LeaseQuery Reviews

“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.