LeaseQuery

Effective and user-friendly solution for Lease Accounting

Comments: We have had a smooth encounter with LeaseQuery since we started using it. What is outstanding is effectively and timely support from their support team. At the beginning we have some issues with some features but their support team helped to settle in time and collaborated with their technical team to customize some features to fit our needs but yet still following the new revised accounting standards.

Pros:

I like LeaseQuery's reporting features and how it's customizable to specific individual company needs. It can easily be integrated with many softwares. It has the best data security which is key and an easy user-friendly interface good for both beginners and experts. It also has great accounting features.

Cons:

It's not easy to adjust certain information after approval. You will be require to re-enter the information again.

Incredibly intuitive and user-centric — perfect for Lease Accounting requirements

Comments: Our experience with LeaseQuery throughout the implementation of the new lease standard has been outstanding. While we encountered some initial challenges, which is par for the course with the introduction of new software and the adoption of a revised accounting standard, the team exhibited exceptional proficiency, responsiveness, and collaboration. Their expertise and timely support played a crucial role in facilitating a smooth and manageable transition.

Pros:

We opted for this software due to its tailor-made and pre-established reporting features, specifically honed for lease management. Its alert system and seamless integration with any ERP system render it effortlessly comprehensible, adhering to a coherent design philosophy. Data security remains paramount, with adaptable validation processes. The interface is polished, boasting top-notch graphics and a location mapping feature that enhances usability. Reports, alerts, and expenses are easily accessible and comprehensible, fostering a sense of confidence in navigating the program. The software's accounting capabilities are robust, simplifying calculations and lease component evaluations. Notably, it incorporates comprehensive international lease standards, adding practicality and security to its repertoire.

Cons:

Making adjustments to certain lease attributes after approval can be somewhat burdensome, as the tool mandates users to input these characteristics again rather than facilitating modifications to specific fields.

LQ Review

Pros:

We rely on reporting to determine ROU and LL. I really enjoy our CSM who is very helpful.

Cons:

Some of the reports require a lot of effort to create.

Exceptional Software with Outstanding Customer Service make LeaseQuery a 10 out of 10 choice.

Comments: Outstanding software for optimized accounting standards which will make your team become engaged, proficient and highly collaborative in little to no time at all. Combine that with their flawless customer support and you have a 10 out of 10 software.

Pros:

Accurate and fast responses from customer service in regards to any questions you have.

Cons:

The software has a quicker lapse/time-out than I'd prefer when typing in information for leases.

Ease out your Lease accounting

Pros:

While I might be repeating myself, UI & UX is a standout. I actually had a couple of issues and reached out to their support and it was amazing how much care they took into solving my issues rightaway

Cons:

Not really a Con, but I'm curious to see how they are going to venture into the AI space and add that to the Arsenal. AI could be very interesting our space.

Simplifying Lease Accounting with Powerful Features

Comments: Overall, my experience with LeaseQuery has been great. It makes lease accounting much easier.

Pros:

how easy it is to use while still handling complex lease accounting rules.

Cons:

it can feel a bit overwhelming at first because there are so many features and options to navigate.

Ease of Use

Comments: After the initial the program has worked perfectly for our needs.

Pros:

All reports that I need can be transferred to Excel.

Cons:

Transferring information from our leases to LeaseQuery.

Lease Accountant

Comments: Overall LeaseQuery is a great software that can fill your GASB 87 & 96 gaps.

Pros:

I like the user-friendly Dashboard and navigation capabilities along with the streamlined process of being able to create/edit new and existing leases as well as report generation.

Cons:

LeaseQuery does not directly integrate with our accounting software so a separate true-up and reconciliation process is needed to make sure both the General Ledger and LeaseQuery are in line.

Awesome accounting and software management software

Comments: Overall it is very nice software up to our expectations and requirements

Pros:

lease query is awesome it allows us to follow compliance of accounting with ease and its other tools like software management helped us optimize our spend.

Cons:

sometimes it lags a bit when doing heavy tasks simultaneously

Perfect lease management solution

Comments: LeaseQuery is the perfect software to manage lease. It is easy to use and automates many tasks, saving time and reducing the risk of errors.

Pros:

- It automates all required things for lease - organise all contract, quick easy to search

Cons:

- Learning curve could be challenge for few less tech savvy - cost is an additional factor

Why LeaseQuery is a MUST

Pros:

The ease of use and the customer service. Not to mention being in compliance with GAAP and ASC.

Cons:

There are no features I dislike about LeaseQuery as it is very user friendly and even if you make a mistake, the support team is always at the ready to help assist or rectify!!

LeaseQuery: Automating Complexity and Delivering Efficiency

Comments: It has saved lot of time and manual works for us and. The best part of LeaseQuery is the way it handles the complex calculations and disclosures automatically.The customer support team is also very quick to  to respond to our inquiries and provide helpful solutions.

Pros:

It's interface is easy to navigate, even for those who may not have extensive accounting experience.

Cons:

I have used it for quite a long time in my current organisation and haven't faced any such Challenges

Sr. Director of Strategic Finance

Comments: Good Experience, customer service, ease of implementation

Pros:

Unlimited leases and easy of use of the product

Cons:

The product is great but wish more reporting capabilities

Report Enhancement and Output

Comments: Geatly satisfied

Pros:

I thought that this software is very useful and efficient in regards with application of lease accounting.

Cons:

There are still a lot to learn about the features and functionality. I have to familiarize myself first with software.

Helpful customer service

Comments: With LeaseQuery, lease cash outflows are simple to track via various reports. Lease portfolios can be well managed and any expirations easily tracked. I appreciate the customer service team that continues to make wanted updates to the system whether it is an individual lease issue or wide system change. Over the 2 years our company has been using this system, the experience has been positive and educational.

Pros:

Once all the leases were identified and entered into LeaseQuery, the system very easily runs the needed monthly reports. The reporting studio is user friendly and helpful for repeated requests.

Cons:

Since our leases were entered before the new standard adoption many changes have been made to the system which makes the older leases a little tricky to update.

Great Value for your money

Comments: Our initial experience with LeaseQuery was a little difficult as there were many bugs and it sometimes took support a month to fix issues. Fast-forward three years, and it has improved tremendously. They are adding features that are relevant and useful, I have had less issues with the system and support has assisted me much quicker when I have issues. I am overall pleased with LeaseQuery.

Pros:

When we first began using LeaseQuery I used to say over and over that if I grew to the point that I could trust LeaseQuery reports/balances I think it would be a great product and great value for our money. If I am being honest, it took a few years to get to that level but I feel like I am there now. LeaseQuery provides us with everything we need to track all of our leases and perform the required accounting under ASC 842. We have had a variety of different types of leases with some more difficult accounting and I have not come across a situation that LeaseQuery was not able to address. Many of the newer features such as point in time reporting have helped make the process tremendously easier. I have gained confidence in their reporting and journal entries. It provides us with what we need to complete ASC 842 accounting requirements.

Cons:

I have had a lot of issues in the past where changes I made in a lease did not carry through correctly to Journal Entries which required a lot of additional steps to validate values LeaseQuery produced. In 2021 I have not had this issue thus far, so I am hoping that means the bugs have been worked out. Reports have recently started taking much longer to run. It is difficult to look up a lease unless you have the Lease ID or know the exact address. It would be nice to have a search function that was a little easier to use. We are required to give our auditors a list of new leases added in the periods and their beginning balances. It would be nice to have a report that does this automatically. Currently I have to create one on my own using the amortization table.

Experience with LeaseQuery software with a Non-Profit Health Organization

Comments: So far so good. Company has experienced accounting team helping to solve the issues.

Pros:

This is a easy and friendly software in comparison with other one with tried.

Cons:

The training in using the software was very brief and short. You have to do at lot of reading and try by yourself.

User review

Pros:

amortization schedules are detailed and easy

Cons:

I'll need to use it more to comment on this

Adopt FASB 842 and IFRS 16 with ease, efficiency & effectiveness

Comments: One of the items we encountered that were considered a "one-off" was the proper treatment of an intercompany lease with an attached loan instrument.The team at LeaseQuery is comprised of subject matter experts in all departments, including accounting, engineering, and product development. As a client, I'm sure their solution will aid any organization with the transition to the new standards and stay compliant.

Pros:

When adopting the NEW FASB 842 and IFRS 16 lease standards came into scope, we interviewed several software providers, and LeaseQuery hit every one of our "Must Have" boxes. For our team, we have managed 583+ leases through LeaseQuery over the past three years; we have not encountered any issues.

Cons:

LeaseQuery makes the best lease accounting software platform on the market to help companies easily comply with FASB 842 and IFRS 16 lease standards.

An excellent tracking program with an exteensive Knowledge Base

Comments: Great!

Pros:

I believe the knowledge base has been most impactful to myself as a user. It's not just a step by step guide to data entry; it explains the accounting and how the process takes care of the accounting. I also like the payment schedule options. Every lease is a different situation - and LeaseQuery has many options for entering payment schedules.

Cons:

I would like to see more information about recommendations for putting together policies and procedures. And maybe some internal controls on functionality. Things our auditors are going to want to know all about.

Lease Query is my lifeline to maintaining sanity when dealing with over 70 Property Leases.

Pros:

Prior to LQ, Excel SS was my tracker for Leases. Countless hours spent on updating Lease extensions, contact info. deferred rent calculations and the worry of misstating financials with a simple oversight or formula error. Since implementing LQ, many of those worries and doubts have gone away. LQ has built in checks and balances to eliminate many common oversights and errors that can easily occur when maintaining Excel SS. The Customer Support you get with LQ is exceptional. The newly implemented online chat box is an invaluable, no cost upgrade. On the spot answers to questions you may have when working in the software saves valuable time by not having to make or wait for a return call to simple question you may have. One of the things I like most about the software is the reporting tool. With just a few clicks you can customize a report to include square footage, cost per foot, rent per Mth, etc. Landlord, Property Mgnt. info. If you enter info. into the system, you can get a report for it. As for Value for Money, I would give it 100 Stars if possible. What this software offers and does for you, it is well worth the small investment. You will save more on Time, Labor and Effort after implementing LQ than what you will spend on the software.

Cons:

The software needs an "Undo Button". With the requirement of a 2nd approver, which by the way is fantastic feature, once you begin a renewal or modification and discover you did something incorrect, the second approver needs to "reject" the submission before you can correct the error. This has been a recommendation and from what I understand is being developed currently.

Great software and reliable advice

Pros:

Software is very easy to use, has great customer service and is available in both GAAP and IFRS to be used at the same time. We have two sets of books thus being able to get accounting data for each with just one set up makes hands down the best solution.

Cons:

Currently the only item missing is ability to run consolidated amortization schedule - such that would include all active leases for the period. Such report is not available which seems strange as it is crucial for month end reconciliation process. Currently we have to run several individual report to obtain needed data with hopes that one day it will become available.

A Game Changer for Lease Management and Accounting!

Comments: As a tenant-rep commercial real estate firm, we have found LeaseQuery to be an invaluable asset to our day-to-day operations. When we took on a few new clients, each with between 2-4 dozen leases nationwide, we were presented with the task of reviewing and subsequently managing each of their leases and also for staying aware of upcoming expirations and other important deadlines/dates. Additionally, as new members of the executive management team joined their respective companies, we were asked to bring them up-to-date on the company's real estate portfolio and the remaining obligations surrounding each lease. LeaseQuery made this incredibly simple, allowing us to securely store and organize all of the documents and information, create detailed summaries on each property, and download comprehensive reports in minutes.

Pros:

We are able to instantly pull up all of the details on any given lease with only a couple clicks of the mouse. From basic information like location, size and important dates, to amortization charts and financial/accounting data, the search feature makes it simple to use and gives you immediate results. No more digging through files and endless spreadsheets! We also love the automated email reminders of upcoming important dates, which help ensure no deadlines slip through the crack!

LeaseQuery- a must for new lease standard

Comments: LeaseQuery has been wonderful to work with during the implementation of the new lease standard. There were some bumps in the road in the beginning, but that is expected with any new software and implementation of a new accounting standard. The staff are very knowledgeable, quick to respond, and easy to work with.

Pros:

LeaseQuery is very user friendly and easy to maneuver around in. I currently enter new/modify/update leases, run entries and reports, upload into our GL system, complete account recs and help our other units with their leases, as well as our auditors. The support staff are quick to address any issues. Overall its a great system that does everything you need to implement the new lease standard!

Cons:

One feature that I would like to see added would be the ability to correct a mistake you find after you submit the lease for approval. Right now, the approver would have to reject the lease, for the original person to fix and then re-submit.

LeaseQuery software has improved our process and access to lease accountants adds value!!

Comments: Automates everything related to leases - payment schedules, journal entries, disclosures, reconciliation support, alerts and so much more! Also get access to lease accountants and ability to ask questions and get timely feedback with chat function! They genuinely care about their customers and above all provide excellent customer service!

Pros:

Automates, does the lease calculations and disclosures for us, sends alerts for critical dates, central repository for all lease contracts, highlights areas of changes for ease of review, chat function makes it easy to get questions answered quickly, easily converts to new lease standard, build by CPAs who know critical data elements needed, easy to use!!!

Cons:

A couple functions were needed, but when requested by LeaseQuery were told they were already working on it and now we're just waiting for those enhancements to be tested and released to the live version. They are continually making changes to the software and are also open to feedback.