UGAAP Review: 2023 Features, Pros & Cons
We loved UGAAP’s user-friendly approach to lease accounting and its impressive multi-currency support. Especially for on-premises fans, it’s a knockout! But, be warned, it won’t be winning any awards for mobile experience. The absence of a mobile app or mobile-friendly interface was a letdown. So while it’s not perfect, its robust features and competitive pricing still make it a solid consideration for your lease accounting needs.
- User-friendly interface
- Multi-currency support
- Dedicated support manager
- Connect to ERPs through general ledger
- No help center
- No mobile app or mobile-responsive UI
- Developer UGAAP
- Client OS Windows, Web
- Deployment Cloud or On-Premises
What is UGAAP?
UGAAP is a lease accounting software solution for lessees and lessors, designed for both cloud-based and on-premise use. UGAAP includes standard lease accounting features like journal entries, amortization schedules, and disclosure reports. It also provides multi-currency support for businesses operating in multiple countries.
This software is built to ensure compliance with FASB ASC 842, IASB IFRS 16, and GASB 87/96 lease accounting standards. UGAAP integrates with QuickBooks Online for efficient contract management.
| Pros | Cons |
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Our Ratings
| Usability - 10 | System is easy to use and easy to navigate; Various functions are well integrated; Most people would learn to use this system very quickly. |
| Support -8.6 | Customers receive a help guide during implementation but there is no help center on the software; Dedicated support managers; Guaranteed 24 hour response time with average 2-3 hour response; No chat support; On-Premises Basic plan does not include support. |
| Scalability - 6.7 | Customers pay per leased asset in cloud version; No mobile app; Software not mobile responsive. |
| Security - 9.5 | Multi-factor authentication and SSO; User permission controls available only in On-Premises Featured and Cloud plans. |
| Value - 8.5 | Most vital features are included in Basic plan; Cloud plan charges per leased asset but has a minimum cost per month. |
| Performance - 10 | Software is fast and responsive; can accomplish regular, repetitive tasks quickly. |
| Key Features - 10 | Easy to use lease accounting features; Unlimited lease modifications; Multi-currency support with translation from local to functional and reporting currencies; Flexible single or dual accounting standards. |
Who Is It For?
UGAAP is ideal for organizations of any size or industry, including universities, government institutions, and private sector businesses, given its wide-ranging, industry-neutral application. Its international usage and preference among CPAs make it suitable for entities with complex leasing operations needing robust compliance features.
UGAAP is thoughtfully priced and designed to accommodate a broad spectrum of users. With a basic monthly cost of $400 for their cloud option, it caters to small enterprises and scales up reasonably for larger businesses.
It optimally performs with 20 to 300 leases, yet can handle up to an impressive 20,000 leases, showcasing its wide reach. However, its cost-effectiveness truly shines for businesses handling over 135 leases. Balancing high volume capacity and tailored performance, this software is well-suited for growing businesses in need of comprehensive lease management.
Pricing Plans
| Plan | Pricing | Features |
| On-Premises - Basic | One-time purchase starting at $4,800 |
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| On-Premises - Featured | One-time purchase starting at $4,800 |
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| Cloud | Starting at $400/month + implementation fee |
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Unlimited Lease Modifications
In accounting, lease modifications can have significant effects on the recognition, measurement, and presentation of expenses and liabilities related to the lease, and these changes need to be properly accounted for. UGAAP allows users to easily make unlimited lease modifications.
Alternatives
Summary
UGAAP lease accounting software is best for businesses seeking an easy-to-use solution to ensure compliance with common lease accounting standards.
The software is suitable for a variety of industries and organization sizes, making it particularly fitting for entities with complex leasing operations, such as universities, government institutions, and private sector businesses.
However, UGAAP might not be the best fit for users who require mobile functionality, as it currently lacks a mobile application and a mobile-responsive layout.
User Reviews of UGAAP
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I was looking for a basic system to help report under the new guidelines and UGAAP ended up being the right choice for the right price. Throughout implementation we had a few hiccups but I called my perosn of contact and he immediately remoted in and was able to fix everything. It has been several months of using the software and everything is going well.
Created by a CPA and it just seemed a little bit more straightforward entering lease information. We liked how they found a way to work with us outside of Zoom. UGAAP was the first software I interviewed and they just kind of left an impression on me. I kinda compared everybody else to them.
We were between this program and LeaseQuery. We had no complaints and it was able to meet our needs. It came down to ease of use and we felt the other program was a bit more user friendly.
Meets all our Lease Accounting needs
Other programs seemed more user freindly in the demo.
I feel UGAAP is a well-conceived software catering to our Accounting and Financial Reporting departments. Our lease accounting became much easier and organized with the help of this product. It is unassuming but does the job with no big implementation and big budget fanfare. Just a tool. Plug and use.
Easy to use and understand. Designed with accountant’s mentality.
Not available on mobile phones
