"If you focus on inspiring your people and keeping them motivated, they will be productive"
Welcome to ValiantCEO Magazine’s exclusive interview with George Azih, the founder and CEO of LeaseQuery. In this captivating conversation, Azih takes us on a remarkable journey of how LeaseQuery has revolutionized lease accounting and empowered accountants around the globe.
What started as a one-person startup has now blossomed into a thriving software company with a dedicated team of accounting and technology experts.
LeaseQuery’s unique approach lies in its fusion of accounting expertise and cutting-edge technology, which sets them apart from the competition. By leveraging technology, LeaseQuery streamlines lease management, minimizes risk, and ensures compliance across various accounting standards.
In this interview, Azih shares his insights on employee happiness, the underestimated aspects of running a company, and the lessons learned from navigating the challenges of the business world.
Join us as we delve into the inspiring story of George Azih and LeaseQuery, and discover how their visionary solutions continue to transform lease accounting for accountants worldwide.
Check out more interviews with entrepreneurs here.
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Table of Contents
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
George Azih: I am George Azih, founder and CEO of LeaseQuery. Before I started LeaseQuery, I worked at a Fortune 500 company where I was tasked with teaching the controllers the proper way to account for leases. As part of the process, I sought out lease accounting software to help solve this problem for us.
After a surprisingly unfruitful search followed by a recent update to the FASB’s lease accounting standard, I realized the major lack of tools on the market to help accountants like myself comply with the rule change.
It was at this point that I recognized the problem and knew this was the perfect opportunity to create a solution that would simplify the future for accountants
I became obsessed with creating a product to help accountants manage their company’s leasing financial information easily and virtually error-free, ensuring compliance with the new standards.
After a year and a half of research, the first line of code was written. And three years after conceptualizing LeaseQuery, we received our first check.
Twelve years later, LeaseQuery has grown from a one-person startup to a thriving software company that makes accountants’ lives easier by simplifying the complex with technology.
And although I was the original accountant obsessed with the problem, LeaseQuery wouldn’t be where it is today without our team of accounting and technology experts all working together to solve our customers’ most intricate problems.
If you were in an elevator with Warren Buffet, how would you describe your company, your services or products? What makes your company different from others? What is your company’s biggest strength?
George Azih: LeaseQuery uses technology to simplify complex accounting. Our solutions help businesses minimize risk, increase efficiency, and reduce costs, all while facilitating compliance across various FASB, GASB, and IASB accounting standards.
LeaseQuery’s major differentiator is not only that it is built and supported by accountants, but the level of accounting expertise we have running through the veins of our company.
With more than 40 accountants on our staff across multiple departments, our customers can feel confident knowing they are talking to people who have been in their shoes and fully understand the standards and problems we are trying to solve.
What advice do you wish you had received when you started your business journey and what do you intend on improving in the next quarter?
George Azih: I wish someone would have told me that if I were planning to go all in, I needed to quit my job right then and there.
I was so busy working my day job while trying to start a business on the side, that it felt like having one leg in hot water and the other in cold and trying to convince myself that I was warm. If I could go back and do it again, I would go all in a lot earlier.
As far as next quarter, the biggest thing we as individuals and as a company will continue working on is controlling what we can control. In our business (and most businesses for that matter), there is a lot of unknown – i.e. will the standards change again, is the compliance deadline going to change, how is AI going to change the landscape of our business.
No matter what is put in front of us, we need to figure out what it is that we can control – whether that be how many calls we make, how much content we put out, the messaging we – and control it. The rest will fall into place.
Here is a two-fold question: What is the book that influenced you the most and how? Please share some life lessons you learned. Now what book have you gifted the most and why?
George Azih: One book that had a major influence on my life and the way I look at software is called Don’t Make Me Think by Steve Krug. Krug is a usability expert who has spent years teaching designers, programmers, developers, etc. how to use common sense when approaching the user interface.
As a user of software, I don’t want to have to think. It should just work. This is why I work with our developers to build things we already know. Accountants have to think enough as it is, we don’t want them to have to think more when using our solution.
The book I’ve given and recommended the most is called The Startup Owner’s Manual. I have read and reread this book multiple times. When people ask me how to start a business, I hand them this book.
It is literally a step-by-step guide for building a successful and scalable startup. It’s a long and tough read. However, if you want to start a business, you have a long, tough road ahead of you so getting through this book is a great start.
Business is all about overcoming obstacles and creating opportunities for growth. What do you see as THE real challenge right now?
George Azih: I often see businesses distracted in finding a solution without actually having a problem to solve.
One example right now is the AI craze. Is there a need for AI? Yes. Are there problems AI can solve? Yes. Will AI make many things in our lives easier? Yes, of course.
However, before we go all in, like hiring a Chief AI Officer and transitioning everything to AI, let’s get our feet wet first. Let’s understand it. Let’s figure out the problems we can solve with AI first and implement it one problem at a time.
Businesses need to stay balanced and not over index. We often get distracted by new buzz words when really we need to stay grounded and focused on the problems that need solutions.
In your experience, what tends to be the most underestimated part of running a company? Can you share an example?
George Azih: It’s the people. Business owners need to ask themselves how to keep their people inspired, motivated, and productive … and then do those things.
And this isn’t just about inspiring them in the daily grind of their jobs. It’s about inspiring them in their everyday lives, listening to what they want and need and championing those things for them.
When COVID first started, we evaluated a lot of our healthcare plans and benefits. One particular area that needed more focus was our parenting plan.
As we were discussing the new policies, I looked around the room and realized only a couple different groups were being represented. How were we supposed to come up with an optimal and inclusive parenting plan if we were only asking a small pool of people?
So, we reached out to several other businesses in the area, interviewed people of different ethnicities, sexualities, ages, etc. to help develop the inclusive parenting plan we have today.
Our parenting plan was just the start of a lot of exciting changes throughout our company policies, including our REDI committee, hybrid-work environment, educational stipend, mentor program, and more.
But all this to say, we listen to our people and encourage change. If you focus on inspiring your people and keeping them motivated, they will be productive.
On a lighter note, if you had the ability to pick any business superpower, what would it be and how would you put it into practice?
George Azih: Easy. My super power would be persuasion. In just a few words, I would be able to convince people to buy LeaseQuery within a SUPER short sales cycle.
My persuasive power would allow me to give the winning demo and close the deal before you even hang up the phone.
But for now, I’ll just continue to work with and be inspired by our amazing team of people who understand the problems accountants have and how we are trying to solve them … and watch in awe as they simplify the lives of accountant after accountant by finding them a solution.
Jed Morley, VIP Contributor to ValiantCEO and the host of this interview would like to thank George Azih for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with George Azih or his company, you can do it through his – Linkedin Page
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