The program itself is designed for both lease administration and lease accounting, where many other systems we reviewed were exceptional for one but weak for the other. The system is turnkey, user-friendly platform with tons of features. The VL team made implementation easy, even when setting up the platform to house multi-company records .
We are storing leases for five companies in one instance of the software each with individual charts of accounts. Lease records are designated by company and by location. Users for each division are setup to only see their company which filters out unnecessary records for them, while administrators and corporate management have the ability to see records for all companies.
Overall the lease administration and accounting is very simple to enter and maintain. The system can store many financial records for the lease outside of the information required to calculate the lease values and journal entries. For example, you can enter cost for CAM, maintenance, taxes, etc. You can also upload and download information which streamlines many processes.
Other features we find very useful are the ability to customize fields, call outs for clauses within the lease with page references, alerts for critical dates, and geographical maps.
On top of the funcationality and features, VL's customer support has been amazing. The wealth of knowledge they have coupled with their willingness to resolve issues makes them an added asset to our team. Review collected by and hosted on G2.com.
I haven't found any true downsides to the program. One dislike that we have is that the setup of the sections and fields are more directed toward real-estate property than equipment. I would like to see VL have dedicated fields for equipment like they have for real-estate. Being able to customized fields has given us a work around, however in order for some of the data points to be searchable, there are certain fields that fall under sections that seem odd and disconnected. Because of this, some users will forget to fill in pieces of information.
Another suggestion I would have for improvement would be to make reports and documents viewable before downloading them. Review collected by and hosted on G2.com.
Video Reviews
Visual Lease Review
305 out of 306 Total Reviews for Visual Lease
Overall Review Sentiment for Visual Lease
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I have used Visual Lease with two different companies now, and both times they have been positive experiences. I have mananged a smaller lease portfolio of 30-50 leases. While I don't utilize all of the tools that are available within Visual Lease, the tools themselves are well thought out. I recently completed our first year end audit after implementing the ASC 842 lease standard, and the Standard Lease Reports were simple to pull and provide to our audit team. Visual Lease is well aware that there is a learning curve with using their software, so they have a comprehensive training website called "VL University" that have on-demand training videos that will walk you through the features of the website. There is also a User Guide that I can review to learn how every feature works within the website. I have also had my service tickets replied to within 24 hours of submitting them. I think Visual Lease cares about their customers and are an excellent parter for managing leases.
Updated 11/1/2024:
I've now been though 3 audits with Visual Lease. They have updated the interface to feel fresh and modern. We have had several leases be amended for an extension and the modification tools are quick and easy to update. I feel that the customer service has gotten better the longer we've been with the company. They provide quick responses when I need them. I am looking forward to using their ESG platform when our company is ready to make the change. Review collected by and hosted on G2.com.
Learning how to use some of the features of Visual Lease has been challenging. We mainly use VL for their lease accounting features, and I've had some trial and error in entering the financial entries correctly. Part of the problem is the lease standard is new, so some of the issues of implementation the standards I didn't catch and had to do correcting journal entries. Knowing that a lot of their customers use the platform for the lease accounting, I just wish their support team was a little more knowledgeable with how to fill the information out correctly.
Updated 11/1/2024:
I think the support team has improved over time. I recently had a question on a lease calculation and they provided good answers. They also contact me 1-2 times a year to go over new features in the platform. Review collected by and hosted on G2.com.
1. Support
Professional support team to answer any questions promptly
Regular meeting with customer success manager to go over unused and new features that could fit our needs
Assign a dedicated person for any implementation (e.g. lease accounting module)
2.System
Very user-friendly
Easy to navigating the platform and running reports
3.Support customization (e.g. fields, clauses, financials etc.)
Create and save ad-hoc reports for public use for other teams to run the report they need as a single point of truth Review collected by and hosted on G2.com.
It would be great if Visual Lease can have a deletion log to show the documents that were deleted. Review collected by and hosted on G2.com.
The abliity to upload mass amounts of data with spreadsheets. The Customer Support is usally very quick to respond but the system doesn't do what you are asking, they just say that is not available. Review collected by and hosted on G2.com.
There are far too many things that should happen automatically that are somewhat time consuming to do manually each month, when necessary. There have been issues where we have been told to delete our records and start over, that is not very efficient and can create some extreme difficiencies in our data. The Customer Support is usally very quick to respond but the system doesn't do what you are asking, they just say that is not available. Review collected by and hosted on G2.com.
The systems orginization of leases and easy user interface. It is easy to navigate into each lease and to drill into each specific category. Updates are easy and reports are useful for month-end, quarter-end, and year-end details. Visual Lease customer services is always quick and helpful with any inquiries I have. Review collected by and hosted on G2.com.
Some of the reports, while still useful, are not fully customizable to add in or move detials around before exporting. And the limitation of not being able to pull historical archived lease data. Review collected by and hosted on G2.com.
Visual Lease's flexibility in setting up unique ID's during the implemenation phase made it worth all the while when we were transitioning from LeaseQuery. Navigating the UI was relatively easy, and it is lightyears ahead of LQ with respect to how quick everything loads and queues. I can't believe we didn't use Visual Lease sooner. Review collected by and hosted on G2.com.
Support can be pretty hit and miss, and our intergration partner was not the most knowledgable of how to untangle our junk data from LeaseQuery to get it into Visual Lease. Review collected by and hosted on G2.com.
I like the ease of use that Visual Lease provides. The navigation tabs allow me to easily access the lease data I need, whether it is financial entries or pulling up documents to be viewed. It is also easy to manage users in the Administrator portal. Review collected by and hosted on G2.com.
There's not much about Visual Lease that I don't like. However, I feel that the Financial screens could be better laid out as far as the payment schedules, etc. Review collected by and hosted on G2.com.
The system is very easy to navigate and uploads make getting data into the system very easy. We only use Visual Lease for the accounting aspect, but the calculations are accruate and the level of data we can pull from the system provides everything that we need. The customer service was outstanding and the response times far exceed my expectations. The implementation went very smooth and we completed our project ahead of schedule. Review collected by and hosted on G2.com.
When loading a new lease, it requires three different uploads versus just being able to load everything in one file. Review collected by and hosted on G2.com.
Very good software that provides the accounting of leases under both the IFRS and US GAAP reporting frameworks. The support team is very friendly. They have alot of knowledge of the software and know exactly how to address the questions I have by providing detailed step-by-step guidance and are very prompt. The FASB disclosure report, included as one of the standard reports in Visual Lease, makes preparing the leases note in the Form 10-Q's and the Form 10-K's alot easier and quicker. The Ad hoc reports are also very useful as they allow me to generate reports containing the exact information that I require. Review collected by and hosted on G2.com.
I find that capturing a remeasurement/modification is not always that easy and slightly more complicated for some of the users in my team. Maybe a documented manual for capturing a remeasurement/modification (with different scenarios) would be useful - especially because we do not have many leases and therefore do not run a remeasurement/modification on a regular basis and therefore, one tends to forget how to make these remeasurements/modifications in Visual Lease. Review collected by and hosted on G2.com.
Visual Lease is a great tool to help you manage the complexity of your oganization's lease accounting. Visual Lease offers its users the opportunity to start tracking their lease accounting process without the use of Excel. For example, before we implemented Visual Lease, our organization was tracking leases in an Excel workbook that contained over 100 unique tabs, so we were eager to implement a new system that would allow us to more efficiently manage our leases, including the preparation of journal entries and responding to audit requests. I can confidently say that Visual Lease has definitely met our expectations in reducing the amount of time our organization allocates to completing all of our lease accounting tasks. Additionally, there are a lot of great reporting features that come with utilizing the platform to help you track the financial statement impact of an organization's leases entries. Just to provide a quick example, one of the platform's greatest features is a reconciliation report that assists with understanding how your lease entries should be impacting your balance sheet for any period selected. Such tools has allowed our organization to become more efficient in completing and reviewing our lease accounting processes. Review collected by and hosted on G2.com.
The platform is still missing features to help clients that may have more complex organizations. For example, I would like to see more features that reflect what accounting departments are able to do to record financial information to their accounting records to better reflect the financial results of a particular subsidiary. But to be fair, Visual Lease is always interested in feedback to better understand the needs of its users. Review collected by and hosted on G2.com.
Visual Lease provides a one destination to both house all of your needed lease information, but it also does an amazing job staying on top of polcy and regulation changes as they come up, which allow us to stay in compliance and limit our legal expsoures with our lease management. I am very pleased with the ease and use of the platform. It is also very user friendly with a simple setup process. Review collected by and hosted on G2.com.
Overall I would say I am very pleased with the platform. I know they are slowly working on integrating other functions with the ERP system. We currrently use Workday and it would be nice it there was a better integration between Visual Lease and Workday. Review collected by and hosted on G2.com.
