Major Telecommunications Company Simplifies Multinational Lease Accounting by Switching to LeaseQuery
Click here to access a downloadable version of this case study.
7,500 + Leases
in multiple currencies and jurisdictions.
30 Companies
across Latin America and the Caribbean.
Complies
with both IFRS + US GAAP Standards.
The Challenge with their prior solution:
- Mainly a real estate software tool: With lease accounting functionality added on. The system was clunky and ill-equipped to account for thousands of leases across 30 companies.
- Unresponsive Customer Support: The support team was difficult to reach, leaving them without timely help.
- Inefficient Data and High Costs: The solution was expensive, and the team often found significant inefficiencies that undermined their confidence in the data.
“We were effectively the quality control department for their business. We were constantly finding issues with reports. We couldn’t use the reports or we had to manually manipulate them.” – Director of Financial Reporting and Policy
The Solution: LeaseQuery Powered by FinQuery
They Needed:
FinQuery Delivered:
Software that could handle multiple currencies, operate across various legal jurisdictions, and produce accurate reports for both IFRS and US GAAP.
Accurate reports for both US GAAP and IFRS supported by robust multi-currency capabilities.
Improved user experience.
A platform that empowers various users in their local markets to easily perform day-to-day tasks.
An efficient, easy-to-use system.
Functional, intuitive software making workflows more efficient and easier to understand.
The Implementation Process
They were impressed with the unique technical guidance from the implementation team for specific lease records and the thought out, effective resolution of questions, a significant improvement over their prior system. The implementation process was a truly collaborative environment that was crucial for navigating complexities and ensuring a successful implementation.
How They Achieved Success Switching to LeaseQuery Powered by FinQuery:
- Intuitive User Experience and More Accurate Accounting: The platform’s functional and intuitive interface simplified the management of lease records and reduced questions from users in local markets. This has led to far fewer issues with lease updates, resulting in more accurate accounting.
- Responsive, Expert Support: The team values the unique technical support they receive, which provides timely and clear feedback for issue resolution. “When you send a ticket, they respond really fast and the solution is what we are looking for.” This is a stark contrast to their previous provider, “where we would have to wait one or two days to get an answer.”
- Greater Efficiency: The LeaseQuery dashboard has become an essential tool. Features like AI-assisted lease entry and a robust, searchable help center have further increased efficiency. “The dashboard functionality is really helpful because I can look at any point in time, particularly around our quarter-end, to see if there is a particular market or review to approve that we are waiting on which is going to hold up our process when generating final reports.”
- Improved Controls: LeaseQuery has also enhanced their internal controls. The ability to set up user profiles with distinct segregation of duties has allowed them to push much of their SOX compliance down to the local level. This has eliminated a significant amount of centralized review work while also improving financial controls.
“The dashboard functionality is really helpful because I can look at any point in time, particularly around our quarter-end, to see if there is a particular market or review to approve that we are waiting on which is going to hold up our process when generating final reports.”
Ready to Make the Switch?
Whether from Excel or another software – we make it easy.