Understanding Lease Accounting Software
Lease accounting software is a crucial tool that provides organizations with the necessary calculations and reports to adhere to the latest accounting standards for leases. These standards may include ASC 842, GASB 87, IFRS 16, SFFAS 54, FRS 102, and more. LeaseQuery software, powered by FinQuery, offers a comprehensive solution for organizations reporting under FASB, IFRS, GASB, and FASAB. It covers amortization schedules for lease liabilities and assets, journal entries, reports, disclosures, and provides expert support.
Key Features of LeaseQuery Software
LeaseQuery is the market leader in lease accounting solutions, offering a trusted and reliable platform for compliance and reporting. It caters to various standards such as ASC 842, IFRS 16, GASB 87, and SFFAS 54. The software is designed to simplify the complexities of lease accounting, ensuring accuracy and efficiency in financial reporting. Moreover, LeaseQuery offers integration with NetSuite, making it seamless for businesses using this ERP system to incorporate lease accounting into their operations.
Specialized Solutions for Small Lease Portfolios
For organizations with smaller lease portfolios, LeaseQuery offers LeaseGuru, a user-friendly software that streamlines lease accounting processes. LeaseGuru provides essential features like amortization schedules, journal entries, and disclosures required for compliance with ASC 842 or IFRS 16. It allows users to manage their leases securely and efficiently, ensuring regulatory compliance without the complexity associated with larger portfolios.
Maximizing Efficiency with Integrations
LeaseQuery Connect enables seamless integration with existing ERP systems, automating journal entries, reducing errors, and consolidating data for efficient lease accounting processes. By integrating with ERP solutions, businesses can save time, enhance financial insights, and optimize their return on investment. This integration streamlines lease accounting workflows, improving overall operational efficiency and accuracy.
Enhancing Decision-Making with Financial Insights
LeaseQuery goes beyond standard lease accounting functions by offering valuable financial decision support. The software provides detailed reporting and analysis on lease-related financial data, enabling businesses to make informed decisions regarding forecasting, budgeting, and capital allocation. Additionally, LeaseQuery's reporting capabilities and critical date alerts help organizations proactively address lease-related issues, ensuring optimal financial management.
Improving Lease Management and Tracking
Tracking leases manually using spreadsheets can be error-prone and inefficient. Lease accounting software like LeaseQuery enhances lease tracking and management processes, reducing the risk of missed renewals, payment escalations, or communication breakdowns across departments. By centralizing lease data and automating tracking tasks, organizations can mitigate risks, improve operational efficiency, and ensure compliance with regulatory requirements.
Ensuring Security and Compliance
LeaseQuery prioritizes data security and compliance by offering robust internal controls and secure functionalities within the software. Features like unique user logins, data encryption, data validation, and audit trails ensure that sensitive lease data remains protected and that internal controls are reinforced. Additionally, the availability of SOC 1 Type 2 reports provides assurance that LeaseQuery's internal controls are operating effectively, aligning with industry standards and regulations.