LeaseQuery, a provider of software built to simplify the complexities of accounting, announced its acquisition of Crowe Lease Accounting Optimizer (CLAO), a provider of lease accounting for NetSuite users. Crowe LLP, a public accounting, consulting and technology firm in the U.S. with offices around the world, developed the technology solution to help companies manage their lease accounting processes efficiently while promoting compliance with lease accounting standards. The solution will be listed as LeaseQuery for NetSuite.
The acquisition provides a strategic opportunity for LeaseQuery to expand its current lease accounting capabilities and expertise while delivering additional value to existing NetSuite customers complying with the ASC 842 and IFRS 16 lease accounting standards.
“LeaseQuery for NetSuite will provide the NetSuite community with a CPA-approved lease accounting solution built entirely in the SuiteCloud platform,” said George Azih, LeaseQuery founder and CEO. “At the scale and complexity of lease accounting today, LeaseQuery for NetSuite is the cornerstone of simplified accounting and compliance facilitation for NetSuite users.”
“Crowe has a long history of building highly specialized digital accounting and consulting solutions on the technology platforms that users are already comfortable with like NetSuite,” said Josh Cole, Managing Principal of the consulting team at Crowe. “This relationship with LeaseQuery is an important step in the growth and expansion of Crowe’s NetSuite services and will allow an even wider customer base to harness their lease data to automate record keeping and compliance.”
This acquisition by LeaseQuery is part of the company’s overall investment in building a platform for complex lease accounting. LeaseQuery for NetSuite will allow its users to do the following within the SuiteApp:
- Transition the lease portfolio to the ASC 842 or IFRS 16 lease accounting standards
- Calculate ROU assets
- Produce amortization schedules
- Quickly generate accurate journal entries
- Classify leases as finance or operating
- Centrally store lease management information
- Seamlessly integrate with the company’s chart of accounts, currencies, vendors, departments, classes and locations
- Issue payments directly to the lessor from NetSuite
“Crowe Lease Accounting Optimizer has been a leader in helping NetSuite ERP users automate compliance with the new lease accounting standards,” said Azih. “Joining LeaseQuery as a dedicated lease accounting tool for NetSuite provides an unprecedented opportunity to extend the power of NetSuite ERP and back this unique offering with industry-leading accounting expertise.”
Crowe will continue to support the Crowe Lease Accounting Optimizer for its existing customers and provide other digital accounting solutions that complement NetSuite. Crowe is also positioned to help LeaseQuery’s client base utilize the new features of LeaseQuery for NetSuite.