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It appeared a bit outdated at the time and could benefit from a faster update.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

“Great lease accounting tool”

Pros

LeaseQuery is incredibly user-friendly and offers all the necessary functions, from lease renewal to modification, termination, and email reminders for lease expiration. It provides reliable audit trails, easy-to-use accounting month-end journal entries, and comprehensive quarterly disclosure reporting.

Cons

Making changes to the monthly payment requires re-entering all the fields, which can be cumbersome.

“LeaseQuery review”

Pros

The reporting functionality, especially, is user-friendly and straightforward.

Cons

Understanding what is happening "behind the curtain" sometimes involves trial and error.

“Great Compliance Tool”

Pros

The LQ team has been invaluable throughout the implementation process, and the ongoing assistance provided by the Customer Success Manager (CSM) has been exceptional. Great software is made even better when you have dedicated support to address any quirks or custom needs.

Cons

Like most software, there is a certain level of customization. As a March year-end client, some features were not adjusted to meet our specific needs, resulting in significant reliance on Excel during the adoption year. However, LeaseQuery has made significant progress in addressing these issues.

“LeaseQuery Review”

Pros

LeaseQuery is intuitive and user-friendly. It enables us to consolidate our leases and supporting documentation in one place, eliminating the need for spreadsheets. The software automates lease calculations and disclosures, saving time and reducing the risk of errors.

Cons

There were a few instances where a lease had to be re-entered to resolve a system issue. We also encountered an impairment issue at year-end. In both cases, customer service promptly responded and re-entered the leases on our behalf.

“Great Lease Accounting Solution”

Pros

LeaseQuery has been incredibly easy to use, seamlessly integrating into our day-to-day business practices.

Cons

Some of the reporting features feel slightly clunky, and it would be better if the export functionality provided a more user-friendly format. However, these obstacles are not insurmountable, and we are ultimately able to obtain the necessary data.

“Amerant Bank loves LeaseQuery!”

Pros

This software offers exceptional user-friendliness and provides pre-configured reports that simplify ASC 842 compliance effortlessly. It streamlines lease management and accounting tasks from start to finish.

Cons

Altering lease characteristics after approval can be a bit cumbersome as the tool requires re-entering those characteristics from scratch instead of simply modifying one specific field.

“LeaseQuery - a Successful Accounting Tool”

Pros

The customer service team has been consistently helpful in learning and implementing the software. Loading leases is straightforward, with convenient toggles for entering leases with constant payments, those with varying patterns (e.g., steady escalation), and leases with irregular payments (e.g., free or reduced rent periods). It also allows easy attachment of lease schedules, memos, and analyses. The tool incorporates an internal control feature that requires independent entry and approval of each lease. Web access is quick and hassle-free. It even provides automatic analysis of operating versus finance leases (when all necessary data is entered) or override capability.

Cons

The reporting function is somewhat clunky, as customized reports cannot be modified once saved to add additional attributes. Learning what attributes are included in LeaseQuery's canned reports involves trial and error. (Assured that reporting enhancements are forthcoming)

“LeaseQuery Review”

Pros

The software's greatest strength lies in its user-friendly nature. It offers step-by-step procedures on the website to assist users, along with prompt support staff responses to any difficulties. Additionally, LeaseQuery provides readily available disclosure reports, which prove invaluable during quarterly filings.

Cons

During implementation, manually uploading around 200 leases from our previous system proved challenging. However, once all leases are entered, maintaining updates becomes easy. Some exported reports may require formatting in Excel to match our system's format.

“Review”

Pros

The software is highly intuitive and greatly simplifies the accounting side, especially for journal entries.

Cons

Running different reports can be initially tough, but once you figure it out, it becomes manageable.

“Very Functional!”

Pros

The implementation process was straightforward, with the project manager guiding every step of the way. Storing information and generating footnote disclosures and monthly journal entries becomes effortless with this system.

Cons

Customizing journal entries took longer than expected to finalize.

“LeaseQuery- a must for new lease standard”

Pros

LeaseQuery is incredibly user-friendly and easy to navigate. It enables smooth tasks such as entering, modifying, and updating leases, running entries and reports, uploading into the GL system, completing account reconciliations, and assisting auditors and other units. The support staff promptly addresses any issues. Overall, it is a comprehensive system that fulfills all lease standard implementation requirements.

Cons

It would be beneficial to have the ability to correct mistakes found after submitting a lease for approval. Currently, the approver must reject the lease for the original person to make corrections and resubmit.

“LeaseQuery - the right tool for lease accounting”

Pros

This tool effectively meets the accounting and reporting needs of the new standard, successfully resolving the most challenging aspect of ASC 842. It handles lease consolidation and reporting across multiple currencies with varying discount rates.

Cons

Having the ability to combine certain components into more consolidated reports (e.g., asset and liability rollforwards) would be helpful.

“LeaseQuery is great for CPA's of all kinds!”

Pros

This software greatly simplifies lease accounting for accountants. As leasee/leasor accounting regulations have changed, it has proven instrumental in helping the team comprehend various aspects of this complex topic.

Cons

There are very few cons to list for this software. A slightly more user-friendly interface is suggested, but other than that, nothing noteworthy.

“LeaseQuery has made it extremely easier to track all of our leases.The transition was smooth as well”

Pros

LeaseQuery is quite user-friendly, and the customer service team is always prompt in offering assistance and suggestions.

Cons

LeaseQuery has significantly simplified lease tracking, and the monthly updates continually improve the process. It is challenging to find something to dislike about the software. Initially, there was no way to delete created and saved reports, but aside from that, the software has been a pleasure to work with.

“The support team at LeaseQuery has been exceptional with overall communication.”

Pros

The software is specifically designed for accounting purposes, ensuring accurate and straightforward reporting that complies with new lease accounting standards. Moreover, it offers affordable pricing suitable for companies of any size.

Cons

It would be beneficial to have more separation between the accounting and property management sides. Currently, as an administrator, I must approve any lease changes for accounting control compliance, making it unusable for our facilities team. It would be helpful to have free-form fields not linked to the accounting functionality that can be changed by anyone without requiring lease reapproval.

“Efficient, helpful, easy to use”

Pros

The software has significantly eased the tracking of our operation and capital leases. It has also simplified the process of making monthly ledger entries.

Cons

There are a few reporting flaws that could be addressed, particularly related to looking up base rent and other contractual payments by lease, which currently requires manual effort.

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

Pros

This software automates lease calculations and disclosures, sends alerts for critical dates, acts as a central repository for all lease contracts, highlights areas of change for easy review, and provides a chat function for quick answers to questions. It seamlessly converts to the new lease standard and has been developed by CPAs who understand the critical data elements required. It is incredibly user-friendly and easy to use!

Cons

A couple of necessary functions were requested, and LeaseQuery confirmed they were already working on them. We are now waiting for those enhancements to be tested and released in the live version. LeaseQuery continuously makes changes to the software and is receptive to feedback.

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

Pros

Prior to using LeaseQuery, I relied on Excel spreadsheets to track leases. Updating lease extensions, contact information, and deferred rent calculations consumed countless hours and carried the risk of misstating financials due to simple oversights or formula errors. Since implementing LeaseQuery, many of these worries and doubts have vanished. LeaseQuery incorporates built-in checks and balances that prevent common oversights and errors inherent in maintaining Excel spreadsheets. The exceptional customer support, including the newly implemented online chat box, provides on-the-spot answers and saves valuable time by eliminating the need for return calls. The reporting tool is a standout feature, allowing easy customization of reports to include relevant information such as square footage, cost per foot, rent per month, and landlord or property management details. Considering the value for money, I would give it 100 stars if possible. The software's benefits far outweigh the small investment, saving valuable time, labor, and effort.

Cons

The software could benefit from an "Undo Button." With the requirement of a second approver, if an error is made during a renewal or modification, the second approver needs to reject the submission before the error can be corrected. This recommendation is currently being developed.

“Very approachable. The possible time savings in the automation and records-keeping is tremendous.”

Pros

Once you become familiar with the system's layout, it becomes easy to remember and use repeatedly. The automation settings, alerts, and customizable logic offer great utility. Correcting errors and reassessing previous contracts is a breeze. Looking forward to the integration of a CPI tool in the near future!

Cons

Although there are occasional bugs and minor issues, they do not cause system crashes. Some features, such as pop-up calendars, reminders, and autofills, can be a bit overwhelming.

“Senior Manaer Financial reporting and Compliance”

Pros

This software organizes leases in one place, streamlining tasks such as preparing journal entries for monthly close and generating the impact of new lease pronouncements for the CFO. Our Big 4 CPA firm recommended a product that consolidates all our leases, and LeaseQuery fulfills that need.

Cons

We use a slightly different method for amortization on some of our leases, but it is not a significant drawback as our property accounting system handles lease amortization. LeaseQuery utilizes the lease-based life, which is suitable for many companies.

“LeaseQuery Review”

Pros

Since adopting LeaseQuery to manage our increasing number of leases, our processes have become significantly more manageable and efficient. The software has exceeded our expectations, and the support team is always available and responsive. We are delighted to have found LeaseQuery!

Cons

Currently, there is nothing negative to report about this software.

“Great Solution for a Complicated Issue”

Pros

The software's ability to store all lease information in one easily accessible location eliminates the need for cumbersome folder systems on hard drives. It enables multiple users to query information swiftly.

Cons

It would be beneficial to have the ability to run a report for a specific date without having to save the report first. The reporting functionality is still evolving, and further improvements are expected.

“A Game Changer for Lease Management and Accounting!”

Pros

With just a couple of clicks, we can instantly retrieve all the details of any given lease. From basic information like location, size, and important dates to amortization schedules and payment information, LeaseQuery provides a comprehensive view of our lease portfolio. The powerful search functionality allows us to quickly locate specific leases or filter leases based on various criteria. This has greatly improved our lease management efficiency.

Cons

The reporting functionality is continuously improving, so it will be interesting to see its future potential and how it will benefit us.

“Tupelo Honey Cafe Property Lease”

Pros

The LeaseQuery team promptly addresses our requests and accommodates changes. The software simplifies property lease management, making it efficient and hassle-free. The monthly reports facilitate lease liability roll forward preparation, which directly impacts our monthly journal entries.

Cons

Updating lease information for CAM adjustments can feel cumbersome.

“LeaseQuery made accurate lease accounting possible for us.”

Pros

The software's user-friendly interface significantly eases month-end journal entries and audit processes. The team is consistently available and highly proficient.

Cons

Keeping CAM costs updated can pose a challenge since updates from vendors come at different times, requiring diligent maintenance.

“LeaseQuery dramatically impacted our accounting and operations team”

Pros

As our company expanded to nearly 100 locations, effectively managing lease accounting became a daunting task for our small accounting team. Implementing LeaseQuery revealed that we had inaccurately recorded expenses and assets. Moreover, we discovered discrepancies in rent amounts charged by some vendors. This software delivered tangible savings in both profit and loss and real dollars, which were previously overlooked. The time and productivity gains provided immense value to our resource-constrained team.

Cons

So far, we are highly satisfied with LeaseQuery.

“Easy to Use and Very Helpful”

Pros

Inputting leases into the software is straightforward, and the summary outputs are highly beneficial.

Cons

Why say something negative when I have nothing to say? If any issues arise in the future, I will surely mention them.

“LeaseQuery made my job so much easier!”

Pros

I initially had doubts about finding a system capable of handling our diverse and complex leases. Each lease had unique features, such as tenant improvement allowances, free rent months, and intricate terms. However, George from LeaseQuery went above and beyond by personally reading and inputting all our leases into the system at no additional cost. He provided expert consulting, demonstrated extensive knowledge of leases and financial reporting ahead of our auditors, and guided us through the user-friendly system. Thanks to George and LeaseQuery, our company saved valuable time, money, and resources!

Cons

Initially, we had the perception that LeaseQuery would be similar to other software we have used. However, after trying the free trial, our perception about LeaseQuery has changed.