LeaseQuery Accounting Software

LeaseQuery Accounting Software

4.6
(13)
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LeaseQuery is software that helps companies manage their leases and ensures they never overpay rent. It gives businesses the straight-line journal entries required by GAAP, gives them the ability to build unlimited reports, and shows them how the new lease accounting rules will impact debt, EBITDA, net income and other financial metrics.

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LeaseQuery Accounting Software review by Pam G.
Pam G.
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"Lease Query clearly has a goal to meet its customers' needs in the most efficient way. "

What do you like best?

I like that they respond to questions promptly and make me and my employer feel like we are their most important client at that moment.

What do you dislike?

They have not solved all issues with their software, but they have solved the most important problems and priortized them properly. They will get to the less urgent ones later as time permits. I get it.

Recommendations to others considering the product

I highly recommend to others to give LeaseQuery a try. It does what it needs to do to comply with the new rules for lease accounting and the support is great and responsive. The owner knows his stuff and has trained his Accountants and support staff well. It's a phenomenal value.

What business problems are you solving with the product? What benefits have you realized?

They have helped us get ready to comply with the new Lease Accounting rule ASU 842 in time for its effective date for us which is 1/1/19.

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LeaseQuery Accounting Software review by User
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"LeaseQuery"

What do you like best?

I like that the software is very user friendly. Also, the reports are very easy to run and customize. Also, it's easy to add new leases and see the impact it has on the GL. I also like the video that shows the underlying calculations so I could figure out what the system was doing. I also really like the responsiveness from our Account Manager.

What do you dislike?

I dislike the following:

1. Not having as of dates on the reports like commitments

2. Not having alerts show up after you're done approving that say something along the lines that we have successfully approved the new lease / changes.

3. The JE report has had a lot of errors with entries not balancing.

4. The JE report has not been customized still for us even though it's been a few weeks.

Recommendations to others considering the product

Make sure you understand how the calculations are being done and ensure that your upload is 100% correct prior to uploading and you have thought about every single implication. I would recommend putting possession date of 1/1/2019 if you're first adopting and are a public entity so you do not have to deal with deferred rent and prepaid balances that aren't really on your books.

What business problems are you solving with the product? What benefits have you realized?

Accounting for ASC 842.

What Lease Accounting solution do you use?

Thanks for letting us know!
LeaseQuery Accounting Software review by Administrator in Food & Beverages
Administrator in Food & Beverages
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"LeaseQuery - built by accountants to meet accounting needs"

What do you like best?

The software was built from an accounting point of view, which differentiates it from other choices that primarily focus on admin, with accounting as an add-on. An advantage of this is that it more directly addresses accounting. The support staff behind the software can address accounting-related queries as well and understand the "language".

What do you dislike?

Very little to "dislike". We have provided feedback for some small changes to certain aspects, but nothing of great significance has popped up so far.

Recommendations to others considering the product

Meet with LeaseQuery associates and read their contributions to the interpretation of the lease standard in publications.

What business problems are you solving with the product? What benefits have you realized?

LeaseQuery has proven to be the most effective way to easily meet the reporting and disclosure requirements of ASC 842 and allows us to process changes and review the impacts immediately. An additional benefit is the repository function that allows us to store all documents within the software so that all users can access it more easily than storing them in shared folders across networks.

LeaseQuery Accounting Software review by Trista L.
Trista L.
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"Controller"

What do you like best?

LeaseQuery has taken a very manual and error prone process that was causing a material weakness in our accounting procedures and turned it into a click of button.

What do you dislike?

Our company is very dynamic, and the volume of leases that are required to be added is definitely pushing our resources at LeaseQuery a lot. For the most part, there is no issue, but every now and then, we get a delay in processing.

What business problems are you solving with the product? What benefits have you realized?

This solved major accuracy issues with all of rent related accounts. It resolved a material audit weakness for us. It took a job that would easily take one full time employee and condensed it to a one to day per month workload.

LeaseQuery Accounting Software review by Erik H.
Erik H.
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"So far a great software for ASC 842 compliance"

What do you like best?

Very intuitive and easy to use. The software is extremely reasonably priced, and it is helping us get in compliance with the new standard.

What do you dislike?

I really only dislike that I have to buy this software to begin with! Would much rather keep operating leases off balance sheet, but LeaseQuery makes it easy to be in compliance.

Recommendations to others considering the product

This is a fantastic product. It has been very helpful in our implementation.

What business problems are you solving with the product? What benefits have you realized?

LeaseQuery is helping us get in compliance with the new ASC 842 lease accounting standard.

LeaseQuery Accounting Software review by Mike H.
Mike H.
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"Simple, cost effective solution"

What do you like best?

LeaseQuery has everything we need to be compliant with ASC 840/842, from serving as a lease database, to journal entries, and even all the required disclosures with the click of a button. The system is user friendly and the support staff are friendly and quick to respond.

What do you dislike?

Still implementing some updates for ASC 842

What business problems are you solving with the product? What benefits have you realized?

LeaseQuery performs all of our lease classification tests and calculates our ROU assets and lease liabilities and required journal entries under ASC 842. Our alternative would have been to manually track these in excel for our entire portfolio of leases. It will also save us a lot of time with the built in disclosure functionality.

LeaseQuery Accounting Software review by Amy A.
Amy A.
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"A great place to organize leases, but a bit of a learning curve to adapt each kind of lease."

What do you like best?

I like that LeaseQuery walks you through the process of each lease to ensure that every relevant aspect of the lease is included.

What do you dislike?

Initially it was difficult to adapt our unique leases to the parameters set for most standard leases.

What business problems are you solving with the product? What benefits have you realized?

Condensing our lease information from multiple business units into one location. We now have a better gauge of when our leases will expire so we can be proactive about renewing or replacing them.

LeaseQuery Accounting Software review by User
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"Easy to software with auditable reports."

What do you like best?

Software is easy to use, reports generate information that is in compliance with disclosure requirements under ASC 842. I like that everything can be exported to excel and the JEs are generated by the system each month.

What do you dislike?

Prior to January 1, 2019, LQ was a little slower than I would have liked with releasing new features and reports needed for ASC 842 compliance, but everything is now ready for Q1 reporting.

Recommendations to others considering the product

Make the switch, once you have everything set-up, your month-end process for lease accounting will run smoothly.

What business problems are you solving with the product? What benefits have you realized?

We would have been tracking each lease and it amortization schedule in excel.

LeaseQuery Accounting Software review by User
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"Easy Implementation and Excellent Service"

What do you like best?

The software is intuitive and easy to use. The customer support is outstanding.

What do you dislike?

The software has trouble with $0 rental agreements and negative CAMs. Our Customer Support Manager helped us with a work-around.

What business problems are you solving with the product? What benefits have you realized?

LeaseQuery is helping us meet the requirements of the new leasing standard ASU 2016-02 Leases (Topic 842). It's also providing us with one location for all lease documentation including lease agreements, addendums and CAM adjustments

LeaseQuery Accounting Software review by User
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"Good software with great customer service"

What do you like best?

The implementation team is fantastic. The Lease Query team spent as much time as we needed to train our team, answer questions and provide timely responses to one-off follow-up questions at a later date. I was impressed with the software’s ability to allow various customizations to meet our overall needs.

What do you dislike?

Overall software is good, functional and accomplishes the end goal. From a reviewer/ project manager’s vantage, the ability to understand status and report generation is at times difficult to navigate.

What business problems are you solving with the product? What benefits have you realized?

Implementing the new leasing standard under ASC 842

LeaseQuery Accounting Software review by User
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"Accountant "

What do you like best?

When I pull data from Lease Query I know it's right

What do you dislike?

The software updates take a while and sometimes have bugs that require fixing.

Recommendations to others considering the product

There is no better product for the price.

What business problems are you solving with the product? What benefits have you realized?

Month close process

LeaseQuery Accounting Software review by Administrator
Administrator
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"Newer software lots of potential"

What do you like best?

Implementation team was very helpful. The dashboard view is easy to use.

What do you dislike?

Parts of the interface aren't very streamlined as you can only access some data by running a report. The administration of user roles is rigid.

What business problems are you solving with the product? What benefits have you realized?

Consolidating lease data into one system

LeaseQuery Accounting Software review by User
User
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"Very Informative, prompt and friendly experience with Casey and Jordan"

What do you like best?

Friendliness, promptness and knowledge of the helpdesk online and of course the product.

What do you dislike?

I don't have any yet that I can identify

What business problems are you solving with the product? What benefits have you realized?

Efficiency in journalizing and monitoring the Operating Leases.

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