LeaseQuery, a provider of lease accounting software, achieved ‘Built for NetSuite’ status with its lease accounting product, LeaseQuery for NetSuite. The new SuiteApp, built using the Oracle NetSuite SuiteCloud Platform, helps organizations manage their lease accounting processes efficiently while promoting compliance with ASC 842 and IFRS 16 lease accounting standards.

“We are thrilled to align with Oracle NetSuite to help companies transform their lease accounting processes,” George Azih, founder and CEO of LeaseQuery, said. “LeaseQuery for NetSuite expands our powerful and secure lease accounting solution to facilitate regulatory compliance for NetSuite customers and increase their overall accounting efficiencies.”

LeaseQuery for NetSuite is a lease accounting solution built natively in NetSuite. In addition to compliance capabilities, it helps organizations with right-of-use asset calculations, amortization schedules, accurate journal entries and lease classifications, all within the NetSuite application.

“Understanding the financial impact of leasing activities and remaining compliant are crucial to a company’s financial health,” Guido Haarmans, GVP of the SuiteCloud Developer Network and Partner programs for Oracle NetSuite, said. “This new SuiteApp extends our robust solution for lease accounting and can help NetSuite customers automate compliance with the new lease accounting standards.”

Built for NetSuite is a program for NetSuite SuiteCloud Developer Network partners that provides the information, resources and methodology required to help them verify that their applications and integrations meet NetSuite standards and best practices. The Built for NetSuite program is designed to give NetSuite customers additional confidence that SuiteApps, like LeaseQuery for NetSuite, have been built to meet these standards.