Mark Betesh, Founder and CEO
Besides payroll, the second-most significant expense for corporations is leases. However, because of complex lease documentation, most companies fail to understand their true lease obligations. The size of a corporate real estate or equipment lease can vary greatly, including up to hundreds of pages with interdependent, intricate clauses and provisions. It’s crucial to properly manage lease documentation to avoid serious financial risks, such as overpayment or missed renewal dates. Furthermore, proper lease management has become more critical than ever due to the new lease accounting standards.
Marc Betesh, CEO of Visual Lease, has been dedicated to providing visibility into leases long before the new lease accounting standards were introduced. As an attorney and leading expert on commercial lease negotiation, lease interpretation, and expense reimbursement clauses, Betesh has negotiated many lease agreements on behalf of his clients for financial concessions and benefits throughout his career. In his dedication to help clients optimally monitor their financial lease obligations, he recognized a crying need for technology to streamline lease management, therefore prompting what has turned into today’s robust lease accounting and management solution, Visual Lease.
The team at Visual Lease has paid very close attention to the current industry demands of the new lease accounting standards (ASC 842, IFRS 16, and GASB 87), and purposely built its SaaS (Software as a Service) lease accounting solution to streamline compliance for the new lease accounting requirements and account for unique nuances contained within each lease.
With access to lease data in real-time, users can easily track key lease data points and confidently generate financial disclosure reports to meet the requirements of ASC 842, IFRS 16 and GASB 87. The Visual Lease platform automates otherwise complex calculations and also provides a simple way to integrate necessary lease financial data into third-party systems, such as general ledger, accounts payable and accounts receivable.
Beyond its leading software capabilities, Visual Lease further distinguishes itself from other lease accounting providers through its strong commitment to customer success. From implementation and training to ongoing account management and customer support, Visual Lease has a strong employee infrastructure committed to client success. During implementation, Visual Lease assigns an in-house implementation manager to understand each client’s needs, goals, and processes— and provides support for solution testing and validation before the solution is made live.
With access to lease data in real-time, users can easily track key lease data points and confidently generate financial disclosure reports to meet the requirements of ASC 842, IFRS 16 and GASB 87
In a case study, a New York City-based, publicly-traded global investment management firm with more than $50 billion under management across multiple funds approached Visual Lease to keep pace with rapid global expansion and extensive financial reach. The company was looking for a comprehensive solution that can streamline lease management, accounting, and document management while automating payments. Visual Lease responded quickly by implementing a comprehensive real estate solution. To address the holistic needs of the client, Visual Lease initially reviewed their real estate processes and recommendations. With this knowledge, it configured and implemented their Visual Lease database for lease management and accounting feed capabilities involving more than 20 organizational entities. It also abstracted all leases, populated the legal, business, document, and financial information, and brought them into the client’s database. As a result, the client not only achieved simplified real estate processes but also gained substantial improvement in financial operations execution. A fully customized lease administration and real estate management database allowed the client to keep track of the financials and improve their decision-making.
In the future, Visual Lease is looking to continually improve its capabilities, such as incorporating AI functionality and process automation to further improve the platform’s efficiency. Additionally, the company is exploring ways to enhance lease comprehension through import tools and automated means of integration.