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 (3) 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.
Trust us, there’s a difference. To get a free trial of our Lease Management Software, click here.
If you liked this post, consider reading 5 reasons why using Excel for Lease Management is Costing You Money
About LeaseQuery: LeaseQuery is lease management software that helps companies manage their leases. Rather than relying on excel spreadsheets, our clients use LeaseQuery to get alerts for critical dates (renewals, etc), calculate the straight-line amortization of rent and TI allowances per GAAP, provide the required monthly journal entries (for both capital and operating leases) and provide the commitment disclosure reports required in the notes and the MD&A. Contact us here.
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