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Visual Lease

Visual Lease

Overview

What is Visual Lease?

Visual Lease is a Lease Management Software that provides robust lease accounting functionality with a depth of lease administration functionality to properly manage a company's lease portfolio.

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Recent Reviews

TrustRadius Insights

Users have found Visual Lease to be a valuable tool for managing and tracking their real estate portfolios worldwide. With the software, …
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Pricing

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What is Visual Lease?

Visual Lease is a Lease Management Software that provides robust lease accounting functionality with a depth of lease administration functionality to properly manage a company's lease portfolio.

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Details

What is Visual Lease?

Visual Lease is a Lease Management Software that provides robust lease accounting functionality with a depth of lease administration functionality to properly manage a company's lease portfolio.

Visual Lease Competitors

Visual Lease Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

(10)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

Users have found Visual Lease to be a valuable tool for managing and tracking their real estate portfolios worldwide. With the software, users are able to develop strategic plans and comply with lease accounting standards such as ASC 842, improving the visibility of their lease portfolio. Generating reports required for FASB 842 and running journal entries have become easier with Visual Lease, saving users time and reducing errors. The software has proven to be a centralized platform for lease tracking and provides accurate records for organizing accounts. Users appreciate the ability to integrate and report more effectively with Visual Lease, making lease management more efficient. Overall, Visual Lease serves as a reliable solution that simplifies lease accounting processes and enhances lease data management for companies with large portfolios.

Intuitive and user-friendly interface: Reviewers consistently mention that Visual Lease has a very intuitive platform with a friendly interface that is easy to navigate. Many users, including those who are not familiar with the tool, find it easy to learn and use for managing the accounting process. The simplicity and clean interface of Visual Lease are well-received by users.

Comprehensive lease management software: Users appreciate that Visual Lease goes beyond just calculating numbers for ASC 842 reporting and serves as a comprehensive lease management software. Having all lease details in one place and easily accessible to team members is seen as a valuable benefit. Visual Lease is commended for meeting all lease management needs, from ASC 842 implementations to rent payments and tracking renewals.

Automation of lease accounting processes: Users find Visual Lease helpful in automating calculations, centralizing all leases, tracking financial entries, and streamlining the lease entry process. The automatic calculation of Right of Use - ROU assets and liabilities is highly valued by reviewers, especially when displayed clearly on a month-to-month basis. The ability to track lease expirations, set up payees and rent payment records, allocate leases based on different measures, automate complex accounting schedules, manage FX rates and foreign leases are also highlighted as valuable features.

Cons:

  1. Lack of User-Friendliness: Many users have found Visual Lease to be difficult to navigate and lacking in user-friendly features. The user interface can be confusing, making tasks challenging and leading to a steep learning curve for new users.
  2. Inadequate Reporting Functionality: Users have expressed frustration with the reporting structure of Visual Lease, stating that reports often lack key areas or require workarounds such as running multiple reports and using Vlookups. The reporting functionality is lacking and often requires manipulation of the reports to obtain desired results.
  3. Performance Issues: Some users have experienced slow website performance while using Visual Lease, resulting in increased wait times and decreased productivity. Additionally, the search functionality within the platform has been glitchy, making it difficult to search for specific lease records efficiently.

Several user recommendations have been made based on their experiences with Visual Lease. These recommendations include:

  • Implementing Visual Lease for lease management, as it is a good tool for lease database and accounting. Users suggest starting to use Visual Lease and learning as you go, stating that it is likely to meet lease accounting needs, especially for companies with a small lease portfolio.
  • Comparing Visual Lease to other competing products before making a decision. Users recommend evaluating the features and support offered by different options in order to determine which one best fits your needs. They also suggest documenting lease data before implementation and seeking best practices from Visual Lease for desired reports.
  • Utilizing the training resources provided by Visual Lease. Many users recommend scheduling time to review the training videos and sharing them with colleagues. This will help users familiarize themselves with the software's functionalities and make the most out of its features.

In summary, users recommend implementing Visual Lease for lease management, comparing it to competitors, and utilizing the training resources available to maximize its benefits.

Attribute Ratings

Reviews

(1-3 of 3)
Companies can't remove reviews or game the system. Here's why
July 26, 2021

Maybe not this time

Score 5 out of 10
Vetted Review
Verified User
Incentivized
It was used to address the new lease accounting standard ASC 842 and also used to keep track of our real estate leases and also copier leases. It was mainly used by our accounting and real estate teams. Our real estate team wanted to have a system that generates abstract reports, and Visual Lease has this feature.
  • Generates abstract reports
  • Allows us to include lessor's leases
  • Fairly user friendly
  • 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
Visual Lease can be used for organizations that have intercompany leases as it allows for both lessors and lessees. It is not appropriate if you want to have a system that can integrate easily with your accounting system. I found that the company did not appear concerned to try to address issues with the system until we decided to discontinue using the system by not renewing the contract.
  • 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.
We also evaluated Lease Accelerator and Lease Query. We didn't go with Lease Accelerator because it didn't have lessor leases. We did not go with Lease Query because they did not have abstract reports.
Because of the fact that the journal entries were generated with XXX as codes, it would have caused a problem bringing in the journal entries into our accounting software Intacct. I did not know how to get rid of it, and reaching out to the customer service showed a lack of concerns about these XXX codes.
Visual Lease support was not too impressive to me because when I reached out to ask about the XXX codes in the journal entries, they did not seem concerned. They just said they were default accounts, but I did not know what I was supposed to do with them since we did not have these accounts. Also, when I asked about API integration, I could not get a good response on how to get Visual Lease to be connected with Intacct.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We are currently using Virtual Lease to organize our entire organization's lease programs so they are accessible to everyone who may need them. This helps with efficiency while trying to track leases.
  • Database of all leases.
  • This helps to track leases easily organization wide.
  • So far, this has worked out extremely well for our governmental environment.
Virtual lease is well suited for companies with a myriad of departments and not all are connected. This program helps link those missed connections on leases. I believe this would not be necessarily appropriate for a company on a smaller scale.
  • This has been extremely important in compiling all of the many leases that we have going on throughout different years and timelines.
Microsoft 365 (formerly Office 365), Solver BI360
All employees have had no issue with Visual Lease's usability. This is very user-friendly on every level.
Any issues that we have come across, Visual Lease's support has been able to help us come to a solution.
Dominic Cromartie, CPA, MAFM | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Visual Lease is being used to track all leases company wide.
The software is getting used only in the finance department at this present time, we have plans to reevaluate the uses of the software next year to determine if we need to expand to different departments[.]
Visual Lease provides a repository for all of our [leases], putting them in a central location, which provides visibility for all of our leases and allows us to better strategically plan our future and current leases[.]
  • Easy to use platform
  • Calculation of GASB 87/FASB 842 liabilities
  • Integration into your ERP
  • Provide more Reporting options
Visual Lease is well suited for companies that are trying to manage their leases in a more automated way other then spreadsheet. A company that needs visibility around their leases and wants to stay in compliance with the ever changing world of accounting. A company that wants a software that can integrate with their ERP and make routine monthly accounting entries.
  • Visibility
  • Compliance
Visual Lease has been really helpful to our company and we haven't had any issues.
Support has been great. Customer Service has been really friendly and helpful
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