Visual Lease reviews

Visual Lease is exactly what we were looking for. We had an existing lease administration system, but were still doing the accounting manually. The lease administration functions are much easier to use and there is a seamless flow into the lease accounting functions. Our implementation manager was amazing. She was able to walk us through the setup process and answered all of our questions. I am confident that I can find the right data quickly in Visual Lease where I just stopped going into the old database because it was much too cumbersome to extract the data in the format I needed it. I also have the confidence that our accounting team is getting the correct data now that we are no longer manually sending reports.

They have some side features like project management that are limited in nature. Although not a primary purpose of the software, some additional improvements in these areas would make it that much better of a product. Also, the mapping had some inaccuracies that we were able to manually overcome, but should continue to be improved.

Visual Lease is configured to provide the full support we need with compliance to the emerging GASB 87 financial standard that applies to leases at governmental entities, and also gives us ready visibility to upcoming actions required (e.g., modifying lease payment amounts, updating insurance certificates, and acting upon scheduled contractual options). Both of these features were critical to us, and we are very pleased with the performance of the application in these areas.

Pre- and post-implementation support was also terrific. We received excellent guidance in setting up our system, and have not been abandoned after going live.

At this writing, there' is no workflow to send staff messages about the upcoming events shown on the dashboard (e.g., modifying lease payment amounts, updating insurance certificates, and acting upon scheduled contractual options), so staff members that aren't using Visual Lease sometimes aren't aware of them. However, to be fair, this was not one of the requirements our implementation team defined, and when we inquired Visual Lease informed us they are already working on implementing workflow - so this is a very mild complaint.

The software is very straightforward and easy to use. This solution allows us to stay organized and provides us the platform to be in compliance with ASC 842 Leases. In addition to this we were able to provide our auditors access to read-only documents and calculations and the audit was significantly smoother because of this capability.

There are some challenges to disposals/terminations of agreements. Improvements are needed to manage the entire life cycle of a leased asset, especially when it comes to accounting and compliance with the new lease standard.

For me, the best feature of Visual Lease is the report generation. It is so user friendly! There is no point in maintaining a database of information if you are not able to access that information by clicking a few keys! You can literally create a report with any data points from the system in minutes. It has changed the way we do our jobs.

I can't think of a single thing I would change.

ability to apply more than one accounting standard to a lease, ease of running reports and creating ad-hoc rpeorts, clear and easy to follow journal entries and lease amortisation schedules, clean user interface

very US-centric whereas we are UK company applying IFRS and would like more of the US terminology turned off and more of the IFRS 16 accounting rules evident and labelled as such in the application so that users can make direct correlation to what is in the IFRS rules

We have been using VisualLease as our exclusive leasing program for almost seven years, and it has never failed to fulfill our leasing neeeds. Having all of our office leases easily accessible from anywhere by multiple users has allowed us to respond to every leasing question in a matter of minutes. The abstract function is extremely valuable in accessing quick information on specific topics, and the financial tracking function has cut our annual budgeting process time in half. I don't know how we'd manage our leases without Visual Lease. The best feature of VisualLease is the company's customer service. There is always a person available to respond immediately to every question and to find a solution to an issue in very short order. The new web version has virtually eliminated all technical issues, and new updates are frequent and well announced.

If there are any "cons," it might be that although the program is ultimately very user-friendly, it does takes some training at the begninning in order to learn all that the program has to offer. This is not really a "con" - it's just a simple learning experience which is to be expected with any new program.

The software is intuitive. Each screeen is logical and easy to navigate. Everyday I find something new feature I can use in the adminstrative section along with projects.

When it comes to putting dates there is sometimes a different way to put them in. Depending on the country your are working with dates can be misleading . the first set of number are either the day or the moth. Dates should be 09-MAR-2019 = 99-MMM-9999. Sometimed the drop down date is not as intuitive as you would think. this is a small thing but I have made a mistake or two because of not paying attention.