FinQuery
16 Reviews 4.5/5 ★ ★ ★ ★ ★A lease, software asset, and contract management software that streamlines accounting and reporting for ASC 842 compliance. Formerly called LeaseQuery.
Product Overview
FinQuery (formerly LeaseQuery) is a lease management software that simplifies accounting for various financial reporting standards like FASB ASC 842, IFRS 16, and GASB 87. It helps companies track leases, get alerts for renewal deadlines, and provide journal entries and financial disclosures. The system combines software asset and contract management as well, uniting IT with finance. FinQuery also calculates straight-line amortization and prevents rent from being overpaid. Overall, the platform offers features like reconciliation support and ROU asset and lease liability calculation.Pros
- FASB ASC 842, IFRS 16, and GASB 87 reporting
- Integrates with any ERP
- Role-based access
Cons
- Lease lookup can be challenging without specific details
- Changing lease details after approval can be cumbersome
Target Market
Medium-sized to large organizations with anywhere from 50 to over 1,000 employees. Caters to government entities, finance teams, and IT teams in public and private companies. Beneficial for organizations that need to comply with FASB ASC 842, IFRS 16, and GASB 87 reporting standards, manage software spending, or manage contracts.LeaseQuery is a specialized lease accounting software designed to comply with FASB ASC 842, IFRS 16, and GASB 87 standards. It’s equipped with features to ensure error-free amortization schedules, journal entries, and adherence to critical dates. LeaseQuery serves both public and private entities, and government organizations in meeting stringent auditor and regulatory standards.
FinQuery recently announced a $25 million investment on April 24th, 2024, to help accelerate product innovation and development. This came not only after the company changed from LeaseQuery but also after it expanded into software asset and contract management, going beyond just lease accounting capabilities.
Video Overview
- Automated Lease Management: Streamlines tasks like payment schedules and journal entries with features for critical date alerts and reconciliation.
- Interactive Support: Offers chat support for prompt assistance and prides itself on excellent customer service.
- Continual Enhancement: Regularly updates based on user input.
FinQuery Key Features
Access controls based on user roles Secure journal entries Alerts for key dates Comprehensive reporting options Compatibility with various ERP systems
Data Integrity
- Rigorous data validation
- Documentation of lease modifications
- Duplication prevention
- General ledger compatibility
Accounting Intelligence
- Calculation of ROU assets and lease liabilities
- Analysis of lease and non-lease elements
- Management of contingent rent
- Application of practical expedients
- Access to borrowing rate information
- Customizable calendars
International Adaptability
- Multi-currency support
- Currency conversion and remeasurement capabilities
Reporting Capabilities
- Comprehensive disclosure support for:
- Various ASC and GASB standards
SBITA Accounting
- Auto-generated amortization schedules and journal entries
- Account for subscription-based IT arrangements under GASB 96
- Accrual journal entries at fund level
Software Asset Management
- Automated app discovery
- License management for onboarding and offboarding
- Software catalog for employees
- Renewal and charge tracking with forecasts based on licensing
- Tracks software subscriptions to avoid overspending
Contract Management
- AI-enabled contract entry
- Key data abstraction for analysis
- Cash flow reports
- Central repository for financial contracts with instant viewing
- Full audit trail for comments and changes made to a contract
Target Market
FinQuery is useful for:
- Finance and accounting professionals
- Accounting agencies
- Governmental bodies
- IT teams
Pricing Structure
Pricing for FinQuery is based on the number of leases, offering unlimited user access. The software does not provide a free trial or a free version.
Product Overview
Developer Overview
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User Reviews of FinQuery
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A very robust solution
I used the system at a larger organization and it is a very robust solution. It seems built more for larger corporations than organizations with a handful of leases to report on. I also found the interface rigid and difficult to navigate. If I made any type of mistake, it was hard to go back and fix it without having to re-do numerous steps.
- Retailing
- 51-250 employees
- Annual revenue $10M-$50M
LeaseQuery was pretty comparable to the few other systems
We ended up going with LeaseQuery for our lease accounting. Another company near us are using the same program so now we can check and see if we are doing it right.
LeaseQuery was pretty comparable to the few other systems we checked out. Their pricing was a bit higher than some of the other systems but we had some familiarity and liked the ease of use of LeaseQuery.
- Internet Software & Services
- 251-1K employees
- Annual revenue $100M-$250M
Support and pricing
The name familiarity of Leasequery drew us to it. Turned out price was all good too. Support was good, they did a good job with the implementation.
You would have had to do a bunch of manual adds for some other programs. Those were more of a manual database. Leasequery was a little bit more of a polished, finished product.
Pros
Support and pricing
- Aerospace & Defense
- 251-1K employees
- Annual revenue $50M-$100M
A trusted vendor in the field
After looking at a handful of solutions for ASC 842 complinace, we moved forward with Lease Query. The primary reason is they were most established across the market and a trusted vendor in the field. As a user on the software for the last several months, we have been happy with the system.
- Professional Services
- 11-50 employees
- Annual revenue $1M-$10M
Met all of our needs and even made the changes we recommended
We ended up going with LeaseQuery, their support team has been great and have been listening to our feedback on how to improve the system. They have made several changes that made the program more user friendly.
Their program out of the ones we reviewed were albe to meet all of our needs from a lease accounting system.
Pros
Great support that listened to our feedback. Made changes based on our feedback
Cons
No cons at this time.
- Diversified Financial Services
- 11-50 employees
- Annual revenue $1M-$10M
Lots of great features and simple to use
We ended up going with LeaseQuery after reviewing a few recommendations. They were able to meet all of our needs and even had more features than we needed. We ended up choosing them as they seemed the simplest to use. Support has been great and we have monlty meetings with LeaseQuery
Pros
Met all of our lease accounting needs Great support team
Cons
Nothing negative in our month of using it.
Met our Requirements
We demoed LeaseQuery and thought it was fine. It was able to meet all of our needs but we ended up going with another product. The pricing for the other product just made sense for our simple needs.
Pros
Able to meet all of our software needs
Cons
Other options were more affordable.
- Gas Utilities
- 251-1K employees
- Annual revenue $1B-$10B
I like how simple the software is to use
Lease Query is a lease tracking software that simplifies the lease accounting experience.
Pros
I like how simple the software is to use and how responsive the reps are!
Cons
Sometimes the reports I am looking for are not readily available but the reports can be made by yourself or with the help of the rep.
- Internet Software & Services
- 1K-5K employees
- Annual revenue $500M-$1B
LeaseQuery has been a critical part of our implementation
LeaseQuery has been a critical part of our implementation of 842. It would be helpful if I were able to make changes to leases that are in the “submitted” phase and if there was a function that checked the effect of receiving TI reimbursements at different dates than originally imputted.
Pros
The journal entry exports
Cons
Having to submit a lease in order to see TI to see the "new rules" implemented in the amortization table
- Construction & Engineering
- 251-1K employees
- Annual revenue $100M-$250M
User friendly software for managing leases
LeaseQuery is a user friendly software that allows our 5 subsidiary companies to easily manage their combined 150 leases.
Pros
To me, the best part about LeaseQuery is the how user friendly the software is.
Cons
Occasionally, there have been times where the website seems to drag.
- Insurance
- 1K-5K employees
- Annual revenue $1B-$10B
The software is easy to use
Lease Query is a software used to calculate lease asset, liabilities, amortization schedules, create journal entries and reports.
Pros
The software is easy to use, it has helped us organize and keep the leases in one place, and it allows us to create journal entries.
Cons
We have encountered several issues with the termination journal entries and we have had to calculate them manually. I wish when an issue is reported by one user, they would make other users aware of the problem. Sometimes they do, but sometimes they don't.
- Diversified Consumer Services
- 51-250 employees
- Annual revenue $10M-$50M
The website is very easy to use, understand, and navigate
LeaseQuery is exactly the accounting software our company needs to comply with ASC 842 for leasing.
Pros
The website is very easy to use, understand, and navigate. But more importantly is to get the reports and journal entry needed.
Cons
Sometime the website can be slow.
- Semiconductors & Semiconductor Equipment
- 5K-10K employees
- Annual revenue $1B-$10B
The software is intuitive and easy to use
LeaseQuery is a good product to handle a smaller lease population. We have somewhere around 100-125 leases at any given time and it is perfect for managing that population.
Pros
The software is intuitive and easy to use.
Cons
The lack of a catch-up journal entry has been a pain-point for our team thus far, LQ does promise this will be fixed sometime around Q1-Q2 2020.
FinQuery Review
It’s easy to use and easy to learn.
Pros
The quick response of the Support team
Cons
The help section does not give enough examples.
A breath of fresh air for lease accounting
This is a breath of fresh air for an occupation that’s usually treated with bored stares, long sighs and slow blinks. As I signed off for the day, I found myself wondering what new funny would be waiting for me the next time I logged into LeaseQuery. And then I realized I was actually liking lease accounting for the first time in eight years.
FinQuery Review
The things that we liked about LeaseQuery were the data validation, audit trail, and email notifications.
When we have questions, we send a note, and someone sends a response within an hour or two.
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