Visual Lease (VL), a platform for integrated lease management, accounting, and reporting, has announced a strategic partnership with Workiva, a platform for assured integrated reporting, at Workiva Amplify 2024. Both companies focus on empowering mutual customers to streamline financial and sustainability reporting.
“At VL, we saw firsthand how challenging portfolio management was for the Office of Finance in adopting the accounting standards (ASC 842, IFRS 16, GASB 87 & 96),” said Robert Michlewicz, CEO of Visual Lease. “Sustainability reporting is no different, which is why last year, we launched VL ESG Steward™, the first carbon accounting and sustainability management solution for enterprise real estate and equipment portfolios. VL’s solutions are built on decades of industry-leading lease administration and accounting guidance, and we’re thrilled to extend this unique value by partnering with Workiva. Our shared mission is to empower organizations in achieving transparent reporting, which includes the timely and growing need to accurately report against their sustainability goals.”
This announcement comes at a critical time as new and evolving ESG disclosures impact organizations across the globe. While intended to bring transparency and accountability to sustainability reporting, these regulations have simultaneously increased scrutiny and the resulting burden on businesses.
“Navigating portfolio data for financial and non-financial reporting poses a distinctive challenge,” stated Paul Volpe, Senior Vice President Solutions and Growth, Workiva. “Accurately depicting sustainability impact demands meticulous tracking of real estate and equipment changes alongside financial and climate implications. Through our technology partnership with Visual Lease, our solutions can automate data flows and ensure precision in meeting evolving sustainability disclosure standards and data validation for assurance as well as, empower our shared clients to make informed, data-driven decisions benefiting both their organizations and the environment.”
The importance of dedicated sustainability management and reporting solutions is underscored by the significant role real estate and equipment leases play in many organizations’ overall budget and carbon footprint. Managing these assets can be intricate, especially with leases involved, as portfolio changes affect spending, operational workflows, and environmental implications.
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Tags: Accounting, ESG
