LeaseQuery: Cloud-Based Software for
ASC 842, IFRS 16, and GASB 87
LeaseQuery is software for the current and new lease accounting standards, simplifying and improving lease accounting for organizations reporting under FASB, IFRS, and GASB. The solution provides accurate calculations for lease accounting in addition to everything else needed for compliance: journal entries, reports, disclosures, and a knowledgeable support staff.
LeaseQuery is already compliant with the new lease accounting standards. Choose from the options below to learn more about the system’s features for each one.
Eliminate the difficulty of varying rates and complex calculations under the new IFRS leasing rules.
What to Look for When Comparing Lease Accounting Solutions
A knowledgeable support staff
Is the provider’s support staff competent with the system and do they know how to apply the lease accounting guidance correctly? Having appropriate support that is well-versed in your standard is crucial for a smooth implementation. They should be capable and available to answer your questions and provide assistance.
Automation and efficiency
The accounting software you choose for your business should provide full compliance right out of the box, perform accurate lease accounting, and include many other features that automate tasks to save time and money.
When comparing solutions, be sure to ask the following:
- When exporting reports, are they already formatted in compliance with the standard’s disclosure requirements?
- Does the software provide automated alerts for critical dates, such as renewals?
- Are practical expedients automatically applied once you’ve elected them?
Data security and support for your internal controls
Public companies must comply with the Sarbanes-Oxley (SOX) Act, a 2002 regulation that improves the accuracy and reliability of corporate disclosures. Section 404 of the SOX Act requires management and external auditors to report on the adequacy of a company’s internal control over financial reporting. Providers should be aware of Section 404 of the SOX Act and able to show you how their lease accounting system’s built-in functionalities reinforce your internal controls.
System and Organization Controls (SOC) reports – issued by a third-party CPA – address a software company’s ability to provide controls applicable to your internal controls over financial reporting. Each of the three types of SOC reports focuses on different aspects of a company’s controls (e.g., financial and non-financial), and various levels of scrutiny from the third-party issuer. SOC Type 1 and SOC Type 2 are the most relevant reports for lease accounting software.
Your provider should be able to present a letter of verification from the firm that performed the SOC report to ensure their software is coded and functioning properly so errors aren’t created in the system.
Internal Control Functionalities
Reading Lease Accounting Software Reviews
The best way to assess any technology before investing time and money into it is by hearing from those who have used it. Over two-thirds of B2B buyers say reviews are a “very important” consideration in the buying process.
Many of LeaseQuery’s customer reviews are from accountants who are in the weeds of day-to-day lease accounting. While several of our competitors have received good reviews, most of them aren’t actually from accountants, but rather people in real estate, legal, lease administration, and more.
When trying to decide how much weight a solution’s reviews carry, be sure to look for how many of those reviews were made by people who understand lease accounting specifically.
Augment reviews with
feedback from your peers
Go beyond online reviews and reach out to your peers to find out which solutions they’re using. A one-on-one conversation allows you to ask them questions you may not see in a review.
With the lease accounting effective dates approaching, many companies are getting into the software business without taking the time to consider all the functionalities for compliance. Having a keen eye for detail will help you make the right choice.
Persuading your stakeholders
with the right reviews
To help internal stakeholders understand the value of using a product that’s been reviewed by your peers, remind them how often they are asked for audited financials when entering new business relationships or renewing contracts. By selecting a solution that has been reviewed by other like-minded accountants, you are better able to judge the seller’s trustworthiness and whether or not you should buy the software.