Energy, Oil, and Gas Lease Accounting Software Solution

Ensure you comply with FASB ASC 842 and IFRS 16

Energy, Oil, and Gas Lease Accounting Software Solution

Ensure you comply with FASB ASC 842 and IFRS 16

Risks Faced by Energy, Oil, and Gas Companies

With a large amount of leases – from real estate to heavy equipment – non-compliance is a real threat for companies in this sector.

Download our guide for step-by-step guidance on what you need to do.

Risks Faced by Energy, Oil, and Gas Companies

With a large amount of leases – from real estate to heavy equipment – non-compliance is a real threat for companies in this sector.

Download our guide for step-by-step guidance on what you need to do.

We Ensure You Comply Fully with FASB ASC 842 & IFRS 16

A Closer Look at the New Lease Accounting Standards

FASB ASC 842 and IFRS 16 will change the way you treat leases. To comply, you have to record them on your balance sheet as liabilities, instead of putting them in the footnotes of your financial statements.

FASB ASC 842 and IFRS 16 will change the way you treat leases. To comply, you have to record them on your balance sheet as liabilities, instead of putting them in the footnotes of your financial statements.

You need to examine outsourcing, maintenance, and service contracts to determine if they contain embedded leases. And leases that were accounted for as operating leases may need to be capitalized and amortized.

The right solutions – in terms of expertise and software – will ensure that your financial statements are error-free.

The right solutions – in terms of expertise and software – will ensure that your financial statements are error-free.

Ask the Right Questions

The new standards require that you re-examine all your leases. And that means you need to ask the right questions.

Have you examined your contracts that contain take-or-pay provisions? Do you know if they contain embedded leases?

Do you have agreements that allow you to place underground storage tanks or windmills on private property? Are those agreements easements or leases?

Do your equipment leases include maintenance?? Do you know how to bifurcate those leases to identify the lease and non-lease components?

LeaseQuery helps you answer these questions.

A Manageable Solution to a Complex Problem

LeaseQuery simplifies lease accounting

The nuances of your leases are complicated. LeaseQuery enables you to account for them with ease.

  • Access the disclosures and reports your auditors and regulators require.
  • See journal entries, tasks, critical dates, and reports at a glance.
  • Rely on our lease accountants for expert advisement.
  • Enjoy the peace of mind of data security – our SOC testing is being performed by a Big Four firm and we adhere to industry standard encryption protocols.
  • Take advantage of integrations with your ERP or general ledger software.

LeaseQuery Ensures You Comply—
in January 2019 and Beyond

LeaseQuery offers you the functionality, flexibility, and expertise that enables you to adequately account for all your leases under FASB 842. From the moment you start implementation, you’ll be supported by accountants who specialize in lease accounting.

Our Clients Explain Our Lease Accounting Solutions Best

"It took a time-sucking, life-sucking process and turned it into the click of a button"

Trista — Controller at National Healthcare Organization

"LeaseQuery is years ahead of our external auditors in terms of lease knowledge and financial reporting, saving our company time, money, and resources."

Sarah M. - Tupelo Honey Hospitality Corporation

"We are able to instantly pull up all of the details on any given lease with only a couple of clicks. "

Missy W. - Scotland Wright Associates

 

"The time and productivity savings cannot even be put into words for a team with such stretched bandwidth like ours."

Trista L. – PT Solutions

 

"This is a breath of fresh air for an occupation that’s usually treated with bored stares, long sighs and slow blinks...I was actually liking lease accounting for the first time in eight years."

Anna K. – Publicly Traded Insurance Company

 

Talk to One of Our Expert Lease Accountants Today.

Unlike other software vendors, we aren't former real estate professionals trying to learn accounting on your dime. We're accountants just like you.

Sign up for a demo today and let us prove it.