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LeaseQuery

Lease Accounting Software for ASC 842, IFRS 16, & GASB 87

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LeaseQuery Reviews

Reviews summary

Overall rating

4.7

43

5

4

3

2

1

30

12

1

0

0

98%
positive reviews
100%
would recommend this app
How would you rate LeaseQuery?
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Pros

LeaseQuery has been a fabulous tool for our company. From the beginning, the LeaseQuery team has provided a quality product and excellent support.

LF

Leslie F.

I'm very pleased with how easy it is to use the software and we're happy with the segregation/controls that are in place.

NK

Nathanael K.

They are adding features that are relevant and useful, I have had less issues with the system and support has assisted me much quicker when I have issues. I am overall pleased with LeaseQuery.

KG

Kirsten G.

Cons

If we resorted to using excel, we would of had many mistakes and errors.

MR

Mandy R.

Right now, the approver would have to reject the lease, for the original person to fix and then re-submit.

CR

Chelsea R.

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.

KG

Kirsten G.

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43 reviews

Recommended

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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

Reviewed 4 years ago

Automates everything related to leases - payment schedules, journal entries, disclosures, reconciliation support, alerts and so much more! Also get access to lease accountants and ability to ask questions and get timely feedback with chat function! They genuinely care about their customers and above all provide excellent customer service!

Pros

Automates, does the lease calculations and disclosures for us, sends alerts for critical dates, central repository for all lease contracts, highlights areas of changes for ease of review, chat function makes it easy to get questions answered quickly, easily converts to new lease standard, build by CPAs who know critical data elements needed, easy to use!!!

Cons

A couple functions were needed, but when requested by LeaseQuery were told they were already working on it and now we're just waiting for those enhancements to be tested and released to the live version. They are continually making changes to the software and are also open to feedback.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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A Game Changer for Lease Management and Accounting!

Reviewed 6 years ago

As a tenant-rep commercial real estate firm, we have found LeaseQuery to be an invaluable asset to our day-to-day operations. When we took on a few new clients, each with between 2-4 dozen leases nationwide, we were presented with the task of reviewing and subsequently managing each of their leases and also for staying aware of upcoming expirations and other important deadlines/dates. Additionally,...

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!

Cons

No cons were added to this review

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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LQ Review

Reviewed a year ago
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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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TranSystems

Reviewed 3 months ago
Pros

Customer support is fantastic. Monthly entries are customizable.

Cons

Reporting can be hard to use. And wish there a way the amortization schedules showed a beginning asset/liability balance instead of having to back into it.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support

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

Reviewed 4 years ago
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...

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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Amerant Bank loves LeaseQuery!

Reviewed 2 years ago

Amerant Bank is very satisfied with LeaseQuery. It has allowed us to automate our entire lease process and removed the need to perform very complex calculations in excel. Additionally, we have found the multi-departmental collaboration efforts between our Facilities, Accounting, Internal Controls, and Reporting teams to be seamless.

Pros

The software is very user friendly and has out-of-the box reports that make ASC 842 compliance a breeze. The tool makes lease management and accounting very simple from beginning to end.

Cons

Changing some lease characteristics after a lease has been approved is a little cumbersome as the tool requires the user to re-enter some of those characteristics from scratch rather than just changing one specific field.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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LeaseQuery- a must for new lease standard

Reviewed 2 years ago

LeaseQuery has been wonderful to work with during the implementation of the new lease standard. There were some bumps in the road in the beginning, but that is expected with any new software and implementation of a new accounting standard. The staff are very knowledgeable, quick to respond, and easy to work with.

Pros

LeaseQuery is very user friendly and easy to maneuver around in. I currently enter new/modify/update leases, run entries and reports, upload into our GL system, complete account recs and help our other units with their leases, as well as our auditors. The support staff are quick to address any issues. Overall its a great system that does everything you need to implement the new lease standard!

Cons

One feature that I would like to see added would be the ability to correct a mistake you find after you submit the lease for approval. Right now, the approver would have to reject the lease, for the original person to fix and then re-submit.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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An excellent tracking program with an exteensive Knowledge Base

Reviewed 10 months ago

Great!

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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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

Reviewed 4 years ago

Having all of our leases in one place and NOT a spreadsheet has saved considerable amount of time and effort having to get ready for the new accounting changes.

Pros

LeaseQuery is pretty user friendly but if a question does ever come up, the customer service team are offering help and suggestions within moments.

Cons

LeaseQuery has made tracking our leases so much easier and the monthly updates keep improving the process. It is hard to find something I dislike about the software. When we first implemented the software, there was not a way to delete reports that had been created and saved. Other than that, the software has been a joy to work with.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Great software and reliable advice

Reviewed 10 months ago
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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Great Value for your money

Reviewed a year ago

Our initial experience with LeaseQuery was a little difficult as there were many bugs and it sometimes took support a month to fix issues. Fast-forward three years, and it has improved tremendously. They are adding features that are relevant and useful, I have had less issues with the system and support has assisted me much quicker when I have issues. I am overall pleased with LeaseQuery.

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...

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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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LeaseQuery - a Successful Accounting Tool

Reviewed 2 years ago

- Overall, so far very happy with LQ, especially with Customer Service which has been a very helpful resource any time a question surfaces - big or small

Pros

- Customer Service has been a constant source of help in learning and implementing the software - Loading leases is straightforward, with helpful toggles that make it easy to enter leases with constant payments, leases with payments that vary in a pattern (e.g., subject to steady escalation) and leases with random payments (e.g., office leases with periods of free or reduced rent) - Ability to easily attach lease schedules, memos, analyses, etc. to each lease - Internal control feature that requires independent entry and approval of each leases - Easy web-access with just a few clicks - Automatic operating vs finance lease analysis (if enter all needed data) or override capability

Cons

- Reporting is somewhat clunky (e.g., customized reports once saved cannot be modified to say, add another attribute) and trial &error involved in learning what attributes are contained within LeaseQuery-provided canned reports. (Told reporting enhancements are coming in near future)

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Great Product and Excellent Customer Service

Reviewed 2 years ago

I would say overall, I am having a good experience with LeaseQuery.

Pros

The fields of options that it allows you to tailor the program to create what you info you need that is specific to your business is great. I also like the you can make up your own reports is endless. The tech department for customer support is high above the others. They are very responsive and get back to you quickly and are very knowledgeable. They also take the time to have training sessions 1 on 1 through zoom and listen to your questions and answer them accurately. It helps you learn how to do things quicker.

Cons

Some times it runs slow, but it's possible it could be our company's networking or connection that makes it slow. It is not constant which is good, but once in awhile it is slow for me.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Great Solution for a Complicated Issue

Reviewed 6 years ago

LeaseQuery has been able to provide an accountant's solution to a complicated process. This software not only creates a one stop shop for all lease documents, contacts, dates and financial information, it also creates efficiencies across other departments such as fixed asset location reporting. The software simplifies lease accounting but all the while provides the complex information that is needed for decision making. The team has provided a great product and he backs it up with great service.

Pros

The ability to store all lease information in one spot that is easily found instead of using a folder system on a hard drive. It allows multiple users to query information on the fly.

Cons

I would like to be able to run a report for a specified date without having to save the report first. Reporting functionality is still evolving and I believe it will keep improving.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Great Compliance Tool

Reviewed 2 years ago

Partnering with the right people in LQ was the single most rewarding move in terms of getting our voices heard. Our CSM is very receptive and responsive to our questions, problems and comes up with ways to help us in a timely manner.

Pros

The LQ team that helped throughout the implementation process as well as the Customer Success Manager (CSM) who assists us post implementation. No software is perfect and at the end of the day, the people who hang in there with you as you battle the quirks or custom needs makes a product great!

Cons

As with most software, there is some level of customization. We are a March year end client and there were some features that were not adjusted to meet our needs which led us to use excel a lot in the adoption year. LQ has made great strides in fixing these issues.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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LeaseQuery - the right tool for lease accounting

Reviewed 2 years ago

LeaseQuery has proven to be relatively easy to implement and user engagement has been high. They are constantly improving the product and address help requests or issues in a timely manner.

Pros

The tool met the accounting and reporting requirements of the new standard and solved the most challenging aspect of ASC 842 that we expected, which was the consolidation and reporting of leases across multiple currencies with varying discount rates.

Cons

It would be helpful to have the ability to combine certain components into more consolidated reports (i.e. asset and liability rollforwards into one report).

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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Helpful customer service

Reviewed a year ago

With LeaseQuery, lease cash outflows are simple to track via various reports. Lease portfolios can be well managed and any expirations easily tracked. I appreciate the customer service team that continues to make wanted updates to the system whether it is an individual lease issue or wide system change. Over the 2 years our company has been using this system, the experience has been positive and educational.

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.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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LeaseQuery Review

Reviewed 2 years ago
Pros

[SENSITIVE CONTENT HIDDEN] of your customer support team did a fantastic job. She really provided top notch customer service.

Cons

Some areas not as user friendly. Glad that I could always call [SENSITIVE CONTENT HIDDEN]

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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

Reviewed a year ago

We’ve found the system to be intuitive, accurate and generally easy to use, making journal entries and reporting significantly easier than any kind of home-grown, manual process could ever be.

Pros

This software handles the “basic blocking and tackling” of lease accounting well. The amortization schedules, journal entries and account balance reporting make understanding the ASC 842 and IFRS 16 accounting easier too. The recorded sessions were particularly helpful to me as I learned the system – I was able to learn the intricacies of the system at my own pace.

Cons

The system throws unusual error messages occasionally that are not always easy to interpret, but once you’re familiar with them, they become pretty much a non-issue.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Very Functional!

Reviewed 2 years ago

Overall the experience has been great. If we resorted to using excel, we would of had many mistakes and errors. The software is very straight forward. Running reports is very easy, it has all footnote disclosures you need for reporting. You can create custom reports which is helpful. Also running the journal entry's every month is easy. We have no had any issues with accuracy either.

Pros

Implementation was very straight forward. The project manager assisted with every step of the way. It is very easy to store all of the information and run all of the footnote disclosures and journal entrys on a monthly basis.

Cons

The journal entry customization took longer to finalize than expected

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Phenomenal Product

Reviewed a year ago

Michelle Moura, our account manager has been phenomenal. Customer support is very responsive. Overall, this product and people rate beyond expectations.

Pros

I have been using the software for over a year with over 100 leases to enter. Everything is in one place: data, documents, and report functionality. This is being used not only by accounting but our sales manager to manage the renewal of the leases.

Cons

Some aspects needed to be tweaked to make applicable to some of our situations. These were discussed with our account manager who submitted them for enhancements and several have been resolved.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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LeaseQuery Review

Reviewed 2 years ago

Overall I am happy with LQ. The software has automated what was a very time consuming process and was invaluable to the implementation of the new lease standard. The customer service has been very helpful and quick to respond when questions or issues have come up. LQ staff are very knowledgeable and easy to work with.

Pros

LeaseQuery is intuitive an easy to use. It enables us to our leases and supporting documentation all in one place and not in spreadsheets. The software automates our lease calculations and disclosures saving time and reducing the potential for errors.

Cons

There have been a few instances that required a lease to be re-entered to resolve a system issue. We also had an issue with an impairment at year end. In both instances customer service quickly responded and re-entered the leases on our behalf.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Senior Manaer Financial reporting and Compliance

Reviewed 5 years ago

The LeaseQuery software is easy to use and I was able to get up to speed rather quickly. It calculated the impact of the new lease pronouncement so that I could show the CFO and VP of Finance. I have recommended this product to others as I love the cloud-based feature of it as well. It organizes all of your leases in one place.

Pros

Organization of leases, prepare journal entries for monthly close, prepares the impact of the new lease pronouncement for the CFO. Our Big 4 CPA firm recommended a product that organized all of our leases in one place and Leasequery does that.

Cons

We use a slightly different method for amortization on some of our leases but it is not really a con as our property accounting system actually records the amortization for our leases. LeaseQuery uses the life based on the lease which works for many companies.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Intuitive Lease Accounting Software

Reviewed 2 years ago
Pros

We reached out to LeaseQuery shortly after implementation of ASC 842. Before using LeaseQuery, we were manually tracking leases, which took a significant amount of time and resources. Once we made the choice to go with LeaseQuery, initial setup was seamless and we were given a dedicated resource to help us with any questions that came up during implementation. I'm very pleased with how easy it is to use the software and we're happy with the segregation/controls that are in place.

Cons

One thing to be aware of is that the system works better in some browsers over others. I've noticed that it works well with Chrome, but isn't fully compatible with older versions of IE.

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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LeaseQuery Software

Reviewed a year ago

Overall experience has been wonderful. Support and client account representative have been extremely attentive when questions have been asked.

Pros

The software is easy to use and get leases into it and then have all information needed in the system. We are also able to get files out of the system in order to create invoices and Journal Entries in our ERP system.

Cons

We are still working on the Journal Entry piece in order to get a little more automated.