GASB 87 Roundtable Discussion Recap: Anticipating Common Lease Accounting Challenges

Visual Lease — Fri, 06 May 2022 17:29:56 +0000

On-demand webinar summary

The GASB 87 Roundtable Discussion is a webinar series hosted by Visual Lease. Each webinar provides insights by our panelists regarding specific topics around GASB 87. Previously, our panelists discussed how to maximize the value of your lease accounting software.

In our latest episode, Anticipating Common Lease Accounting Challenges, host Joseph Fitzgerald, SVP of Lease Market Strategy at Visual Lease, discussed how organizations can anticipate and prepare for Day 2 challenges. Our panelists, Michael Luff, CPA & Technical Leader at CLA, Rosemary Courtney, Manager of Technical Accounting at Visual Lease, Todd Worms, Senior Manager of Customer Support at Visual Lease and Bill Harter, Principal Solution Advisor at Visual Lease provided expert tips and advice to help attendees get ahead of these potential roadblocks.

You should feel empowered to help ensure your organization is ready for what’s ahead. Let’s dive in.

The importance of ongoing data management

The quality of your lease data impacts the accuracy of your lease accounting calculations and reporting. As changes occur to a lease contract, complex components such as remeasurements and modifications must be accounted for under GASB 87. If these calculations are done manually by your organization, it’s typically a red flag for auditors, as this approach is more prone to human error.

Top considerations for continued compliance

Staying educated on GASB 87 is critical for your continued compliance. Maintaining and updating internal controls over contracts and agreements are also crucial to ensure the integrity of the process. Further, collaboration and communication between administration, accounting and any departments handling leases are necessary to ensure continued compliance.

What to expect from your support team

Once software implementation is complete, VL’s support team becomes the main point of contact for our clients. Typically, the support team will help clients understand how to use Visual Lease and are there to help troubleshoot any potential technical issues. Visual Lease prides itself in its unparalleled support and collaboration with its customers, and has invested heavily in creating the best support staff possible, which is why we have a 99% customer retention rate!

Tips to ensure audit-readiness

Working through extensive data validation to ensure your subledger details are consistent with your source documents should yield positive results for your organization’s audit. Documenting all input assumptions is also key to a smooth audit process, along with timely updates through process enhancements.

Data integrity challenges

Leveraging your lease accounting software is key to addressing common Day 2 challenges. Organizations can use software to maintain control over some of the lease accounting requirements, such as processing additions, terminations, modifications, etc. It’s also important to stay on top of deadlines and be proactive on the platform post-adoption.

For more insight into common Day 2 GASB 87 lease accounting challenges, view our on-demand webinar “GASB 87 Roundtable Discussion: Anticipating Common Lease Accounting Challenges”.

Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS solution has been used by over 1,000 companies with a 99% retention rate.

The post GASB 87 Roundtable Discussion Recap: Anticipating Common Lease Accounting Challenges first appeared on Visual Lease.

Visual Lease Announces Q4 Webinar Schedule

Visual Lease — Mon, 27 Sep 2021 13:17:10 +0000

Solution provider to host a series of virtual events, gathering industry experts to share unique insights and opportunities around lease accounting

Woodbridge, NJ – Sept. 27, 2021 — Visual Lease, the #1 lease optimization software provider, has announced its lineup of complimentary educational webinars for the final quarter of 2021. The organization has planned several online events to provide senior accounting and finance professionals with insight into how to achieve and maintain lease accounting compliance, unlock cost-saving opportunities within their lease portfolios and more.

Marc Betesh, founder and CEO of Visual Lease, said, “Due to our deep domain expertise in lease management, The Financial Accounting Standards Board (FASB) sought feedback from experts at Visual Lease when it was devising the new lease accounting standards. We were there for the genesis of ASC 842. Our team understands how complex lease accounting can be.”

Betesh continued, “Between the knowledge of our in-house experts and the insights we glean from our robust community of customers and partners, we continue to embed industry best practices into our platform. Our upcoming webinars are an opportunity for us to share our expertise with you, helping you to not only achieve and maintain lease accounting compliance, but also, to capitalize on the many business benefits to be had along the way.”

Visual Lease’s current Q4 webinar schedule features sessions on the following topics:

How to Prepare for Common Day 2 Lease Accounting Challenges – During this 3-part webinar series, industry experts will provide insight into how to solve the most pervasive and problematic Day 2 lease accounting challenges. Each session will cover common challenges associated with each focus area, as well as tangible examples and actionable takeaways for attendees. The presenters will cover how to leverage best practices and dedicated technology to address each concentration:
- - Part I: Remeasurements (Oct. 12) – Register here.
  - Part II: Lease modifications (Nov. 9) – Register here.
  - Part III: Terminations (Dec. 7) – Register here.
How to Unlock Financial Opportunities with Lease Optimization (Oct. 21) – In this session, members of the Visual Lease team will dive into different ways to use your lease accounting compliance project to unlock hard- and soft-dollar savings and improve operational performance of your leases. Register here.
An Inside Look at the Visual Lease Product Roadmap (Nov. 16) – In this webinar, members of the Visual Lease senior leadership team will provide a sneak-peek into new product capabilities that are on the horizon to help Visual Lease users manage and maximize every asset in their lease portfolio. Register here
Get Ahead of Day 2 Lease Accounting with Visual Lease (Dec. 14) – In this session, industry leaders will discuss the main roadblocks associated with lease accounting compliance and how to address these challenges with centralized lease data. Register here.

To keep up with all of Visual Lease’s upcoming virtual events, visit here.

About Visual Lease
Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS platform is embedded with more than three decades of best practices from major corporations and leading industry professionals. Our award-winning solutions are used by 800+ organizations to manage 500,000+ real estate, equipment and other leased assets. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.

Media Contacts
Erica Bonavitacola
Visual Lease
T+1 732 860 4838
ebonavitacola@visuallease.com

Katie Vroom
Gregory FCA
T+1 212 398 9680
kvroom@gregoryfca.com

The post Visual Lease Announces Q4 Webinar Schedule first appeared on Visual Lease.