Accounting software provider LeaseQuery announced it has acquired Top 15 Firm Crowe's Crowe Lease Accounting Optimizer platform, which will now be known as LeaseQuery for Netsuite.
Made specifically to help companies with the new GAAP and IFRS lease standards, the platform allows NetSuite users to:
- Transition their lease portfolio to ASC 842 or IFRS 16 standards;
- Calculate ROU assets;
- Produce amortization schedules;
- Generate journal entries;
- Classify leases as finance or operating, as per standards;
- Centrally store lease management information; and,
- Issue payments directly to the lessor from NetSuite.
The platform is also meant to integrate with a company's chart of accounts, currencies, vendors, departments, classes and locations.
The acquisition is part of LeaseQuery's larger goal of developing a platform for complex lease accounting.
“Crowe Lease Accounting Optimizer has been a leader in helping NetSuite ERP users automate compliance with the new lease accounting standards,” said LeaseQuery CEO George Azih in a statement. “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.”
While now owned by LeaseQuery, Crowe will continue to support the platform for its existing customers and provide other digital accounting solutions that complement NetSuite.
