LeaseQuery is a cloud-based facility management and lease accounting solution that helps accountants to manage rent of equipment and buildings. The solution can be used by real estate professionals to manage expiration and renewal date of lease agreement. LeaseQuery enables users to track monthly lease payments, send alerts of renewal notification deadlines and calculates CAM.
Dual authentication feature allows users to reduce errors by implementing an approval process. It also provides an audit trail of each lease which captures the name of the person who entered data and the person who approved it. The solution also tracks the modifications and edits made to lease document.
LeaseQuery offers search feature and enables users to retrieve data from a searchable database. Accountants can also organize lease documents in MS Word, PDF and other formats. Services are offered on a subscription model for number of leases. Support is provided via email and phone.
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!
Hayley from Burns & McDonnell
Employees number: 5,001-10,000 employees
LeaseQuery has been able to provide an accountant's solution to a complicated process. This software not only creates a one stop shop for all lease documents, contacts, dates and financial information, it also creates efficiencies across other departments such as fixed asset location reporting. The software simplifies lease accounting but all the while provides the complex information that is needed for decision making. The team has provided a great product and he backs it up with great service.
The ability to store all lease information in one spot that is easily found instead of using a folder system on a hard drive. It allows multiple users to query information on the fly.
I would like to be able to run a report for a specified date without having to save the report first. Reporting functionality is still evolving and I believe it will keep improving.
I would highly recommend this software to businesses that have greater than 5 leases.
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!