Product News: LeaseQuery, Avalara and Invoiced hit 2018 milestones
LeaseQuery reaches revenue milestone as customers prepare for new lease accounting standards
LeaseQuery, which provides lease accounting software, reported year-on-year revenue growth of 708 percent in fiscal year 2018. The company states that the growth was fueled by “the timeliness of LeaseQuery’s solution, as companies prepare to comply with new standards for lease accounting.” The new standards, released by the Financial Accounting Standard Board and the International Accounting Standards Board, require companies to put nearly all leases on their balance sheets, which significantly shifts the way companies prepare financial statements. “2018 was another year of remarkable growth for LeaseQuery. With the deadline for public companies to adhere to the new lease accounting standards fast approaching, our solution is a critical component of helping them comply,” said LeaseQuery CEO and founder George Azih in a statement. “We grew our employee base phenomenally this year, and every employee has been key to building a best-in-class solution to a serious challenge.”
Additionally in 2018, LeaseQuery was issued an unqualified SOC report by EY, meaning that the Big Four firm found the company’s controls are described in a fair and accurate manner and operate effectively. LeaseQuery also added 94 new employees across departments.
Avalara hits 700 integrations milestone
Tax automation provider Avalara now offers over 700 prebuilt integrations into business applications across accounting, ERP, ecommerce, point-of-sale, mobile commerce and customer relationship management (CRM) software. Through these integrations, customers of Avalara partner solutions can benefit from Avalara’s calculation of applicable taxes, fees and surcharges for billing line items. Avalara offers an API (application programming interface) for each of its products.
Invoiced serves 20,000 customers in 2018
Invoiced, which makes accounts receivable automation software, finished 2018 having served more than 20,000 customers and automating more than $40 billion in receivables, according to the company. This amounted to a reported 7 million invoices. Last year also saw Invoiced enter the mid-market segment, previously having focused on smaller businesses.
Some of the new capabilities Invoiced added last year were a new Smart Chasing Engine that creates automated, customizable billing communications sequences, a range of user interface enhancements, and omni-channel billing capabilities, including direct mail and text messaging.