Accounting Terms
These are the Big 4
Deloitte, EY, KPMG, PWC
A lease component that exists within a service contract
Embedded Lease
George Azih went to this college
UGA
Our free tool, LeaseGuru, is free for up to this many leases.
What is 2 leases?
If the prospect is a mortgage company with 7 leases, 2 locations and has a need for reporting, you will set a demo for this LQ Product.
Advanced
Current single source of US accounting guidance and reporting except for government entities. It is Maintained by FASB
ASC
Agreement that stipulates the right to use multiple assets.
Master Agreement
On this year LeaseQuery was founded
2011
Dedicated Support, Robust Reporting, and Multicurrency are features of which LQ Products?
Advanced & LQ4NS
If the prospect is a private company with 27 Leases, 5 Lessor Leases, and a 13 month calendar, you will set a demo for this LQ Product
LQ Advanced
Common set of accounting principles, standards and procedures that help companies organize their accounting records and disclose financial statements
GAAP
A lease where no ownership is assumed at the end of the term, is considered an
Operating Lease
This person was the third one to become a LeaseQuery employee and was George's college roommate. DOUBLE JEOPARDY!
Who is Chris Ramsey
They sell software that LQ integrates with. We are partners because of our integration with the larger product that they sell.
Referral Partner
For a prospect who works for a private manufacturing company with 25 Leases, (5 vehicles, 5 buildings, 15 equipment) using NetSuite as their ERP, you will set a demo for this LQ product?
LQ4NS
includes the independent auditor's report and contains management's discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.
Annual Comprehensive Financial Report (ACFR)
This Standard requires Lessor Reporting
GASB
SOC 1. Type 2 Report for LeaseQuery is performed by
Who is EY
Assigning different roles in the system and providing access accordingly. For example: Editing access vs read only/viewing access is a feature called
Role Based Access
For a prospect who is private company, in the retail industry with 1 location and 12 copiers (MSA) you will suggest this LQ product
LeaseGuru
SBITA stands for
Subscription Based IT Arrangements
Financial statement where most leases now appear on after the new lease accounting rules take effect
Balance Sheet
This person is the current President of LeaseQuery
Joe Schab
Accounting or consulting firm. Have to take a course to be LQ certified. They’re a partner because they’re involved in implementation and sometimes involved in the demo.
What is a Certified Service Partner (CSP)?
If your prospect is the City of Lilburn, GA, with 4 buildings, 2 vehicles, 5 copiers, and 2 lessor agreements on buildings, you will set up a demo for this LQ product? They also may want an integration with Infor.
Advanced