Advisory, tax and assurance firm Baker Tilly Virchow Krause partnered with lease accounting and management software provider, Visual Lease, to provide clients with enhanced software compatible with the new ASC 842 standards.

The enterprise level lease accounting software will benefit clients with lease portfolios of all sizes by providing:

• Flexible, cloud-based lease accounting software
• Compatibility with all lease types
• Highly efficient automated lease accounting
• Ability to import lease data
• Classification of leases with an automated lease test
• Automated lease calculations, journal entries and disclosures
• Easily configurable Excel-based reporting

Effective at the end of 2018, the new ASC 842 standard on accounting for leases changed the financial reporting obligations of companies that enter into leasing transactions for assets such as real estate, vehicles and equipment.

“This scalable solution offers exceptional value by creating efficiencies for clients who want a user-friendly solution for high volume lease portfolios,” said Jere Shawver, Baker Tilly’s managing partner of assurance and risk. “They need to comply with the new ASC 842 standard, but without this solution they would have to manually account for their leases, driving up their internal costs and reducing available resources to complete high value projects. The Baker Tilly/Visual Lease partnership makes a highly efficient platform available to clients of all sizes.”

Through the partnership, Baker Tilly will provide the results of Visual Lease’s flexible configuration, data migration and ASC 842 accounting compliance to clients. The software also offers specialized lease accounting functionality, including percentage rent, lessor/sublease and sale leaseback, ensuring that clients with complex lease arrangements are able to comply with the regulations easily.

“We are excited to work with Baker Tilly to provide their clients with a fully scalable solution for managing their lease portfolios,” said Marc Betesh, CEO of Visual Lease. “By implementing the Baker Tilly/Visual Lease solution, companies can quickly comply with the new lease accounting standard through a proven solution that combines a leading lease administration software solution with excellent implementation and consulting support from a top firm in the industry. In the end, Baker Tilly’s clients will have improved financial and operational control over their leases.”