This acquisition provides NetSuite customers with a LeaseQuery solution for lease accounting compliance, directly inside NetSuite.
ATLANTA – May 3, 2022 — LeaseQuery, a leading provider of software built to simplify the complexities of accounting, today announced its acquisition of Crowe Lease Accounting Optimizer (CLAO), a leading provider of lease accounting for NetSuite users. Crowe LLP, a public accounting, consulting and technology firm in the U.S. with offices around the world, developed the technology solution to help companies manage their lease accounting processes efficiently while promoting compliance with lease accounting standards. The solution will be listed as LeaseQuery for NetSuite, effective immediately.
The acquisition provides a strategic opportunity for LeaseQuery to expand its current lease accounting capabilities and expertise while delivering additional value to existing NetSuite customers complying with the ASC 842 and IFRS 16 lease accounting standards.
“LeaseQuery for NetSuite will provide the NetSuite community with a CPA-approved lease accounting solution built entirely in the SuiteCloud platform,” said George Azih, LeaseQuery founder and CEO. “At the scale and complexity of lease accounting today, LeaseQuery for NetSuite is the cornerstone of simplified accounting and compliance facilitation for NetSuite users.”
“Crowe has a long history of building highly specialized digital accounting and consulting solutions on the technology platforms that users are already comfortable with like NetSuite,” said Josh Cole, managing principal of the consulting team at Crowe. “This relationship with LeaseQuery is an important step in the growth and expansion of Crowe’s NetSuite services and will allow an even wider customer base to harness their lease data to automate record keeping and compliance.”
This acquisition by LeaseQuery is part of the company’s overall investment in building a platform for complex lease accounting. LeaseQuery for NetSuite will allow its users to do the following within the SuiteApp:
- Transition the lease portfolio to the ASC 842 or IFRS 16 lease accounting standards
- Calculate ROU assets
- Produce amortization schedules
- Quickly generate accurate journal entries
- Classify leases as finance or operating
- Centrally store lease management information
- Seamlessly integrate with the company’s chart of accounts, currencies, vendors, departments, classes and locations
- Issue payments directly to the lessor from NetSuite
“Crowe Lease Accounting Optimizer has been a leader in helping NetSuite ERP users automate compliance with the new lease accounting standards,” said Azih. “Joining LeaseQuery as a dedicated lease accounting tool for NetSuite provides an unprecedented opportunity to extend the power of NetSuite ERP and back this unique offering with industry-leading accounting expertise.”
Crowe will continue to support the Crowe Lease Accounting Optimizer for its existing customers and provide other digital accounting solutions that complement NetSuite. Crowe is also uniquely positioned to help LeaseQuery’s client base utilize the new features of LeaseQuery for NetSuite.
To learn more about LeaseQuery for NetSuite, click here.
LeaseQuery makes accountants’ lives easier by simplifying the complex with technology. More than 28,000 financial professionals globally rely on our cloud-based, CPA-approved solutions and in-house accounting expertise to comply with confidence across various FASB, GASB and IASB accounting standards. Our software helps businesses minimize risk, increase efficiency and reduce costs. Learn more about LeaseQuery’s core accounting solutions, which focus on easing mandatory compliance under ASC, IFRS, and GASB regulations, or explore additional accounting tools. For more information, visit LeaseQuery.com.
Crowe LLP is a public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.
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