ATLANTA, January 23, 2019 – LeaseQuery, a leading provider of comprehensive lease accounting software, announced another year of record growth in 2018, with its year-over-year revenue growth reaching 708 percent. The company’s extraordinary growth was propelled by the timeliness of LeaseQuery’s solution, as companies prepare to comply with new standards for lease accounting.
The new standards, released by the Financial Accounting Standard Board (FASB) and International Accounting Standards Board (IASB), require companies to put nearly all leases on their balance sheets, which significantly shifts the way companies prepare financial statements.
By providing a reliable solution to more than 500 companies for this critical challenge, LeaseQuery has seen its revenue, employee base and brand recognition grow greatly.
“2018 was another year of remarkable growth for LeaseQuery. With the deadline for public companies to adhere to the new lease accounting standards fast approaching, our solution is a critical component of helping them comply,” said George Azih, LeaseQuery chief executive officer and founder. “We grew our employee base phenomenally this year, and every employee has been key to building a best-in-class solution to a serious challenge.”
Without the proper tools and expertise, companies struggle to comply with the new standards. A LeaseQuery retail client with 100 locations and more than $1.3 billion in annual revenue recently stated, “My favorite aspect of LeaseQuery is that time-consuming tasks can now be done with the click of a button. Required disclosures are now automatically included through generated reports.” According to Azih, this is the exact reason that companies rely on LeaseQuery and is what has fueled its explosive growth.
The Atlanta Business Chronicle recognized LeaseQuery as Atlanta’s fastest growing technology company. Additionally, LeaseQuery was voted as one of Atlanta’s best places to work in the medium-sized business category.
Additional 2018 milestones include:
- SOC 1® Type 2 report: LeaseQuery was issued an unqualified SOC report by EY. The report enables LeaseQuery’s customers to have confidence in the software’s controls and calculations.
- Major software updates: The software now supports percentage rent, 4-4-5, 5-4-4 and 4-5-4 calendars. LeaseQuery also offers an Embedded Lease Test to help companies address the major challenge of identifying leases embedded in service agreements.
- 94 new employees: Across each department, LeaseQuery has added employees to meet the burgeoning demands of the market.
- 3,824 total webinar attendees: LeaseQuery performed 18 educational webinars in 2018.
- 109,549 new lease subscriptions added: LeaseQuery’s customers range from small businesses to large, global corporations. The system can handle all of their leasing needs, from 10 leases to more than 1,000.
- 638,709 alerts sent: Missing a critical date, such as a lease renewal, can lead to missed payments and high costs. With automated alerts for key dates, LeaseQuery enables companies to anticipate these dates before they arrive.
- 411M sq. ft. in new building leases added: A significant portion of many companies’ leases are real estate contracts, which can have complex accounting implications. LeaseQuery offers functionalities that address those complexities.
LeaseQuery helps accountants and other finance professionals eliminate lease accounting errors through its CPA-approved lease accounting software. By providing specialized consulting services in addition to its software solution, LeaseQuery enables companies across all sectors to ensure compliance with the most comprehensive regulatory reform in 40 years. It is the first lease accounting software built by accountants for accountants. For more information about LeaseQuery, visit LeaseQuery.com or call 1-800-880-7270.
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