LeaseQuery is much improved and ended up being the right choice
Implemented ASC 842 and track our 100+ leases. We had too many leases to manually track so we needed a tool. We have many intercompany …
Overview
What is LeaseQuery?
LeaseQuery is a cloud-based software solution that helps businesses comply with lease accounting standards such as FASB ASC 842, IFRS 16, GASB 87 by simplifying lessee and lessor accounting. Entities having numerous leases can eliminate complex calculations through LeaseQuery and track important financial...
Recent Reviews
Reviewer Pros & Cons
Pricing
N/A
Unavailable
What is LeaseQuery?
LeaseQuery is a FinTech SaaS company headquartered in Atlanta, focused on meeting accountants’ complex needs with cloud-based accounting technology solutions.
Entry-level set up fee?
- No setup fee
For the latest information on pricing, visithttps://finquery.com/request-pricing/
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
Would you like us to let the vendor know that you want pricing?
1 person also want pricing
Alternatives Pricing
What is Buildium?
Buildium is a cloud-based property management solution that enables managers of residential and association properties to take complete control of every aspect of their business, including the rent, vacancy and maintenance cycles. According to the vendor, Buildium streamlines management of the rent…
What is Yardi Breeze?
Yardi Breeze is a real estate property management software solution, from Yardi headquartered in Santa Barbara. The solution is designed to enable users to administer all elements of managing commercial, residential, multi-family / low income, and association properties, and also includes features…
Product Details
- About
- Integrations
- Competitors
- Tech Details
What is LeaseQuery?
LeaseQuery is a cloud-based software solution that helps businesses comply with lease accounting standards such as FASB ASC 842, IFRS 16, GASB 87 by simplifying lessee and lessor accounting. Entities having numerous leases can eliminate complex calculations through LeaseQuery and track important financial information without the risk of errors associated with manual calculations. The system provides alerts for time-sensitive renewal deadlines so that organizations do not miss out on key opportunities or suffer from unexpected costs.
The software features journal entry preparation and customization tools to calculate straight-line amortization which prevents overpayment of rent while giving users access to comprehensive reports. Additionally, LeaseQuery integrates seamlessly with any ERP, including NetSuite, allowing businesses to stay connected to all their financial data in one place. This ensures efficient workflows across teams and simplifies the process of maintaining compliance with evolving accounting standards like ASC 842 & IFRS 16 as well as both lessees and lessors under GASB 87. Finally, LeaseQuery's powerful search functionality allows users to quickly find documents related to their leases, regardless of type or location making it an essential tool for large enterprises seeking automation of tedious lease-related tasks.
LeaseQuery Features
- Supported: Central lease repository
- Supported: Pre-built disclosure reports
- Supported: Amortization schedules
- Supported: Journal entries
- Supported: Complete audit trail
- Supported: Read-only auditor access
LeaseQuery Integrations
LeaseQuery Competitors
LeaseQuery Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
Comparisons
Compare with
Reviews and Ratings
(3)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Recommendations
LeaseQuery has been a great solution for many users' companies, from monthly activity to annual reports to customer service.
Users recommend talking to LeaseQuery representatives as they are knowledgeable and will assist with the transition to ASC842.
LeaseQuery is easy to use for lease accounting, and users appreciate the quick and helpful support from the customer service representative.
Users advise performing manual re-calculations for material leases and not blindly trusting the software.
LeaseQuery is an affordable and easy-to-use option for adopting ASC842, according to users.
LeaseQuery is efficient in tracking leases/contracts and provides a dashboard to show new leases and required actions.
From an admin level, LeaseQuery is easy to use, and users appreciate the updates under their name.
For companies with a relatively sizeable amount of lease payments, LeaseQuery helps condense the work and serves as a storage location for related documents or invoices.
During implementation, users suggest being clear with all specifications such as fiscal year ending, types of leases, foreign currency uploads, and incremental borrowing rate uploads.
Users appreciate the helpful customer service provided by LeaseQuery after gaining control over software updates.
Users suggest adding LeaseQuery to the list of lease accounting software options to review.
To enhance lease accounting capabilities, users recommend engaging in business with LeaseQuery.
Users advise setting up the system properly during implementation for an easy experience thereafter.
According to users, LeaseQuery is considered the most user-friendly software with the best employees compared to other options.
LeaseQuery is fast and easy to implement, learn, and use, according to users. It also offers excellent support.
Users find LeaseQuery great for multiple users entering and utilizing lease data, including international locations.
Users recommend asking the customer manager upfront to make the implementation process smoother.
Before uploading, users advise understanding the calculations and ensuring that the upload is 100% correct considering all implications.
To avoid dealing with deferred rent and prepaid balances, users suggest putting the possession date of 1/1/2019 for first-time adoption and public entities.
Users recommend making the switch to LeaseQuery for a smooth month-end process for lease accounting.
Users suggest meeting with LeaseQuery associates and reading their contributions to lease standard interpretation in publications.
Highly recommending LeaseQuery, users find it helpful in implementation, compliant with new lease accounting rules, and with great support.
According to users, LeaseQuery offers the best product for the price.
Reviews
(1-1 of 1)Companies can't remove reviews or game the system. Here's why
October 12, 2023
LeaseQuery is much improved and ended up being the right choice
Implemented ASC 842 and track our 100+ leases. We had too many leases to manually track so we needed a tool. We have many intercompany leases and different reporting structures that LeaseQuery has the tools to help with.
- Opening Journal Entries for implementation
- Putting out reports once the leases are in the software
- Approval structure
- Submitting changes to draft leases and submitted leases
- Reports for audited financials
- Outputs for monthly/ quarterly rollforwards and recons
- Too much back and forth required on approval of leases and changes made
We demoed several lease softwares. LeaseQuery was the only one that allowed the variations we needed including: different reporting structures and lessor and lessee accounting.