In an innovative step forward for lease accounting, FinQuery, formerly LeaseQuery, announces the launch of its first-to-market automated catch-up functionality, revolutionizing the way accountants handle lease changes. This latest feature introduces a seamless, efficient method for updating financial records with missed leases and lease changes, a common area of errors and inefficiency for accounting.
In accounting, timing is crucial, but leases or their changes often aren’t recorded on time due to administrative delays or lost documents, impacting financial outcomes, compliance, and financial audits. Traditionally, a missed lease or lease change required accountants to manually calculate adjustments and make separate journal entries for each period, a process prone to errors. FinQuery’s catch-up lease actions solve these issues by automatically generating a cumulative catch-up journal entry and audit trail when accountants input leases or changes after a period has closed. This feature ensures financial data stays current, accurate, and compliant, no matter when lease information is recorded.
“With the introduction of catch-up lease actions, the task of making changes after the books are closed is solved,” said George Azih, CEO and Founder, FinQuery. “Our new catch-up functionality transforms the daunting task of lease accounting into a manageable, efficient, and precise process, reflecting our commitment to simplifying the complex with technology.” The importance of catch-up lease actions is clear from its quick adoption by FinQuery customers. Within the first week of its release, over 450 leases were updated by approximately 60 clients during a non-close week.
As accounting evolves, FinQuery leads the way, equipping the office of the CFO with the tools they need for success. Catch-up lease actions improve lease accounting efficiency by automating calculations and record-keeping for missed leases and changes, and providing a reconciliation report for adjustments. This simplifies the process for accountants to reconcile past period-end balances, ensuring a clear, auditable trail from original to revised figures.
To learn more about FinQuery, please visit https://finquery.com/.
About FinQuery
FinQuery, formerly LeaseQuery, empowers 36,000+ professionals to optimize decisions in their top spending areas—leases, software subscriptions and financial contracts—setting us apart in the market. Our award-winning AI-driven software minimizes risk, boosts efficiency and cuts costs.
Explore FinQuery’s platform for contract and spend intelligence, including solutions for contract management, specialized accounting ensuring compliance with ASC 842, IFRS 16, GASB 87 and GASB 96, and software management. Learn more at FinQuery.com.
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