LeaseQuery, a lease accounting software solution, has received $40m in a Series A round from Goldman Sachs’ Merchant Banking Division.
The US-based company aids over 10,000 accountants across public, private, non-profit and government organizations to lower accounting errors and boost compliance. Its technology supports accounting, reports, classification tests, document management, data integrity and critical date reminders.
Users can easily meet demands of regulations like IFRS through LeaseQuery’s reports which ensure all necessary information is collected.
LeaseQuery has achieved a 708% year-over-year revenue growth in 2018 and has increased its client base from 500 companies in 2018 to just under 1,000 currently.
New lease accounting rules such as FASB, IASB, and GASB are increasing balance sheets and making more challenges for companies, the FinTech said.
LeaseQuery CEO George Azih said, “We founded LeaseQuery to solve a singular problem. The new lease accounting standards are incredibly complex, and accountants needed purpose-built software to comply and unlock insight about their leasing strategy. We’re thrilled to have Goldman Sachs’ investment as we continue to grow and expand our offerings to support accountants.â€
Last month, the European Securities and Markets Authority (ESMA) told European enforcers what their priorities should be when examining 2019 annual financial reports from listed companies.
One of the area’s attention was drawn to was specific issues related to IFRS 16 Leases due to the significant judgement required in its application and determining the lease term and discount rate.
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