Lease Accounting Software

Lease Software Comparison Guide

Comparing lease accounting software solutions? Supplement the reviews and pricing info with our free comparison guide for IFRS 16 and ASC 842 software.

This free guide includes 15 must-ask questions for vendors along with a detailed list of the top functionalities that businesses need for compliance with the new lease accounting standards.

LeaseQuery: Cloud-Based Software for ASC 842, IFRS 16, and GASB 87

What is lease accounting software? In short, it’s just what it sounds like. Lease accounting software provides the calculations and functionalities that are necessary to comply with the financial reporting standards for lease contracts. Those standards include ASC 842, introduced by the FASB in 2016, as well as IFRS 16, GASB 87, and various others.

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 lease accounting calculations and everything else needed for compliance: amortization schedules for the lease liability and ROU asset, journal entries, reports, disclosures, and a knowledgeable support staff.

LeaseQuery is fully compliant with the new lease accounting standards. The software provides accurate finance lease and operating lease accounting for lessees reporting under ASC 842 and IFRS 16 as well as both lessees and lessors reporting under GASB 87. Choose from the options below to learn more about the system’s features for each one.

Lease Database Software

Better interdepartmental collaboration, efficiency, and data security

By storing and providing access to your entire portfolio of leases, contracts, and other documents, LeaseQuery solves challenges for your colleagues across the enterprise. Our cloud-based software houses your leases in a centralized and secure database that’s available anywhere with an internet connection and provides data security that’s not possible with Excel.

Give departments and team members the appropriate level of access for their roles and they can set alerts for upcoming dates, mark documents for review/completion, or use the search function to quickly pull up contracts. You can even give auditors read-only access for a simpler audit process. Your teams can then collaborate in a more productive and secure manner.

Lease Management and Lease Tracking Software

Reduce user error and manage your leases with confidence

Although tracking leases is possible with Excel or a Google Sheet, it’s certainly not ideal. Failure to meet accounting compliance isn’t the only thing that will cost your business money. Missing renewal dates, failing to meet data requirements, miscommunicating across multiple departments, and relying on human accuracy can also result in added cost.

Implementing accounting software to aid your lease tracking and management will streamline and improve your processes, catching critical errors before they cause problems.

Evaluate more than just cost

Occasionally, procurement teams and senior leaders will push for the most inexpensive option, but the cheapest solution may not have all the functionalities you need for long-term compliance. Here are a few other factors to consider:

• How difficult is the setup?
• Can you customize reporting?
• Does it offer a custom calendar and support for 13-period accounting?

See more on our features page:

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.

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.

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.

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.