The Intuit Developer Spotlight series, which follows developers on their app journey using the Intuit Developer Platform, continues today with 2018 $100K Small Business App Showdown Finalist LeaseMate.
Founder Jaryd Carolin took time out of his schedule to speak with us about how the app started and where he sees it headed. He also explains how QuickBooks Online has played an important role in their design and will continue to do so in the future.
A New App with Big Plans
LeaseMate began in May 2018 at the Intuit Small Business Hackathon in Sydney, Australia. Jaryd, who has previous lease finance experience, says he created the app because there will be new world-wide lease standards coming into effect next year.
“I knew the changes to the standard would be a real pain point for accountants,” he says. “LeaseMate automates your lease accounting under the new lease standards.”
Upgear Finance, Jaryd’s company, developed LeaseMate with the idea of helping “customers get great equipment financing backed by all the technology needed to manage it” and offers several pricing plans to make it happen. Customers who want to connect up to two QuickBooks Online companies can do so for free and those needing to connect to more can select their Premium option, starting from $29 USD/month.
Whichever option customers choose, they’ll experience quick, easy, and automated accounting that is IFRS16/AASB16 and ASC 842 compliant. Spreadsheets and calculations become a thing of the past as LeaseMate’s algorithms do the math for them. Additional benefits include:
- Control of finances and equipment with lease and asset records in one place
- Timely reminders when one or more of leases are close to their end dates and aids users in positively renegotiating terms
- Pay less by upgrading equipment or premise on-time
- Accurate records within QuickBooks Online by linking to suppliers, tax codes, accounts, payment methods
- And more
If you check out their QuickBooks App Store page, you can get all the details for yourself and see why LeaseMate is rated 5 stars.
Integrating with QuickBooks Online and Intuit Developer’s Support
Jaryd’s experience in data analysis means he understands the importance of using data to make good decisions.
“You only really get the best insights when you have the best data. It’s so critical that that information has the right home,” he says. “For us, that’s QuickBooks Online. When you have really accurate information in QuickBooks Online, all of the great reporting features are even more valuable. When dealing with lease assets and liabilities, it’s critical to make sure you don’t lose track of those commitments.”
And just like QuickBooks Online is the right home for their app, Jaryd says he wants the same thing for LeaseMate.
“We already do depreciation for leased assets, but we’re going to strive to become the home for all your business’ fixed assets. We think it’s critical to understand what you own and any related liability positions,” he says.
Jaryd also says having the support of the Intuit Developer team has been helpful in getting them going and moving them forward. He specifically mentions Diana De Rose, saying, “She’s been fantastic in answering technical inquiries and getting LeaseMate working superbly with QuickBooks. The whole team is really responsive. They care about the ecosystem and understand the value third-party apps bring to it as a whole.”
Also helpful for LeaseMate? The App Showdown. “We got some great validation and learned a lot from the people we talked to at our booth at QuickBooks Connect in San Jose. It’s been instrumental in the prioritization of the next features we’ll build.”
What Other App Developers Can Learn from LeaseMate
As LeaseMate continues to grow with QuickBooks Online, Jaryd has some sound advice for other app developers. “Release early and keep momentum by constantly having conversations with your customers.”
He also addresses some emerging tech trends for app developers with regards to insight and automation.
“For accountants and small business owners, it’s a lack of time that is the prohibitive factor to business success. Automation of regular tasks saves time, and insights are generally time consuming to generate but very valuable,” he says. “There’s a lot of great technologies out there right now—AI, machine learning, blockchain, voice, etc. It’s critical to take those trends and converge on a real benefit for the end user. I encourage all developers to really view things through that lens as much as possible.”
We hope LeaseMate’s story encourages others in the Intuit Developer community to either start or continue their own journey. The Intuit Developer team is here to help, and you can contact us at any time.
We also hope you’ll check back in for our next developer in our Intuit Developer Spotlight series coming soon.