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LeaseQuery

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

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LeaseQuery Reviews

Reviews summary

Pros

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.

Nathanael K.

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

Leslie F.

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The best functionality about this software is how user friendly it is.

Evelyn A.

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Cons

It is hard to find something I dislike about the software.

Gary P.

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During implementation it was difficult to manually upload roughly 200 leases from our old system.

Evelyn A.

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

Chelsea R.

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Overall rating

4.8

(34)

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34 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 3 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 5 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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Review

Reviewed a year ago

Once I enter a lease in LeaseQuery, the data that comes out is very useful.

Pros

Software is pretty easy to use and makes accounting side of if very easy for Journal Entries

Cons

Running different reports can be tough sometimes but once you figure it out, it's no problem

Overall Rating
  • Ease of use
  • Features
  • Likelihood to recommend10/10

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

Reviewed 2 months 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 recommend10/10

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Amerant Bank loves LeaseQuery!

Reviewed a year 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

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

Reviewed 3 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
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Great Product and Excellent Customer Service

Reviewed 8 months 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 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 3 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
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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LeaseQuery Review

Reviewed 7 months 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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Phenomenal Product

Reviewed 4 months 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- a must for new lease standard

Reviewed a year 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 recommend10/10

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LeaseQuery - a Successful Accounting Tool

Reviewed a year 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 Solution for a Complicated Issue

Reviewed 5 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 a year 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 a year 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 recommend9/10

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Very Functional!

Reviewed a year 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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LeaseQuery Review

Reviewed a year 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 4 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 8 months 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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Great Lease Accounting Solution

Reviewed a year ago
Pros

LQ has been very easy to use and we have been able to seamlessly integrate the software into our day to day business practices.

Cons

Some of the reporting feels a tad clunky and I wish the export functionality was better (i.e. better format). These aren't huge roadblocks though, and we are able to ultimately get the data that we need.

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

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

Reviewed 3 years ago
Pros

-Once you know where everything goes, it is easy to remember and use over and over again. -The automation settings, alerts, and logic that you can set up are very customizable and have a lot of utility. -Easy to correct errors and reassess previous contracts. -Glad to hear that a CPI tool will be integrated soon!

Cons

-There are still occasional bugs and kinks, but nothing that crashes the system. -The pop up calendars, reminders, and autofills can be a bit too overbearing and helpful.

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

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LeaseQuery Review

Reviewed a year ago
Pros

The best functionality about this software is how user friendly it is. It is very easy to use and if you have difficulties there are step by step procedures on the website to assist you along with a quick response time from the support staff. In addition, LeaseQuery has all necessary disclosure reports readily available. When it comes time for Quarter filing, these reports are very useful.

Cons

During implementation it was difficult to manually upload roughly 200 leases from our old system. Once all leases are input, it is easy to maintain updates. Some exporting reports need to be modified in excel to format our system.

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

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LeaseQuery is great for CPA's of all kinds!

Reviewed 3 years ago

Since our company handles bulk leases on various properties, this software has made it very easy to grasp the situation.

Pros

This software makes accountant's jobs easier when it comes to lease accounting. Since the recent changes in leasee/leasor accounting, this software has been able to help the team understand various aspects of this challenging topic.

Cons

There were very few items to list as "cons" for this software. I suggest a little more user-friendly interfaces. But other than that, nothing to note.

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

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Efficient, helpful, easy to use

Reviewed 3 years ago
Pros

The software has helped ease the tracking of our operation and capital leases. It has also eased the pain of making monthly entries to our ledger.

Cons

There are a few reporting flaws that could be addressed. We have to manually look up items related to base rent and other contractual payments by lease.

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

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LeaseQuery review

Reviewed a year ago

Positive experience, from setting up all our leases on adoption of ASC 842 to running monthly and quarterly reports, LeaseQuery has been easy to follow.

Pros

Easy to use, especially the reporting functionality.

Cons

Sometimes understanding what is going on "behind the curtain" takes trial and error.

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