SOURCE: Virtual Premise, Inc.

Virtual Premise, Inc.

August 01, 2011 14:10 ET

Virtual Premise Focuses Software as a Service (SaaS) Solutions to Help Customers Get Ready Now for Anticipated New Lease Accounting Policies

Real Estate Information Management Software and Services Help Customers Proactively Prepare for Prospective New Lease Accounting Policies for All Leases

ATLANTA, GA--(Marketwire - Aug 1, 2011) - Virtual Premise, a leading Software as a Service (SaaS) provider of real estate information management solutions, today announced the introduction of its FASB Readiness software and services offerings designed specifically to address customers' needs as they prepare for the anticipated changes to lease accounting standards. Currently under deliberation by the Financial Accounting Standards Board (FASB), these expected regulatory changes will have a significant impact on all companies' balance sheets and will require a substantial amount of work by companies to prepare for the changes, including restatements of financial information. Despite a recent delay by FASB, it still appears to be a matter of when, not if, the changes will take place.

The offerings from Virtual Premise take advantage of the company's already-robust SaaS software and best-practices services solutions and include a Readiness Assessment, Lease Data Audit, and Lease Data Abstracting. By focusing on ways to help companies ready their information for all types of leases, Virtual Premise is helping organizations ease the eventual transition to the new lease accounting policies. In addition, companies who may currently be working with large consulting or accounting firms to prepare for the new FASB regulations can leverage VP's Software as a Service solution to quickly and economically implement the lease administration system functionality they need for compliance.

VP recommends that companies should currently be conducting the following readiness initiatives:

  • Inventory all leases
  • Assess lease abstracting policies
  • Review existing lease approval processes
  • Understand how the potential accounting rules impact financial statements and debt ratios
  • Review the impact to credit line arrangements and performance criteria
  • Analyze the value of existing lease obligations

"Virtual Premise is helping CFOs prepare to answer the question from their Board of Directors, 'What will the financial impact be to our company from the expected FASB lease accounting changes?'" said Andy Thomas, president and COO at Virtual Premise. "Our customers are clamoring for information about the anticipated lease accounting changes. This was proven by an overwhelming response to FASB-focused learning sessions at our recent customer conference and positive reception to our published whitepapers on the topic. Our proactive response to these changes is helping customers feel confident that they will not only be ready for the changes, but will be well ahead of the game. We are also helping companies transform this challenging situation into an opportunity to get their lease management house in order."

While uncertainty remains as to the final content and timing of the changes, Virtual Premise continues to take a thought leadership role in preparing its solutions for this major change to lease accounting. The company's software and services can accommodate all types of leases, including real estate and non-real estate leases; for example, fleets of automobiles, tractor trailers, forklifts, manufacturing equipment, and office equipment.

About Virtual Premise
Virtual Premise, Inc. is a leading SaaS provider of real estate information management solutions for corporations, retailers, restaurants, landlords and commercial real estate service providers. With Virtual Premise, companies have a smart, easy way to collect, manage and report on complex real estate information from anywhere, at anytime. Virtual Premise technology solutions include strategy and analytics, portfolio management, lease management, lease administration, project management, transaction management, and document management. Virtual Premise also offers a wide range of supporting services to include lease abstracting, document management services, data validation, due diligence support, and best practices consulting. For more information, call 404-267-1781 or visit www.virtualpremise.com.

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