Commvault, a global enterprise leader in intelligent data services across on-premises, cloud, and SaaS environments knew they needed a tool to help automate their lease accounting processes as they began the transition to the new lease accounting standard, ASC 842. The new lease accounting standard, ASC 842 required them to invest in a better tool that allowed them to standardize their processing worldwide. They needed something more functional that would enable them to easily import entries into NetSuite.
With LeaseQuery they have been able to standardize their lease management processes at a global level, something they have never had the capacity to do before. In turn, this makes reporting super quick and easy for their organization. Instead of having to manually format multiple Excel files into one master file, they can now completely automate this process. They also use LeaseQuery to cross-check leases as part of their billing process. Finally, they use the tool’s alert function to manage terminations and renewals and get notified of upcoming lease events.