LeaseQuery for Lease Accounting Teams
Comprehensive lease accounting software ensuring ASC 842 compliance and streamlined reporting.
Deep Context
LeaseQuery is a cloud-based lease accounting software designed to simplify compliance with ASC 842, IFRS 16, and GASB 87 standards.
Executive Summary
LeaseQuery centralizes lease data, automates calculations for lease amortization, generates journal entries, and provides robust reporting capabilities. It streamlines the entire lease accounting process, ensures regulatory compliance, and enhances financial visibility for lease accounting teams. The software reduces manual effort, minimizes errors, and facilitates audits.
Perfect For
- Lease accountants
- Finance managers
- Controllers
- CFOs
- Auditors
Not Recommended For
- Individual renters
- Very small businesses with minimal lease activity
- Companies not subject to ASC 842, IFRS 16, or GASB 87
- Organizations requiring only basic lease tracking
The AI Differentiation:
AI-Powered Lease Abstraction and Analysis
LeaseQuery leverages AI to automate lease abstraction from documents, extracting key data points like lease terms, payment schedules, and renewal options. Machine learning algorithms analyze lease portfolios to identify anomalies and potential risks, improving data accuracy and decision-making.
Enterprise-Grade Features
ASC 842 Compliance
Ensures adherence to ASC 842 standards with automated calculations and reporting specifically tailored for lease accounting teams.
Automated Journal Entries
Generates accurate and compliant journal entries for lease amortization, reducing manual effort and improving financial reporting reliability.
Lease Portfolio Management
Centralizes all lease data in a single platform, providing comprehensive visibility and control over the entire lease portfolio.
Reporting and Analytics
Offers customizable reports and analytics dashboards, enabling lease accounting teams to monitor key lease metrics and performance indicators.
Workflow Automation
Automates key lease accounting workflows, such as lease modifications and impairment assessments, streamlining processes and improving efficiency.
Pricing & Logistics
Professional Integrity
Core Strengths
- Comprehensive ASC 842 functionality
- User-friendly interface
- Robust reporting capabilities
- Excellent customer support
- Automated lease accounting processes
Known Constraints
- Can be expensive for small businesses
- Initial setup and data migration can be time-consuming
- Reliance on internet connectivity
Industry Alternatives
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Trullion
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NetSuite Lease Accounting
Suitable for organizations already using NetSuite ERP system for seamless integration.
Expert Verdict
Recommended for organizations seeking a dedicated, comprehensive lease accounting solution to ensure ASC 842 compliance.