What is LeaseMate?

About LeaseMateWhat is LeaseMate_

LeaseMate automates your lease accounting. We asked them 8 questions, as a part of our “What Is” blog series, to learn more about their app and their company.

QBOchat Interview Discussing Lease Accounting With LeaseMate

What is your App’s name, what do you do, & when did you get published on Intuit’s Apps.com?

LeaseMate is the app for quickly and efficiently doing your lease accounting. We were approved and published for the app store in August, just prior to this year’s Intuit App Showdown!

What was the main problem you were trying to solve when you first developed LeaseMate?

On the 1st January 2019, the lease accounting standards around the world will change. Transitioning to and complying with the new standard is something everyone needs to understand but are struggling to put aside the time to actually do. Leases can be complicated financial products and often even the most basic lease proves to not be simple by accounting terms.

LeaseMate automates compliance with the new standard and synchronizes your lease expenses and journal records with your QuickBooks Online account. In a matter of minutes, all your lease accounting will be taken care of.

What companies (or users) are the best fit for LeaseMate?

LeaseMate is suitable for business owners, bookkeepers and accountants – anyone who finds themselves in the position of having to correctly account for a new or existing lease. You need some accounting savviness, but not a whole lot! We walk you through the process and explain each of the terms and inputs you need to get things right the first time.

Tell us about your users’ top 3 favorite features or benefits of LeaseMate.

– Asset management. Often with equipment lessors it can be difficult to know exactly what you’re leasing, or what assets are on which lease. Our asset database is a great resource for business owners to keep track of their assets and make sure they know exactly what they are paying for and when leases for each of their assets end.
– Excel Export. Everything that the LeaseMate calculation engine generates can be downloaded into a handy Excel file that covers all records and month-end summaries of your lease.
– End of Lease Notifications. When a lease is closing in on its end date it’s often the right time to take the initiative and commence negotiations with your lessor regarding the end of lease. LeaseMate provides timely notifications to customers to make sure they are aware of the end of lease obligations and don’t incur any unnecessary costs.

Tell us about your company’s culture and leadership.

We really believe leasing is an underserved segment and are looking to create products in the industry that promote transparency, flexibility, and fairness. Day to day that’s what really drives us. We’re currently working on producing a new asset finance solution for small businesses that is truly customer-centric.

How is LeaseMate different from your competitors?

We’re the first lease accounting solution to fully integrate with QuickBooks Online! We also have a really simple workflow for adding a lease. That helps a lot in a process that can otherwise be quite confusing.

What is the pricing for LeaseMate?

LeaseMate is free to connect up to 2 QuickBooks Online companies. We have plans for connecting more companies starting from $29 USD per month, depending on the amount of licenses required.

Does LeaseMate have any programs for Quickbooks ProAdvisors?

Right now we’re offering a 20% discount on our subscription plans to QuickBooks ProAdvisors. It’s the best time to get ahead of your lease accounting before the new standard comes into full effect!

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