Prepaid and Accrual Accounting is Live in FinQuery → Learn More

CONTENT BY
George Azih, CEO, FinQuery

Overpaid Rent: 5 Ways that Businesses Overpay Rent and Don’t Know It

1. Paying invoices with incorrect payment due amounts Present value calculator 2. Annual escalations 3. Not realizing a monthly payment is not required 4. Missing renewal notice deadlines 5. Common area maintenance overpayments 6. Related articlesIndustry statistics...

Embracing Change: A Journey from LeaseQuery to FinQuery

I wanted to take a moment to share with you a significant milestone in our journey together. As you may have already heard, LeaseQuery has now evolved into FinQuery, marking a new chapter in our story. Read our story here Why now? This rebranding represents not just a...

Outsourcing Your Lease Accounting: 4 Best Practices to Consider

Businesses are busy. With limited time and resources, and not enough people on staff, it may be time to pass the task of maintaining compliance under the lease accounting standards on to an accountant or consulting firm. Working with an accountant or CPA has numerous...

Accounting for Service Contracts: Software Licenses & Leases

1. Accounting for leases embedded in service contracts 2. Are software licenses considered service contracts under ASC 842, IFRS 16, or GASB 87? 3. Accounting for software as a service contracts – what’s changed 4. Subscription-based information technology...

GASB 87 Training: 10 Resources and Tips to Ease Your Transition

In 2017, the Governmental Accounting Standards Board released GASB 87, the new lease accounting standard for government entities. Government agencies must begin applying the new guidance for all reporting periods starting after June 15, 2021. Initially, the compliance...

Excel Accounting Functions, Practices, Tips, and Tricks

1. Excel accounting formulas and functions Common functions for accountants 2. Excel accounting practices Our favorite Excel shortcuts Understand the Excel accounting number format 3. Free Excel accounting templates 4. Excel and accounting software 5. Bringing it...

Lease Accounting Compliance: Five Things To Remember

1. Lease accounting compliance is crucial for your organization Understand the lease accounting standards Utilize your resources Gather a full scope of your leases Look out for errors within your leases Conduct due diligence in selecting your software solution 2. What...

Lease Accounting for Small Businesses: What You Need to Know

1. Complying with the new standards is a headache – especially in Excel 2. Investing in technology can prevent non-compliance Listen to your peers Evaluate the software’s features Analyze your budget The new lease accounting standards affect every business, no matter...

Lease Abandonment Accounting: Common Questions and a Full Example

Lease abandonment from the lessee’s perspective means precisely that the lessee is still paying for an asset they are no longer using. While the asset has in fact been abandoned by its initial renter, the landlord is still receiving payment for the property....

How To Wake Up from these 9 Lease Accounting Nightmares

Transitioning to ASC 842, IFRS 16, or GASB 87 is a monumental undertaking. No matter which standard you’re transitioning to, you’re probably already having nightmares about numbers and spreadsheets. We know it can be scary but it’s important not to let those lease...

Accounting Year-End Checklist: How to Prepare for Year-End Closing

Many people think that Q1 is the busiest time of the year for accountants. They assume that because it’s tax season, accountants are only stressed between January and April. While it's true that accountants are extremely busy during the first quarter, they're also...

VP of Accounting: Jennifer Booth Leadership Profile

Jennifer Booth, our VP of Accounting, has nearly 20 years of experience in her field. She spent the majority of her career at EY before joining the LeaseQuery team last December. She wanted to follow her father’s footsteps into business, and Jennifer was drawn to...

The Accountant’s Journey toward Lease Accounting Adoption

The journey toward adopting the new lease accounting standards (ASC 842, IFRS 16, and GASB 87) isn’t easy - there are numerous pitfalls that can happen along the way. While the deadline for public companies has already passed, a recent decision by FASB will likely...

5 Things I’ve Learned In My Year Working With Endeavor

Endeavor's Impact on LeaseQuery's Growth Last week I had the pleasure of attending the Endeavor Catalyst Investor meeting in San Francisco, CA. During my time there, I was able to attend a fireside chat led by Reid Hoffman (founder, LinkedIn), Patrick Collison...

What Is the Early Impact of ASC 842 for Investors?

Now that public companies have completed or are in the final stages of their lease accounting transition, we can get an idea of what the ripple effect of the new lease accounting guidance will be beyond the accounting department. One of the main factors driving the...

How to Choose the Right Accounting Software for Your Business

For accountants at mid-sized and small companies, buying software isn’t a regular occurrence. Companies don’t invest as heavily in accounting as they do in marketing and IT. And when they do, the focus is often short-sighted – software is purchased to meet an...

Accounting Department Best Practices

Turnover, major projects, and organizational changes can make it difficult for teams to work together effectively, despite all of your best efforts. Every now and then, it’s worthwhile to do a gut check on how well your team is functioning. The more you operate as a...

Building Your Lease Accounting Practice: What You Need to Know

The new lease accounting standard creates new opportunities for accounting and advisory firms. Your clients will need guidance on interpreting the standard, developing their policies, and implementing lease accounting software. But before you dive into building your...

Efficiency in Accounting: Improve Productivity with These 6 Tips

Time – no matter what you do, it seems like there’s never enough of it. Fortunately, there are small things that you can do to make the most of your time and improve the efficiency of your accounting department. Here are six of our best pointers to help accountants...

4 Ways to Improve Financial Reporting Quality and Processes

To say that financial reporting regulations have changed in the past 20 years would be an understatement. We’ve seen significant recommendations made by The Securities and Exchange Commission (SEC), the introduction of The International Financial Reporting Standard...

When to Start Your Lease Accounting Project

For private companies, the January 1, 2021 compliance deadline is nearing and your transition should be underway. However, with all you have to do, we understand that starting and completing this huge task isn’t at the top of your to-do list. Nonetheless, beginning...

Why Lease Accounting in Excel Will Set You Up for Non-Compliance

Excel is an accountant’s best friend. The ubiquitous software has been around for over 30 years and most of us can’t imagine a world without it. It seems like it can do anything. Unfortunately, to comply with FASB Topic 842 and IFRS 16, as well as GASB 87, Excel...

Lease Data for Accounting: How and What to Collect

Adopting ASC 842, IFRS 16, and GASB 87 requires you to revamp your lease accounting practices. In order to transition properly and maintain compliance going forward, you’ll need to collect comprehensive data for each of your organization’s leases. Here’s an overview...