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1、(ybVISUALLEASE2024OfficeofFinanceOutlook:EnvironmentalImpactReportingExaminingtheGrowingSignificanceofLeaseControlsasComplianceStandardsEvolveTableofContents2023EnvironmentalImpactReportingAnalysis5CommonEnvironmentalImpactReportingChallenges&HowtoOvercomeThem7Conclusion:SelectingtheRightFintechPlat
2、formtoSupportEnvironmentalImpactRePOrtingNsedsin20241ExecutiveSummaryThroughout2023zinterestinEnvironmental,SocialandGovernance(ESG)reportingandgoalsettingsurged,transcendingindustryboundariesandreshapingcorporatelandscapesasorganizationsincreasinglyprioritizedsustainabilityandresponsiblebusinesspra
3、ctices.Multiplefactorsaredrivingthistransformationinglobalenterprisebusinesses:ESG programs to prepare for emergregulatory requirements mounts,companies are concerned about backlash spreading among employees, investors, business partners, consumers and the media over the next two years.Profitability
4、found that 53% of revenues of the 500 largest US companies and 49% of revenues of the lz200 largest global companies come from business activities that are tied to sustainable development goals.te pressure to establish and exRelationste reported that ESG-mandated assets uld make up half of all profe
5、ssionally managed investments by 2025.RetentionAccording to Mars anz organizations with the highest employee satisfaction had ESG scores 14% higher than the global average, likely due to their strong environmental performance.Thankfully,variousregulatorybodiesarecommittedtointroducingstandardization
6、tothereportingprcess.InJune2023ztheInternationalSustamabilityStandardsBoard(ISSBintroducedthefirst-everglobalsustainabilitydisclosurestandards.Justafewmonthslater,CaliforniaGovernorNewsomsignedCaliforniaClimateAccountabilityPackage,comprisedoftwobills,SenateBill253(SB253)andSenateBill261(SB261),whic
7、hmandatebothpublicandprivatecompaniesoperatinginCaliforniatodisclosetheirgreenhousegas(GHG)emissionsaswellasclimate-relatedfinancialrisk.VALLFAS=Withsomuchinflux,thereisconfusionaroundwhatwillberequiredofdifferententities.37%WhileESGreportingisprovingtobeextremelynuancedzthereisonecommonalityacrossa
8、llexistingandforthcomingregulations:impactedbusinessesshouldquicklygatherandanalyzeallrelateddataastheanticipatedwindowforcomplianceisshort.AsifmpliancewerentreasonenoughfororganizationstoprioritizetheirESGreportingefforts,thereisanopportunityfortheseentitiestousetheirexistingdatatoestablishiticalbe
9、nchmarks.Inthisreport,industryexpertsfromVisualLease(VL)andotherorganizationssuchasBioRadrPennStateHealth,Indeed,MISTRASandCompasswillshare:AnticipatedchallengesassociatedwithenvironmentalreportingandstrategiestomitigatethemTheadvantagesstrongleasemanagementpracticescanhavewithrespecttoenvironmental
10、impactreporting65coforganizationswithmorethanlz000employeesW川bereportingundertheSECrequirements91FRSISSBheseorganizationsbelievetheSECrequirementswillmirrortheISSBguidelinesWhile28%believetheSECrequirementswillbedifferentthantheISSBguidelinesin2024andbeyondHowfinanceleadersplayapivotalroleinguidingo
11、rganizationsthroughthistransformativeperiod2023EnvironmentalImpactReportingAnalysisWorldwide,buildingsareresponsiblefor37%ofglobalcarbonemissionsand34%ofenergydemand,accordingtotheGlobalStatusReportforBuildingsandConstruction(BuiIings-GSR).Giventheinfluencemmerdalleaseshaveonanorganizationsoverallen
12、vironmentalftprintzmanyarerecognizingtheimportanceofnegotiatingtermsthatalignwiththeirESGgoals.88%ofsurveyedsenioraccountingandfinanceexecutivesreportthatenvironmentalandsustainabilityfactorsareahighprioritywhenenteringintonewleaseagreements,includingrealestate,fleet,equipment,land,etc.intothecurren
13、tenvironmentaIimPaCtOftheirOWnedandIe目?dButwitareincreasingthenumberofenergy-efficientvehiclesintheirfleets.areswitchingtorenewableenergysources.goals.areincreasingthenumberofLEED-certifiedbuildingsintheirleaseportfolios.Iarebuyingcarbonoffsets-thislowerinterestmaybeCU/duetorecentnegativecoveragecom
14、panieshaveA。Qreceivedthatpointtoapotentiallinkbetweencarbonoffsetsandgreenwashing.”ISibilityInearly2023,VisualLeasereportedthatastaggering99%ofseniorrealestateexecutivesatcompanieswithmorethanlz000employeesnoteditisimportantthattheirorganizationsfutureleaseshelpreduceitscarbonfootprint.Forthosebusin
15、essestomakeinformeddecisionsaboutfutureleases,theymustfirstassesstheirexistingleasestounderstandwheretheycanmakeimprovements.Theseinsightswillhelpinformago-forwardapproach-suchastransitioningtorenewablesourcesofenergyoroptingforsmaller,satelliteofficelocations-whichwillassistthe90%ofsenioraccounting
16、andfinanceexecutiveswhoarelookingtoimplementnewsustainabilitygoalsoverthenexttwotofiveyears.Themajorityofsurveyedseniorfinanceandaccountingexecutiveshavereportedthatwhilethey,vecollectedkeyenvironmentaldata,lessthan40%haveanalyzedorusedthedatatoestablishbenchmarks.Thisdelaycanbeattributedtoafewdiffe
17、rentreasons:somemaybeveryearlyinthegatheringprocesswithincompletedata,othersmightnottrusttheirdatayetduetoweakprocesses,inadequatecontrolsand/oralackofacentralizedviewoftheirleasedandownedassetrecords.Alloftheseissuesareimpedimentstobeingabletoaccessandanalyzeaportfoliotoestablishaccuratebenchmarks.
18、Thankfully,theintroductionoftheleaseaccountingstandards(ASC842zGASB87andIFRS16)shinedalightontheneedforstrongerleaseandrelatedrerdmanagement-aprocessthatremainscriticaltosustainingleaseaccountingcompliance.Thereisabigopportunityhereformostbusinesses,asnearly70%ofsenioraccountingandfinanceexecutivesr
19、eportthattheirorganizationsarenotfullypreparedintermsoftheirabilitytotrackandmeasuretheenvironmentalimpactofleasedandownedassetportfoliostocomplywiththenewandemergingenvironmentalreportingrequirements.However,84%oforganizationshavesincemadestrongerleasecontrolsandoverallmanagementahigherbusinessprio
20、rity.Whilethereareclearparallelsbetweenthepreparationrequiredtoachievempliancewiththeleaseaccountingstandardsandenvironmentalreportingrequirements,thereisoneimportantdistinctionthatorganizationsmustaccountfor-whenitmestofinancialstatements,accountantsandfinanceprofessionalshaveyearsofrelatedtraining
21、andexperiencewhereas,withenvironmentalreportingandclimate-relateddisclosures,theydonot.Considerthisanalogy:Supposeyouhaveapileofamillionbricks.Isthatalotoralittle?Howbigarethebricks?Whatwillbebuiltfromthem?Lackofrelevantexperienceandcontextwillimpactorganizationsabilitytoestablishbenchmarks.Todosoef
22、fectively,financeteamsrequiremoreknowledgeandon-goingsupporttonavigatethisrapidlyevolvingreportingneed.IgNearly40%ofglobalcarbondioxideemissionsoriginatefromrealestate-relatedassets.Properleasemanagementisanorganizationsentrypointtonotonlymeasuringandreportingontheirenvironmentalimpact,butalsounders
23、tandinghowtomakeimprovementsforamoresustainablefuture.CommonEnvironmentalImpactReportingChallenges&HowtoOvercomeThemEarlierin2023zVisualLeasereportedthat83%ofseniorrealestateexecutivesfelttheircompaniesdidnothavetherequiredtechnology,peopleandprocessesneededtosuccessfullymanagetheirlease-relatedexpe
24、nses.KHomeservicesHomeServicesisa$5billionrealestatecompany,withadecentralizedstructurethatmakestrackingdata-especiallycompliancedata-particularlytricky.Priorto2018,HomeServicesusedahomegrowndatabasetostorebasicleaseinformation.Today,51%oforganizationsareeitherrelyingonExcelorathirdpartytohelpthemma
25、nagetheirleaseadministrationprocesses.Theinherentmplexityofleasedatademandsamoresophisticatedsolution.Organizationsshouldmoveawayfromad-hocorfragmentedapproachesandoptforadedicatedsystemofrecordthatenablesstrongleasecontrols.Doingsowilladdressthemainconcernsthat99%ofsurveyedseniorfinanceandaccountin
26、gexecutiveshavewithmaintainingpropercontrolovertheirorganizationsleaseportfolio:AfterimplementingVisualLeaseastheircentralizedsystemofrecord,HomeServicesgainedvisibilityintotheirleaseportfolio,whichhastranslatedintoconfidentreportingandhelpedwithbudgetingandforecasting.1.earnmoreaboutHomeServices,ex
27、perienceChallenge#1:47tVoofsenioraccountingandfinanceexecutivesareconcernedaboutresourcingtherequiredwork.Solution:Becausemultiplestakeholders(finance,realestate,procurement,accountspayable,legal,etc.)interactwithownedandleasedassetsthroughouttheirentirelifecycle,itsimportanttofirstestablishdefinedr
28、oles-i.e.,whoisresponsiblefornegotiatingtermsvs.monitoringthetermsoncealeaseisexecuted,etc.Visuj三flatedreporssavedPennStateHealth180hoursayear.1.earnmoreaboutPennStateHealth,sexperiencef,kChallenge#2:48tofsenioraccountingandQfinanceexecutivesareconcernedaboutdataaccuracyandcompleteness.Solution:Once
29、rolesareestablished,responsiblepartiesshouldgatherandanalyzeleaseandownedassetrecordstoidentifyconsumptiondataofgreenhousegasemissions(CO2zPFCszCH4zSF6zN2OzHFCs).ScopeEmissionsPrimerChallenge#3:44%ofsenioraccountingandfinanceexecutivesareconcernedwithachievingcompliancewithESGrequirementsandpolicies
30、.Wlmon:EnsurethereisapartyresponsibleforkeepingtabsonESGreportingguidance-forexample,understandingthedifferencebetweenscopelz2and3emissionsandkeepingtrackofupdatesfromregulatorybodiesliketheSEC.Challenge#4:46%ofsenioraccountingand-financeexecutivesareconcernedabouttheirabilitytoreacttounforeseencirc
31、umstances,suchassupplychaindisruptionsandinflation.SBKm:Leverageyourcentralizedsystemofrecordtoanalyzeyourportfolioofleasedandownedassetstoidentifycostsavingsopportunitiesandreallocatefundsbasedoncurrentneeds.Scope2:INDIRECTChallenge#5:44%ofsenioraccountingandfinanceexecutivesareconcernedwithsustain
32、ingiease-aeeountmg-eempHaneeijdhkn:Utilizingacentralizedleaseportfoliosystemofrecordwioempoweryoutoeasilykeeptrackofanychangesrificationstoyourleases,whichwillensureallleaseaccountingcalculationsareaccurateDay2andbeyond.Refertoemissionsthatcomefromthegenerationofpurchasedenergy.*Challenge#6:39%ofsen
33、ioraccountingandfinanceexecutivesareconcernedaboutbeingprepared-for-auMSiEstablishcontrolsthatenforcetherolesand修莉SibiIitieSofeachstakeholderbyenablingaccesstotheappropriatepointofcontactattheappropriatepointintime.Implementasolutionthatcanbeconfiguredtosupportyourorganizationscontrolpoliciestoensur
34、etheyareadheredto.RefertoemissionsthatarenotcoveredinScope1andScope2,andarecreatedbyacompanysvaluechain.*wScope1,2and3EmissionsfromDeloitteTheEvolutionoftheOfficeofFinanceAstedbyMeK,Modemfinancedepartmentsaretransformingtobecometheguardiansofenterprisevaluecreation/shiftingfromoverseeingtransactiona
35、ltaskstomanagingvalue-addedactivities/Overthepastdecade,corporatefinancedepartmentshaveineasinglyassumednewresponsibilitiesthatshapestrategicdecisionsanddrivecriticalbusinessinitiativesforward.97%ofsurveyedseniorfinanceandaccountingexecutivesand100%ofsurveyedCAOsandCFOsatcompanieswithmorethan1,000em
36、ployeesareinvolvedwiththeirorganizationscurrentstateofESGreporting.However,lessthanone-thirdofseniorfinanceandaccountingexecutivesreportthattheirESGreportingframeworkisfullyestablishedandincludesavarietyofenvironmentalfactorswith30%disclosingthattheirframeworkislimitedtospecificorganizationinitiativ
37、es,furtherunderscoringtheneedforaccurateandcompletedatasetstodeterminehelpfulbenchmarksandfacilitateinformedgoal-setting.Thesefindingsalsohighlighttheimportance of consulting with third parties to ensure there is adequate support andresources dedicated to keeping up with regulatory updates and need-
38、to-knows that can impactyour organizations mpliance with internal or external sustainability goals.Respondents have ranked the following actions as appropriate first steps toward meeting environmental and sustainability goals:27%Collecting data about greenhouse gas emissions from owned and leased as
39、sets to determine baselinesDeciding on the specific ESG standards and measures to useIdentifying all internal and external stakeholders18%17%Analyzing portfolioof owned and leasedassetsIntegrate lease recorddata with othersolutions in theFintech stackThese added responsibilities do not replace, but
40、rather, are in addition to the existing responsibilities of finance and accounting teams. As recently reported in The Wall Street Journd z an increasingly large number of accountants are leaving the industry due to burnout, resulting in a growing shortage of the professionals needed to implement and
41、 drive these initiatives.Dedicated technology is proving to be the most effective way to track ESG metrics - including data points that range from sustainability and carbon consumption to the businesses diversity and broader social impact - while simultanusly creating efficiencies, allowing finance
42、and accounting professionals to streamline manual tasks and focus on more strategic efforts.Embracing purpose-built solutions will provide the Office of Finance and their organizations with a strategic advantage over competitors as they gain valuable time and a clear and comprehensive understanding
43、of their ongoing progress against these goals in real-time.As东南&3J3R公由 CSib 而 yto serve as an agent for positive changeand advancement of the CompanysESG initiatives, were thrilled to become apilot customer for VL ESG Steward. Weveused Visual Lease as our system of recordfor our portfolio of facilit
44、y, automobile,and equipment leases -and feel thatthey are we/ positioned to expand andprovide meaningful value into the complexlandscape of ESG re porting.,-Thomas Tobolsk!, Treasurer, MISTRAS Croup, Inc.Learn more about VL ESC Steward Conclusion:SelectingtheRightFintechPlatformtoSupportEnvironmenta
45、lImpactReportingNeedsin2024Whiletherearebenefitstolivingthroughatechnologyrevolution,agrowingabundanceofoptionscancreatechallengesfortheOfficeofHnancewhenlookingtoidentifyasolutiontosupportitsenvironmentalreportingefforts.Surveyedsenioraccountingandfinanceprofessionalshaveprioritizedthefollowingiter
46、iaforselectingnewfintech:Supports collaboration among cross-functional teams (23%)Because so many different departments and individuals interact with leases, it is critical to prioritize a centralized system of rerd that will enable cross-functionalaccess and collaboration, creating efficiencies alo
47、ng the way.This is a big focus area for many companies as less than 40% of surveyed senior finance and accounting professionals reported that they are mpletely lIaborative with the team that manages their company,s commercial real estate leases.indeedVisual Lease has empowered lndeed,sglobal accounting team to standardize theway in which they do their lease accountingacross all of their offices, reducing thenumber of individuals required to achieveand maintain compliance.Learn more abou
