Longstanding pioneer in lease management and accounting continues to advance its platform capabilities to address evolving environmental reporting requirements

WOODBRIDGE, NJ / ACCESSWIRE / October 16, 2023 / Visual Lease (VL), the #1 lease optimization software provider, today announced its results from Q3 2023, reporting sustained double-digit annual recurring revenue and customer percentage growth, year-over-year.

'A forthcoming analysis from The Visual Lease Data Institute indicates that 99% of senior accounting and finance executives from companies with more than 1,000 employees have made lease management a higher priority in light of the new lease accounting standards and rising, widespread interest in sustainability,' said Robert Michlewicz, CEO of Visual Lease. 'Our continued growth and industry recognition reflects our unique ability to address this pivotal shift in the Office of Finance, which is rooted in VL's 25+ years of experience maximizing the value organizations receive from their lease portfolio. We continue to invest in our people, platform and the services we provide to empower our growing community of 1,500+ customers to leverage their lease portfolio for strategic financial and operational outcomes.'

In Q3, Visual Lease:

Solutions & Services

• Enhanced its GASB Roll Forward Report for lessees, which provides detail of the asset and liability activity that occurred in the reporting period. This report makes it easy for organizations that need to comply with the GASB standards 87 and 96 to manage and reconcile period-over-period changes to their balance sheet accounts, and can also be used to help in preparing statements of cash flows.
• Hosted its second annual Customer Advisory Board (CAB) Summit in San Antonio, TX, a multi-day event where select customers and partners gathered to discuss industry trends, as well as review and provide feedback on VL's roadmap. During the summit, VL unveiled the winners of its annual Customer Excellence Awards, recognizing American Axle Manufacturing, Compass, Quanta Services and RSM US LLP for capitalizing on VL's unique capabilities to streamline critical workflows, promote cross-departmental collaboration and ensure data accuracy.
• Welcomed Gene Cook as Vice President of Global Partners, responsible for helping the company expand the value it provides to its growing network of Global Partners across leading accounting firms, professional services organizations, commercial real estate firms and solution providers.

Industry Recognition

• Named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Lease Accounting and Administration Applications 2023 Vendor Assessment (doc # US48562222, August 2023), the first analyst report to provide a comprehensive evaluation of the combined lease accounting and lease administration capabilities of more than a dozen solution providers. According to Kevin Permenter, Research Director at IDC, the analysis found that, 'VL offers substantial platform extension capabilities around tracking and reporting on the environmental impact of leased and owned assets to support their clients' ESG initiatives and help organizations harness the power of their portfolio to enhance business resiliency.'
• Received two awards for its newest offering, VL ESG Steward™, recognized as a finalist for a Software as a Service (SaaS) award within the category of Best SaaS Product for CSR, Sustainability and ESG, and also named a Sustainability Product of the Year by the Business Intelligence Group. VL ESG Steward is the first solution of its kind within the lease accounting and administration space designed to empower users to report on the environmental impact of their owned and leased assets in accordance with the sustainability disclosure requirements from the International Sustainability Standards Board (ISSB), IFRS S1 and IFRS S2.
• Recognized by G2 as a Leader and High Performer for Enterprise businesses in both the Lease Administration and Lease Accounting categories, as well as Leader and High Performer status in both categories for businesses of all sizes.

Company Culture

• Named a Best Place to Work in New Jersey by NJBIZ for the fourth consecutive year, recognized for its culture, strong leadership, high levels of employee satisfaction and the many growth and development opportunities provided to the team.
• Hosted its inaugural VL Week, providing an opportunity for employees to learn, connect with one another and apply key concepts that are critical to supporting its customers, collaborating with its global partners and achieving shared corporate goals. The week consisted of informative sessions, workshops and volunteer opportunities with local organizations Elijah's Promise and Clean Ocean Action.

To keep up with the latest findings from The Visual Lease Data Institute and additional announcements from Visual Lease, visit the Visual Lease Newsroom.

About Visual Lease

Visual Lease is the #1 lease optimization solution provider, empowering organizations to leverage their lease portfolio for strategic financial and operational outcomes. Our powerful and secure platform serves as a centralized system of record for all lease financial, operational and legal data, and is purpose-built to support every team that interacts with a company's lease portfolio. Informed by nearly three decades of experience, our solutions help companies easily sustain compliance with FASB, IFRS, GASB and ISSB reporting requirements, and mitigate the risks and maximize the value associated with their lease records. Our award-winning software is used by 1,500+ organizations to manage more than 1 million real estate, equipment and other leased asset records globally. For more information, visit visuallease.com.

Media Contact

Erica Bonavitacola
Visual Lease
T+1 732 860 4838
[email protected]

SOURCE: Visual Lease