Visual Lease vs LeaseQuery Comparison

The software is specifically for accounting so it allows for accurate and straightforward reporting that is compliant with new lease accounting standards. The price is also affordable for any size company.

I wish there was more separation between the accounting and property management sides. Right now as an administrator I have to approve any changes made to a lease in the system for accounting controls compliance which makes it unusable for our facilities team. There should be free form fields that aren't linked to the accounting functionality of each lease that can be changed by anyone without having to reapprove the lease.

LeaseQuery is very user friendly and provides all the necessary functions that needed from lease renewal, lease modification, lease termination and email reminder of lease expiration. It provides good audit trials and easy to use accounting month end Journal entries. Also it provides all the quarterly disclosure reporting.

Making change on the monthly payment that will require to re-enter all field again.

The LeaseQuery staff are very responsive to our requests and changes. The software assists in managing our property leases easy and efficient. The monthly reports help with the preparation of our lease liability roll forward; which drives our monthly journal entries.

Updating lease information for CAM adjustments seems cumbersome.

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!!!

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.

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

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

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.

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.

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.

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.

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!

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.

I like how easy LeaseQuery is to use and how responsive our rep is!

Lease Query sometimes does not have custom reports premade. But the reports can be made and reps are happy to help.

- 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

- 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)

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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.

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...

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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.

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.

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.

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.

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.

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!

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No cons were added to this review

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...

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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.