#1 most frequent
United States of America
92.2%357 installations of 387
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.
Categories & Use Cases
Who Buys & Uses LeaseQuery
#2 most frequent
Canada
2.3%9 installations of 387
#3 most frequent
France
1.0%4 installations of 387
LeaseQuery is much improved and ended up being the right choice
Use Cases and Deployment Scope
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.
Pros
- Opening Journal Entries for implementation
- Putting out reports once the leases are in the software
Cons
- Approval structure
- Submitting changes to draft leases and submitted leases
Return on Investment
- Reports for audited financials
- Outputs for monthly/ quarterly rollforwards and recons
- Too much back and forth required on approval of leases and changes made
