Chicago-based Top Six Firm Grant Thornton has partnered with Visual Lease to make the latter's cloud-based lease management software available to its clients.

Grant Thornton signed a preferred vendor agreement with the Woodbridge, N.J.-based software provider to make the Visual Lease platform available to its lease transformation services clients, enabling them to import lease information directly from the firm’s cloud-based lease information repository, known as LeaseX, into Visual Lease’s cloud-based lease management and accounting software. Grant Thornton’s LeaseX offering is an ASC 842 readiness assessment tool that integrates with market-wide lease software.

Via the software integration, LeaseX collects and validates relevant information specific to each individual lease, and then populates it into Visual Lease. Visual Lease then automates the required calculations of the leased assets for the business’s financial statements. The solution can handle real estate, equipment and other types of assets, and creates the required Financial Accounting Standards Board, International Accounting Standards Board and Governmental Accounting Standards Board calculations, as well as related footnotes and disclosures, according to Grant Thornton.

“The Financial Accounting Standards Board issued new leasing standards in 2016 that require lessees to account for most leases on their balance sheets; as a result, many organizations have searched for a better way to manage their lease-accounting practices,” said Joseph Brown, Grant Thornton’s national managing partner for strategic federal tax services and co-leader of ASC 842 advisory services, in a statement.

“This agreement provides Grant Thornton’s clients with access to a fully scalable solution for managing their asset portfolio,” added Marc Betesh, CEO of Visual Lease. “By implementing Visual Lease, companies of all sizes and stripes can better track and manage their leases by integrating with accounting IT systems – ultimately creating an environment to enable compliance within the new standards.”

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