Overview
What is LeaseCrunch?
LeaseCrunch is lease accounting software from the company of the same name headquartered in Milwaukee, and is a cloud-based solution. LeaseCrunch helps organizations implement the new lease accounting standards, ASC 842, GASB 87, GASB 96, and IFRS 16.
Pricing
What is LeaseCrunch?
LeaseCrunch is lease accounting software from the company of the same name headquartered in Milwaukee, and is a cloud-based solution. LeaseCrunch helps organizations implement the new lease accounting standards, ASC 842, GASB 87, GASB 96, and IFRS 16.
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Product Demos
LeaseCrunch Demo
Product Details
- About
- Tech Details
What is LeaseCrunch?
LeaseCrunch includes step-by-step wizards, automatic calculations and automated quantitative footnote disclosures, so users comply with the tricky nuances of the new lease standard with less work. The interface allows simultaneous client and CPA firm access for collaboration on implementation and ongoing lease accounting support.
Alternately, LeaseCrunch Verify is a source for lease accounting calculations, an application that aims to reduce the hours required to audit the lease standard, giving a firm better economies of scale.
LeaseCrunch Videos
LeaseCrunch Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
Comparisons
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Reviews
Community Insights
- Business Problems Solved
- Pros
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LeaseCrunch is a software solution that effectively addresses several business problems faced by users in the field of lease accounting. Users have found that LeaseCrunch simplifies the calculation of lease balances, making it easier for lower-level staff to handle. This streamlines the lease accounting process and eliminates the need for manual systems like Excel, saving time and reducing errors.
One major challenge that users face is implementing the complicated new accounting standard, ASC 842. LeaseCrunch has proven to be an efficient and effective solution for this task, generating computations and providing users with a user-friendly platform to manage lease accounting. This not only ensures compliance with ASC 842 but also significantly reduces the time needed to manage leases, benefiting users with limited experience in this area.
Another key business problem solved by LeaseCrunch is the time-consuming nature of tracking leases. Users have found that LeaseCrunch makes this task much easier and less time-consuming, particularly when managing a fleet of leased vehicles. Additionally, LeaseCrunch assists in determining journal entries, amortization tables, and footnote calculations for operating and finance leases, eliminating the need for manual calculations and reducing errors.
Overall, LeaseCrunch offers a time-efficient and user-friendly solution to streamline lease accounting processes and comply with ASC 842. By simplifying lease calculations, automating journal entries, and providing easy-to-use reporting features, LeaseCrunch enables users to focus on other areas of their work while ensuring accuracy and efficiency in lease management. While some users suggest that the software could benefit from more updates to enhance its value compared to well-designed Excel spreadsheets, it remains a reliable tool for addressing various lease accounting challenges.
User-Friendly Interface: Users have consistently praised LeaseCrunch for its user-friendly interface, with many stating that it is intuitive and easy to navigate. The simplicity of the software allows users to quickly understand and follow the system, making it effortless to use for lease accounting tasks.
Helpful Customer Support: Numerous reviewers have expressed their appreciation for the excellent customer support provided by LeaseCrunch. Users found the availability of LeaseCrunch staff, especially during initial engagement, to be highly valuable. They described the team at LeaseCrunch as fantastic to work with, highlighting their guidance and assistance throughout the process.
Simplifies ASC 842 Implementation: Many users have commended LeaseCrunch for simplifying the implementation of ASC 842, a new lease standard. They noted that working with LeaseCrunch made the transition smoother than anticipated due to the software's ease of use and reliability. Users appreciated how LeaseCrunch guided them through each step of the process while providing helpful information about inputs, disclosures, and functionality.
Inaccurate Journal Entry Frequency: Some users have expressed frustration with LeaseCrunch's journal entry functionality, noting that it only provides monthly figures and lacks the option for annual figures. This limitation has caused some reviewers to feel inconvenienced by the need to perform an additional step in financial reporting.
Limited Customization Options for Reports: Several users have voiced their desire for more customization options when generating reports from LeaseCrunch. These reviewers have found the current level of customization to be lacking, which has hindered their ability to tailor reports according to their specific needs.
Challenges with Transitioning from Demo to Live Environment: A number of users have encountered difficulties when moving from the demo environment to the live environment of LeaseCrunch. Specifically, they have mentioned issues with the clunky bulk import feature, making this transition less seamless than desired.