UGAAP Software

UGAAP Software

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About UGAAP

UGAAP provides a lease accounting solution under the new standard. Key features include journal entries, disclosure reports, multi-currency (including functional currency treatment), implicit rate calculation, lease classification test, transitional functions, audit trail, segregation of duties and visual overview charts. UGAAP includes journal entries for the entire life cycles of leases, including commencement, interim, modification and termination. Accounting is available for lessees and lessors with interest rates implicit in the lease calculation. UGAAP includes a lease classification test at the commencement as well as at modifications and reassessments. Users can search the system by keywords, and all data is automatically validated. The system ...
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Lease dashboard

UGAAP User Reviews

OVERALL RATING

SECONDARY RATINGS

Ease-of-use

4.5

Value for money

5

Customer support

5

Functionality

4.5

Showing 10 reviews

Anonymous

Company size: 1,001-5,000 employees

Review Source: Capterra

This review was submitted organically. No incentive was offered
5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
5

Functionality

out of 5

June 2019

UGAAP Lease Accounting Software Review

Pros

We did demos with a number of providers of lease accounting software, UGAAP is by far the most efficient software there is. This is a software dedicated to accounting and reporting. They have CPA firms as their clients. We did not want to mess with the unnecessary property management type of work. We just wanted the software for GAAP compliance. And this is exactly what we need. Their staff is professional and experienced in implementation, and has been really helpful. Lease accounting has been touted as a hot anxiety point for so many years. Some provider has to figure out something elegant to streamline the process, the calculation and presentation. We think this one foots the bill really well.

Cons

So far I have not found any yet, we would like to get more users to test the software so we can get a feel on it s performance.

LeAnn

Company size: 10,000+ employees

Industry: Higher Education

Time used: Less than 6 months

Review Source: Capterra

This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.
5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
4

Functionality

out of 5

October 2021

Very easy to use and understand

Overall, I'm happy with UGAAP software and would recommend to anyone looking for lease accounting solution. We are still in the process of implementation so haven't fully utilized everything. We haven't been through a full year, so year-end reporting is unknown at this time.

Pros

It's so easy you think you're doing it wrong. Straight forward, click and enter. Good interface. Designed specifically for GAAP compliance. Audit and footnote ready reports.

Cons

Integration is ok, but manual process.

Reasons for choosing UGAAP

UGAAP seemed straightforward, easy to use and much more affordable than the other software companies.

Justin

Company size: 51-200 employees

Industry: Transportation/Trucking/Railroad

Time used: Less than 6 months

Review Source: Capterra

4

Ease-of-use

out of 5
4

Value for money

out of 5
5

Customer support

out of 5
4

Functionality

out of 5

October 2021

Using UGAAP to Transition

Pros

UGAAP is very user friendly. All the information about a lease is in one place, there is no navigating to different tabs. Everything is labeled very clearly, and most items have a brief description. The integration process was very easy, [SENSITIVE CONTENT] from UGAAP was very helpful throughout the whole process and was available to discuss any issues or questions we had.

Cons

Overall we are very happy with UGGAP, any issues we have we can take them to UGAAP and they have been able to assist us. By either creating new fields or helping us with workarounds for our issue. Their customer support is amazing.

Anonymous

Company size: 5,001-10,000 employees

Time used: Less than 12 months

Review Source: Capterra

This review was submitted organically. No incentive was offered
5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
4

Functionality

out of 5

October 2019

Big bang for the bucks

We use this software to tackle the necessary evil of having to comply with the new lease accounting standard. We are able to use the help of UGAAP to achieve what we were hoping to do. We knew from the demo this would work because they use our actual leases in the demo.

Pros

Meet the compliance needs if that's all you care about. Easy to use after a little bit of training. The intuitive and direct approach in lease modifications. Strong technical accounting. Good for accountants and financial reporting professionals. Willing to customize for our special requests. One-time fee for a permanent license, not bad at all.

Cons

Needs a bit of training to get around. Light in lease administration features, so this is probably not a piece of software for the property department if that's the focus, though it does have interesting expiration alert and lease vs buy analysis functions.

Reasons for switching to UGAAP

The other software was not as mature. We could not get the promised result. UGAAP understands what accountants need and delivered.

Tina

Company size: 11-50 employees

Industry: Government Administration

Time used: Less than 12 months

Review Source: Capterra

4

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
5

Functionality

out of 5

July 2020

Has Saved Me Lots of Time

Manually calculating the amortization tables for 60+ leases and manually figuring out their journal entries monthly would have taken days. UGAAP enables me to get the journal entry completed in about 15 minutes.

Pros

This software takes away the headache of trying to calculate, track, and record GASB 87 lease transactions. Once the lease is entered, UGAAP calculates the amortization tables, and all I have to do monthly is print the journal entry details, summarize them, and post them into my GL.

Cons

I am not familiar with Access databases, so it took me a bit to figure out some tricks. UGAAP tech support was very helpful when I had questions.

Reasons for choosing UGAAP

UGAAP was less expensive, was ready to go (many other softwares were not ready yet), and was easy to use.

Anonymous

Company size: 10,000+ employees

Time used: Less than 6 months

Review Source: Capterra

This review was submitted organically. No incentive was offered
5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
5

Functionality

out of 5

May 2019

Easy to use and low cost

Pros

A few of our clients use USGAAP lease accounting software. It is a quick and dirty tool that gets the job done. The ASC 842 adoption date amortization schedules, journal entries, and SAB 74 reports are surprisingly easy to generate. It is apparent their software is designed by someone with years of GAAP experiences in research and in practice. The tool provides tips for users as they use it. I can see accounting firms use USGAAP software to manage client lease portfolio, or even as part of lease accounting audit tool. It is always good a complex accounting area made so easy by a tool like that.

Cons

Nothing to mention at this point of time.

Irene

Company size: 10,000+ employees

Industry: Oil & Energy

Time used: Less than 12 months

Review Source: Capterra

This review was submitted organically. No incentive was offered
5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
5

Functionality

out of 5

May 2019

Easy to use and low cost

Fantastic, stress free, no annual subscription fees.

Pros

UGAAP software provides straightforward accounting deliverables in an easy to follow way. Disclosure reports and journal entries meticulously complies with the Codification. Calculation tool for implicit rate is fantastic. The implementation was quick and mostly stress free. We also like the fact that there's no annual subscription fees. It makes our lease accounting a much simpler task than it could have been.

Cons

Nothing I can mention at this moment.

Response from UGAAP

Thank you for the positive comment. We are pleased to provide value for easy accounting compliance.

Replied May 2019

Kari

Company size: 201-500 employees

Industry: Food Production

Time used: Less than 12 months

Review Source: Capterra

This reviewer was invited by us to submit an honest review and offered a nominal incentive as a thank you.
3

Ease-of-use

out of 5
4

Value for money

out of 5
5

Customer support

out of 5
3

Functionality

out of 5

October 2021

UGAAP for Lease Accouning

We have had a very good experience with UGAAP. Our representative understood the Lease Accounting Standards very thoroughly. He provided explanations when needed and worked through some of our unique situations with enhancements to the software. They are quick to respond and timely with resolutions.

Pros

The software is focused on the new Lease Accounting standards including the reporting needed for financial statement support and footnotes. The cost of this product was inline with our needs and usage.

Cons

We have had some trouble understanding what information from a lease needs to be entered into which fields. That being said, our representative at UGAAP has been very responsive in answering questions.

Reasons for choosing UGAAP

We chose UGAAP because they were focused on the Lease Accounting Standard and financial statement requirements both in the calculations and in the reporting needs.

Chris

Company size: 201-500 employees

Industry: Banking

Time used: Less than 6 months

Review Source: Capterra

5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
4

Functionality

out of 5

September 2020

Easy to implement

Customer Service was real helpful in getting me started and explaining the whole process.

Pros

Easy to setup chart of account and implement the software.

Cons

Nothing as we purchased it for accounting purposes.

Danielle

Company size: 51-200 employees

Industry: Financial Services

Time used: Less than 6 months

Review Source: Capterra

5

Ease-of-use

out of 5
5

Value for money

out of 5
5

Customer support

out of 5
5

Functionality

out of 5

September 2020

Thankful for UGAAP

UGAAP is helping me do the proper accounting for ASC 842.

Pros

The software is user friendly and straightforward. [SENSITIVE CONTENT HIDDEN] has guided me through the software and has been a great help. He has been very accommodating with setting up training sessions and has a great approach to teaching the software.

Cons

I have found nothing that I dislike about the software.