LeaseQuery’s goal is twofold: ensuring that businesses do not overpay on their rent, and that businesses account for leases appropriately under GAAP. To this end, it tracks monthly lease payments in a single place, alerts users of renewal notification deadlines, calculates CAM charges and accurately straight-lines the lease as required by GAAP—providing journal entries for BOTH long and short-term deferred rent. Since it is web-based, LeaseQuery can be accessed from any location at any time. Data entry errors from a program like Excel are significantly reduced, if not eliminated. LeaseQuery helps asset managers stay compliant, informed, and prepared.
LeaseQuery is a facilities management system developed for all types of industries with any number of employees, offering Lease Administration capabilities on a standalone basis. It provides a suite of applications, including Accounting, Asset Management, Space Management, and Real Estate Portfolio Management. LeaseQuery is compatible on any platform, including Windows, Mac, and iPad tablets.
Joan from Bellicum Pharmaceuticals, Inc.
Employees number: 51-200 employees
The LeaseQuery software is easy to use and I was able to get up to speed rather quickly. It calculated the impact of the new lease pronouncement so that I could show the CFO and VP of Finance. I have recommended this product to others as I love the cloud-based feature of it as well. It organizes all of your leases in one place.
Organization of leases, prepare journal entries for monthly close, prepares the impact of the new lease pronouncement for the CFO. Our Big 4 CPA firm recommended a product that organized all of our leases in one place and Leasequery does that.
We use a slightly different method for amortization on some of our leases but it is not really a con as our property accounting system actually records the amortization for our leases. LeaseQuery uses the life based on the lease which works for many companies.
The software is cloud based and easy to use and set up.
John from Tupelo Honey Hospitality Corporation
Specialty: Hotels, Resorts & Casinos
The LeaseQuery staff are very responsive to our requests and changes. The software assists in managing our property leases easy and efficient. The monthly reports help with the preparation of our lease liability roll forward; which drives our monthly journal entries.
Updating lease information for CAM adjustments seems cumbersome.
With all software products, check for how responsive the software staff are. Are the standard reports going to give you the information you need to manage your leases.
Trista from PT Solutions
Specialty: Healthcare & Hospitals
The ease of month end journal entries and audit are invaluable. The team is always available and proficient.
It can be challenging to keep CAM costs updated. Updates come at different times from Vendors so this has to be diligently maintained.
Test load some of your more complicated leases to see how everything flows. This will highlight any customization needed.
Denise from Burns & McDonnell
Employees number: 5,001-10,000 employees
Our company recently started using LeaseQuery to help manage the growing number of leases that we have. Their software has helped make our processes much more manageable and efficient and it has exceeded our expectations. They are always available and very responsive too. We are so glad that we found them!
Missy from Scotland Wright Associates
Employees number: 2-10 employees
As a tenant-rep commercial real estate firm, we have found LeaseQuery to be an invaluable asset to our day-to-day operations. When we took on a few new clients, each with between 2-4 dozen leases nationwide, we were presented with the task of reviewing and subsequently managing each of their leases and also for staying aware of upcoming expirations and other important deadlines/dates. Additionally, as new members of the executive management team joined their respective companies, we were asked to bring them up-to-date on the company¿s real estate portfolio and the remaining obligations surrounding each lease. LeaseQuery made this incredibly simple, allowing us to securely store and organize all of the documents and information, create detailed summaries on each property, and download comprehensive reports in minutes.
We are able to instantly pull up all of the details on any given lease with only a couple clicks of the mouse. From basic information like location, size and important dates, to amortization charts and financial/accounting data, the search feature makes it simple to use and gives you immediate results. No more digging through files and endless spreadsheets! We also love the automated email reminders of upcoming important dates, which help ensure no deadlines slip through the crack!
In addition to making the management of leases a breeze, LeaseQuery also provides extensive financial and accounting services, which has proven to be a huge asset to the CFOs, controllers and accountants for the companies we represent. Not only are we able to provide them with a higher quality of service through LeaseQuery, we are also giving them another extremely beneficial tool for their arsenal, which we have been told makes their jobs and the management of money as it relates to their company¿s real estate portfolio much easier.
Trista from PT Solutions
As our company expanded to almost 100 locations, it became nearly impossible to track all of the lease accounting correctly for our small accounting team. When we implemented LeaseQuery, we learned that we had overstated expenses and understated our assets. We also realized that a few vendors were charging us the wrong rent amount. This software gave us P&L savings and real dollar savings that was right in front of us. The time and productivity savings cannot even be put into words for a team with such stretched bandwidth like ours.
Chris from Westplan Investors
Leases are very easy to input into the software and the summary outputs are very helpful.
Sarah from Tupelo Honey Hospitality Corporation
Initially, I was skeptical that a system could keep track of our company's leases. Every lease was different and complicated. Some had tenant improvement allowances, others had free months rent, and most were very difficult to understand. George, with LeaseQuery, read all of our leases and put the information into LeaseQuery for NO additional cost. He was available for consulting, was years ahead of our external auditors in terms of lease knowledge and financial reporting, and walked us through his easy-to-use system. George and LeaseQuery saved our company time, money, and resources!