• Introduction to leasing
  • Types of lease
  • Overview of our lease services
  • Introduction to LOIS, our lease management software
  • Using LOIS
  • Service packages and charges
  • Data security and access
What is a lease?
The most widely-recognised definition of a lease comes from the International Accounting Standards Board (IASB):

“A lease is an agreement whereby the lessor conveys to the lessee, in return for payment or series of payments, the right to use an asset for an agreed period of time”.

Opting to lease an asset rather than buying it outright can offer a number of advantages, including:

  • Improved affordability. As payment is spread across the lease term, leasing can allow you to spread your costs.
  • Reduced capital expenditure. Often, it’s possible to account for lease costs as expenses rather than capital costs. (Note that this will change in future – see below for details.)
  • Additional flexibility. You may be able to vary the terms of your lease as your requirements change. Leasing can also help you avoid being stuck with assets that are technologically out of date.

Leases come in many variations, including contract hire, hire purchase and sale and leaseback agreements. We have experience of managing all of these.

What kinds of things can be leased?

You can generally lease any asset that you can buy. Businesses often lease items like office equipment, industrial machinery and technology. We have experience working with an enormous range of leased assets.

How will lease accounting rules be changing?

International lease accounting standards are changing. New rules should be announced before the end of 2015. These will require businesses to account for leases in a different, more centralised way. Most leases will become balance sheet items.

Under current accounting rules, operating leases do not have to be recorded on your balance sheet. This makes it hard for shareholders and other investors to understand a company’s liabilities and assets. It also makes it difficult to compare different businesses and organisations on a fair basis.

In order to combat this, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are developing new standards. These will provide greater transparency by bringing lease liabilities onto the balance sheet.

We have been tracking the proposals since they were first discussed. This means we are well placed to help you meet the new accounting standards.

Learn more about lease accounting changes >

Get the latest news about these changes from our Resource Centre > 

What is a finance lease?

Finance leases are also called capital leases.

Finance leases transfer the risks­ and rewards of owning an asset to you, the lessee. This means that finance leases will usually be shown on your balance sheet.

A lease is a finance lease if it meets at least one of these conditions:

  • The ownership of the asset is transferred to the lessee, either during the lease term or at its end.
  • You have the option to buy the asset below the market price, either at the end of the lease term or when the lease is terminated.
  • The lease runs for a significant portion of the asset’s economic life. (Usually, this means the lease period is at least 75% of the asset’s expected economic life.)
  • The value of the asset at the end of the lease is minimal compared to its initial value. (Usually, this means that at the end of the lease, the asset will be worth less than 10% of its value at the start.)
  • By the end of the lease period, the lease can be continued at a nominal (or ‘peppercorn’) rate. This is because most of the asset has been paid for by this point.

What is an operating lease?

Officially, an operating lease is any lease that does not meet the conditions of a finance lease.

The main feature of an operating lease is that the risks and rewards associated with ownership remain with the lease provider.

As a result, operating leases are usually cheaper over the primary lease term. The lease provider makes most of their profit after then – either by extending the lease, leasing the asset to another organisation, or by selling the asset.

Operating leases can currently appear off your balance sheet. However, the introduction of a new leasing standard means this is set to change.

Learn more about lease accounting changes >

What is lease portfolio management?

Lease portfolio management services allow lessees to proactively manage all leases in your organisation. From negotiating and arranging the lease, right through to renewing or ending it, lease portfolio management helps you stay in control and aware of your lease obligations.

Lease portfolio management can save you time and money by identifying when your lease obligations may not meet your requirements, or by allowing you to negotiate more favourable terms with suppliers.

Quite simply, many businesses don’t give leases a thought once they’ve signed the contract. As a result, they can end up paying to lease equipment they don’t need, or failing to take advantage of changes in the market. Lease portfolio management changes that.

Learn more about lease portfolio management services >

What kind of organisations do you work with?

We work with a range of businesses and other organisations, from medium-sized companies right through to multinational corporations, across all sectors.

What most of our clients have in common is that they all lease a significant number of assets – with annual lease obligations usually running into millions of Euros.

Learn more about our clients >

In which countries does Innervision work?

We are based in the City of London and have clients located across the world.

In total, we manage assets worth more than €1,000,000,000 on behalf of clients. This includes leases in the UK, mainland Europe, North America and the Far East.

Our lease management software can be accessed anywhere and our services are highly automated, so we are well positioned to help manage leases around the world.

What lease providers do you work with?

We’ve developed strong partnerships with lease providers and funders during our history. Some of these relationships stretch back for two decades – they include links with all kinds of providers, from global banks to specialist independent providers.

This means we can provide you with access to a wide range of lease providers.

We can work with your existing lease providers, or you can choose from our database of trusted providers to ensure you negotiate the most competitive leases available.

Is Innervision a lease funder, provider or broker?

No. We are proud to be completely independent and unbiased. As a result, we always work in the best interests of our clients (that’s you, if your organisation leases assets).

We never receive commission from any lease providers or funders.

Does Innervision offer services for property leases?

We specialise in equipment leases. Property leases work differently, so we do not actively arrange these.

However, LOIS, our leasing software, has a specialised property function. This allows you to store full details of your property leases, ensuring you have complete visibility of your lease portfolio

What is LOIS?

LOIS is our powerful online application through which we deliver our lease management services. It acts as the hub of leases in your organisation. You can use LOIS to view lease details, arrange leases and analyse lease commitments.

LOIS stands for Lease Optimisation and Information Software.

Learn more about LOIS >

How many people can use LOIS?

Depending on your service package, you can add as many users as you require. Each person receives an individual username and password. You can also set different access levels for different users, limiting access to sensitive data as required.

Do we need to buy a licence for LOIS?

No. Because you access LOIS online, you don’t need to download any software or purchase any software licences. You can sign in to LOIS from any internet connected device.

Is LOIS compatible with our computers?

As LOIS is accessed online, you don’t need to install any software on your computer to use it. As a result, it works on a wide range of computers and other devices.

LOIS should work on any internet connection. You just need to make sure you have a recent version of one of the main internet browsers, such as:

  • Microsoft Internet Explorer
  • Google Chrome
  • Mozilla Firefox
  • Apple Safari

Does it take long to set up LOIS?

We can usually get you up and running within 48 hours. Loading your lease data may take longer, depending on what format we receive it in.

How do we transfer our data into LOIS?

When we get you set up, we’ll ask you to provide us with a standard Microsoft Excel spreadsheet that contains information about your current leases. We’ll upload this into LOIS for you.

If you have more complex data migration requirements, we can usually help, depending on your service package.

How do we access LOIS?

LOIS is cloud software, which means you can sign in to access it no matter where in the world you are. All you need is an internet-connected device, like a computer or tablet.

Once you’ve signed in, you’ll get a complete view of your very latest leasing information.

Do we need training to use LOIS?

We’ve designed LOIS to be intuitive, so you can get up and running quickly. We’ll give you access to helpful guides and demos, plus online training and support.

If you need a little more help, your account team will be happy to provide extra guidance and discuss other training options.

How often will we have to install software updates?

Because LOIS runs in the cloud, you don’t have to worry about installing any updates, patches or upgrades. All updates are installed and activated by us, ensuring you always have access to the latest features.

How do we decide what services we want Innervision to provide?

We provide a wide range of services, including lease arrangement, lease analysis and lease management. We also provide lease accounting compliance services and full lease reporting.

We realise that you might not need or want all our services, which is why we have developed packages that will suit any business’s leasing requirements. You can view our main services now, or contact us to discuss your circumstances.

How much do you charge for your lease services?

Our services are always tailored to match the needs of each specific client, so prices are agreed on an individual basis.

We offer a number of pricing options, including usage and utility based models as well as combined fixed, variable and gain share models.

We have a policy of being completely transparent about all fees. You’ll always know exactly what you’re paying – and we’ll make sure you’re happy with this. Give us a call and one of our leasing experts will discuss a pricing structure that best suits your business.

Is our data safe stored in LOIS?

Yes. We go to great lengths to protect your data. LOIS is built using multitenant infrastructure, which means your data is stored in several highly secure data centres.

We use sophisticated encryption and firewalls to protect your data, and regularly perform penetration tests to check our ability to fend off digital attacks. We also perform regular data backups.

Who owns the data stored in LOIS?

Your data always remains your property. We don’t claim any ownership rights over it. If you decide to stop using our services, you can download all your data as a Microsoft Excel file (or in another format, if that’s easier for you to handle).

Will you share our data with other organisations or third parties?

No. We do not share or sell your data to any other third party organisation.

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