LeaseQuery Reviews

“Report Enhancement and Output

Pros

I found this software to be highly valuable and efficient when it comes to lease accounting applications.

Cons

I still have much to learn about the features and functionality, so I need to familiarize myself with the software first.

“User review

Pros

The amortization schedules provided are detailed and user-friendly.

Cons

To provide a comment, I need to use it more frequently.

“Experience with LeaseQuery software with a Non-Profit Health Organization

Pros

In comparison to other software I've tried, this one is easy to use and has a friendly interface.

Cons

The training for using the software was brief and concise. However, it requires extensive reading and trial and error.

“Love it!

Pros

It is incredibly user-friendly, and what sets it apart is the interactive GIS map that displays the parcels, which is not commonly found in most software.

Cons

It appeared a bit outdated at the time and could benefit from a faster update.

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

Pros

When we were considering software providers for the adoption of the new lease standards (FASB 842 and IFRS 16), LeaseQuery ticked all the boxes on our "Must Have" list. Over the past three years, we have successfully managed 583+ leases through LeaseQuery without encountering any issues.

Cons

LeaseQuery offers the top lease accounting software platform in the market, facilitating easy compliance with FASB 842 and IFRS 16 lease standards.

“TranSystems

Pros

The customer support provided for this software is fantastic, and the monthly entries can be customized.

Cons

The reporting feature can be challenging to use, and it would be beneficial if the amortization schedules displayed a beginning asset/liability balance without the need to calculate it.

“An excellent tracking program with an exteensive Knowledge Base

Pros

The knowledge base has had a significant impact on me as a user. It goes beyond being a simple step-by-step guide and explains the accounting principles and how the process takes care of the accounting. The payment schedule options are also a highlight, offering flexibility for different lease situations.

Cons

I would appreciate more information regarding recommendations for establishing policies and procedures, as well as additional internal controls for functionality. These aspects are crucial for our auditors' inquiries.

“Great software and reliable advice

Pros

This software is exceptionally easy to use, offers excellent customer service, and supports both GAAP and IFRS simultaneously. As we maintain two sets of books, having a single setup for accounting data makes it the best solution.

Cons

Currently, the software lacks the ability to generate a consolidated amortization schedule that includes all active leases for a specified period. This report is essential for month-end reconciliation but is not available. As a result, we have to run multiple individual reports, hoping that this feature will be implemented in the future.

“Great Software

Pros

I appreciate the ease of use of LeaseQuery, and our representative is highly responsive.

Cons

Occasionally, LeaseQuery does not provide pre-made custom reports. However, it is possible to create these reports, and the representatives are helpful in assisting with that.

“LeaseQuery Software

Pros

LeaseQuery makes it easy to input lease information and provides all the necessary data within the system. We can also export files from the system to create invoices and journal entries in our ERP system.

Cons

We are still working on automating the Journal Entry process to a greater extent.

“Good experience

Pros

The software's ease of use and flexibility are impressive, making implementation a breeze.

Cons

The pricing structure should be clarified, particularly regarding charges for terminated and completed leases.

“Helpful customer service

Pros

Once all the leases were entered into LeaseQuery, running the required monthly reports became effortless. The reporting studio is user-friendly and helpful for recurring requests.

Cons

Since our leases were entered before adopting the new standard, the system has undergone several changes, making it slightly challenging to update older leases.

“LQ Review

Pros

We heavily rely on reporting to determine ROU and LL, and our Customer Success Manager (CSM) has been incredibly helpful.

Cons

Generating certain reports requires significant effort.

“Great Value for your money

Pros

LeaseQuery has proven to be an indispensable tool for our company, effectively addressing the complexities of lease accounting under ASC 842. It instills confidence in reporting and journal entries, providing comprehensive tracking and compliance with accounting requirements. With its ability to handle various lease scenarios, including those with intricate accounting situations, LeaseQuery has become our go-to solution. The recent addition of point-in-time reporting has further streamlined our processes, enhancing our overall efficiency and accuracy. The team behind LeaseQuery consistently delivers a top-notch product and exceptional customer support, making it an invaluable asset for our lease management needs.

Cons

In the past, I encountered numerous issues where changes made in a lease did not carry over correctly to Journal Entries, requiring additional steps to validate values produced by LeaseQuery. However, in 2021, I have not experienced this issue, which gives me hope that the bugs have been resolved. Recently, reports have been taking longer to run. It is also difficult to search for a lease unless you have the Lease ID or exact address. A more user-friendly search function would be appreciated. Additionally, we are obligated to provide our auditors with a list of new leases added during each period and their beginning balances. It would be beneficial to have an automated report for this, as currently, I have to create one using the amortization table.

“LeaseQuery Review

Pros

LeaseQuery has proven to be an excellent tool for our company. The team behind LeaseQuery has consistently provided a quality product and exceptional support.

Cons

Like any new software, there is a learning curve, but the LeaseQuery team has been supportive throughout the process, providing training and helpful tips to navigate their site.

“We're off to a good start with this software.

Pros

This software handles the fundamentals of lease accounting effectively. The detailed amortization schedules, journal entries, and account balance reporting simplify understanding of ASC 842 and IFRS 16 accounting. The recorded sessions were particularly helpful in learning the system at my own pace.

Cons

Occasionally, the system presents unusual error messages that are not always easy to interpret. However, once you become familiar with them, they become less of an issue.

“Phenomenal Product

Pros

I have been using this software for over a year, entering more than 100 leases. Having all the data, documents, and reporting functionality in one place has made it convenient for both accounting and our sales manager in lease management and renewals.

Cons

Certain aspects needed adjustments to suit our specific situations. We discussed these with our account manager, who submitted them for enhancements. Several of them have been resolved.

“LeaseQuery Review

Pros

The customer support team deserves high praise for their excellent service.

Cons

Some areas are not as user-friendly, but it's reassuring to know that I can always call the support team.

“Great Product and Excellent Customer Service

Pros

LeaseQuery provides exceptional flexibility, allowing us to tailor the program to our specific business needs. The ability to customize options and create personalized reports is truly remarkable. Moreover, the tech support department surpasses others with their prompt responsiveness, extensive knowledge, and willingness to provide one-on-one training sessions. Their dedication to addressing our questions accurately has significantly expedited our learning process, enabling us to accomplish tasks more efficiently.

Cons

Sometimes, the software runs slowly. However, it's possible that this slowness is due to our company's networking or connection. It is not a constant issue but occurs occasionally.

“Intuitive Lease Accounting Software

Pros

Following the implementation of ASC 842, we promptly reached out to LeaseQuery for assistance. Prior to utilizing LeaseQuery, our lease tracking process was manual, consuming a significant amount of time and resources. However, transitioning to LeaseQuery was a seamless experience, as we received dedicated support throughout implementation. I am highly satisfied with the software's user-friendly nature, and the presence of segregation and controls that ensure efficient operations.

Cons

It's important to note that the system performs better in certain browsers compared to others. I have observed that it works well with Chrome but is not fully compatible with older versions of IE.