Visual Lease 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 software solution with all-inclusive implementation and ongoing support. It was 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, Senior Vice President 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.”