Great integration of Lease Admin and Accounting

We have only just begun our journey, but I am very impressed with the customer service and knowledge of our implementation manager and our account manager. It gives me great confidence that we will get the support we need going forward.

Pros

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.

Cons

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.

How Visual Lease simplify the way to run reports

Preparing reports become much easier than before. Nowadays it is not required to communicate with all different departments, which very often they are not based in the same country.

Pros

For the Real Estate prospective the most useful feature is the report field. It is very useful and easy to use because you can review and check all the info (General and Financial) for all the units.

Cons

Overall the system works very well and one of the best feature that Visual Lease offers is the financial reporting. At the moment Visual Lease gives you the possibility to run financial reports with simple steps and various options such as customize by month and year. The additional feature that can be add value on these reports could be if the system automatically gives the amount based on the Lease year for all units despite the fact that they have different Lease periods.

first lease admin & accounting software for the company

positive experience with sales during request for proposal, very knowledgeable and patient implementation team led by [SENSITIVE CONTENT HIDDEN] allowing us to complete implementation on time, some hiccups with trying to have more customised info built into the accounting feed without having to incur additional costs but otherwise have appreciated being put in touch with technical expert [SENSITIVE CONTENT HIDDEN] to understand how the system does or does not accommodate for IFRS 16 specifics

Pros

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

Cons

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

User Experience

From the beginning to the end VL has been most accomidating and eager to help. Customer service is hard to come by these days. It's refreshing to have companies work with you on business objectives.

Pros

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.

Cons

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.

Use & need of Visual Lease

So far there is a lot to learn, but in the end it will do what we are looking for.

Pros

Keeping track of our leases expiration dates and 842 payments

Cons

Setting up all the leases in Visual Lease