Lease requestan accounting software provider, acquired Crowe Lease Accounting Optimizer (CLAO), a leading provider of lease accounting for NetSuite users. Crowe srl, a U.S.-based accounting, consulting and technology firm with offices around the world, developed the technology solution to help companies efficiently manage their lease accounting processes while promoting compliance with standards. accounting for leases. The solution will be listed as LeaseQuery for NetSuite, effective immediately.
The acquisition provides a strategic opportunity for LeaseQuery to extend its current lease accounting capabilities and expertise while delivering additional value to existing NetSuite customers in compliance with ASC 842 and IFRS 16 lease accounting standards .
“LeaseQuery for NetSuite will provide the NetSuite community with a CPA-approved lease accounting solution that is fully integrated into the SuiteCloud platform,” said George Azih, Founder and CEO of LeaseQuery. “At the scale and complexity of lease accounting today, LeaseQuery for NetSuite is the cornerstone of simplified accounting and easier compliance for NetSuite users.”
“Crowe has a long history of building highly specialized digital accounting and advisory solutions on technology platforms that users are already comfortable with, like NetSuite,” said Josh Cole, managing director of the team. consultancy 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 broader customer base to leverage 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 perform the following actions in SuiteApp:
- Lease portfolio transition to ASC 842 or IFRS 16 lease accounting standards
- Calculate ROU Assets
- Produce amortization schedules
- Quickly generate accurate journal entries
- Classify leases as financing or operating
- Centrally store lease management information
- Seamless integration with company 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 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 support this unique offering with industry-leading accounting expertise.”
Crowe will continue to support Crowe Lease Accounting Optimizer for existing customers and provide other digital accounting solutions that complement NetSuite. Crowe is also in a unique position to help LeaseQuery customers use the new features of LeaseQuery for NetSuite.
To learn more about LeaseQuery for NetSuite, click here.