership: According to Visual Lease's Terms and Conditions, the client exclusively owns all rights, title, and interest in and to their data. This includes any data collected from the client's employees or authorized end users, referred to as "End User Data." Visual Lease acknowledges that it does not own any client data stored on its platform, which includes all confidential information provided by the client.
Data Portability: Visual Lease's Data Processing Agreement specifies that personal data is made available upon request in an electronically portable format, adhering to industry standards. This provision ensures that clients can request and receive their data in a format that is usable and transferable, facilitating ease of data handling and migration when necessary.
Visual Lease provides scalable solutions to accommodate organizational changes, whether scaling up or down. Here are the terms and features that facilitate this flexibility:
Scalability Features: Visual Lease is designed to handle varying sizes of lease portfolios, making it suitable for both small businesses and large enterprises. The software supports compliance with critical lease accounting standards, which is essential for organizations managing multiple or complex leases.
Customizable and Configurable: The system is highly configurable, allowing organizations to adjust settings, workflows, and features to meet their specific needs. This flexibility is crucial for adapting to changes in the organization's size or operational requirements.
Integration Capabilities: Visual Lease offers robust integration capabilities with popular business intelligence tools and financial systems. This integration supports scalability by allowing the software to function seamlessly with other systems as the organization grows.
Support for Unlimited Users: The platform supports unlimited users with customizable controls, which is beneficial for organizations as they expand and require more personnel to manage leases.
Bulk Import of Lease Data: Visual Lease allows for the bulk import of lease data, which simplifies the process of scaling up by making it easier to add large volumes of lease information into the system as an organization grows.
Contract Renewal
Automatic Renewal: The agreement with Visual Lease automatically renews at the then-current rates, including any applicable percentage increases, for one (1) year periods unless written notice of cancellation is received by either party at least ninety (90) days prior to the end of the then-current term.
Continuation with Subsequent Order Forms: If subsequent Order Forms, Amended and Restated Orders, Additional Services Agreements, or similar ordering documents are executed by the parties referencing the initial agreement, the agreement will continue in effect with respect to the term period of such subsequent Order Forms.
Initial Term and Subsequent Terms: The agreement term commences on the Effective Date and is coterminous with the initial Order Form. The "Term" includes the term of such initial Order Form and any subsequent Order Form, including renewals and extensions.
Contract Cancellation
Termination for Cause by Client: The client has the right to terminate the agreement or any Order Form, in whole or in part, for cause, if Visual Lease materially breaches any provision of the agreement and the breach remains uncured for a period of thirty (30) days after receipt of written notice from the client.
Termination by Visual Lease for Non-Payment: Visual Lease may terminate the agreement in its entirety if the client fails to pay any Fees not disputed in good faith by the specified due date and fails to cure such failure within ten (10) days of receipt of written notice from Visual Lease.
Termination by Visual Lease for Material Breach: Visual Lease may also terminate the agreement in its entirety if the client materially breaches any provision of the agreement or materially violates a provision of the agreement relating to use restrictions on the Platform by third parties and fails to cure such breach within thirty (30) days of receipt of written notice.
Visual Lease software meets several key compliance standards that are crucial for lease accounting. Here are the specific standards it adheres to:
ASC 842: Visual Lease provides comprehensive support for the ASC 842 lease accounting standard, which requires organizations to recognize lease assets and liabilities on their balance sheets. The software helps manage the complexities of this standard by automating calculations and reporting, ensuring ongoing compliance.
IFRS 16: The software also supports IFRS 16, which is the international standard for lease accounting. Visual Lease automates the transition to IFRS 16, helping organizations manage and report their leases accurately and efficiently.
GASB 87: For governmental entities, Visual Lease ensures compliance with GASB 87, which is similar to ASC 842 but tailored for the public sector. The software provides tools to manage lease data and generate necessary disclosures under this standard.
GASB 96: Visual Lease extends its compliance support to include GASB 96, which covers subscription-based information technology arrangements, reflecting its capability to handle a broad range of lease types and compliance requirements.
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