You won’t believe how much we just saved a client.
Jerry Magurie once said “show me the money…”
In today’s post, we will show you how we saved an actual client money over a small sample of three months.
(CAVEAT: The client allowed their figures to be disclosed, as long as their identity be kept confidential)
LeaseQuery read and entered all client’s leases into their software, then compared the payments made by the client via their accounts payable system versus the amounts they were supposed to make (as generated by the LeaseQuery software) in reference to the lease documents. These amounts generated by the LeaseQuery software were even analyzed with all clients to ensure that payments are accurate.
The following is the summary of what we have sent to the client, verbatim.
We have compared the amounts in LeaseQuery to the amounts actually paid by your Accounts Payable Department, and we have a net overpayment of $28,094.26. Please note that this analysis was performed only for the following 3 months: December 2014, December 2015 and April 2016. The breakout is as follows:
- April 2016: Total over-payment of $10,703.18 ($7,843.21 was base rent while $2,859.97 of that amount related to CAM, INS and Tax).
- December 2015: Total over-payment of $10,086.22 ($7,189.18 was base rent while 2,897.04 related to CAM, INS and Tax).
- December 2014: Total over-payment of $7,304.86 (4,301.23 was base rent while 3,003.63 related to CAM, INS and Tax).
Please note the following:
1) There may be a good explanation for these differences but the payments made in those months just do not completely agree with the provisions of the lease documents.
2) To emphasize, we only compared December 2014 and 2015, and April 2016.
3) These are net differences (some lease payments were more while others were less). We are attaching the spreadsheet for your review/analysis.
Please let us know what changes, if any, you want us to make to our system. As always, thank you for choosing LeaseQuery.
Let’s face it. Excel is a tool but LeaseQuery is a custom-fit solution.
If you liked this post, consider reading Lease Accounting in Excel Will Set You up for Non-Compliance.
LeaseQuery is lease accounting and lease management software for businesses reporting under the current and new lease standards. To learn more about our solution, schedule a free demo and consultation by clicking the link below.