LeaseQuery

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.

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.

Pros

Ireally like how leasequery reporting can be customized for any busines, it easily integrates with different software, has a friendly interface both beginners and experts and esnures data security. It also offers great accounting features.

Cons

So many features and options it can feel overwhelming at first.

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.

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.

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.

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.

Pros

All reports that I need can be transferred to Excel.

Cons

Transferring information from our leases to LeaseQuery.

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

Pros

I love the fact that LeaseQuery offers a user-friendly interface for lease management that simplifies the process while ensuring accuracy in lease accounting. The powerful reporting features along with easy integration with accounting systems make it a really powerful tool for compliance and financial reporting.

Cons

learning curve for new users, especially when configuring complex lease structures.

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.

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!!

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

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

Pros

Unlimited leases and easy of use of the product

Cons

The product is great but wish more reporting capabilities

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.

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.

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.

Alternatives Considered

Reasons for Switching to LeaseQuery

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.

Alternatives Considered

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.

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.

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.

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.

Pros

amortization schedules are detailed and easy

Cons

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

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!