Cantaloupe gains significant audit efficiency with Netgain

Over 1,000 leases to manage

As Cantaloupe’s accounting team transitioned from Oracle EBS to NetSuite, they needed a solution to manage their 1,000+ lessor leases.  

“You can’t do that in an Excel spreadsheet,” says Predrag Novkovic, Accounting Manager at Cantaloupe.

The key challenges they faced were:

• Large lease volumes: The accounting team knew they would need a dedicated solution to track over 1,000 leases, many with unique terms and modifications, within their new ERP.  

• Time-consuming reconciliation: Performing monthly reconciliations on Excel for their smaller number of lessee leases posed concerns of manual errors and consumed valuable time.

• Audit and compliance complexity: Providing auditors with the required documentation for their large number of leases was cumbersome and prone to delays.

• Need for transparency and accuracy: As a publicly traded company, Cantaloupe required absolute accuracy in financial reporting. Plus, one of the accounting team’s goals was to ensure all resources are properly allocated to drive business growth, and this required full visibility into their financials.

A centralized platform for full financial visibility

Because it’s fully embedded in NetSuite, the choice to implement NetLessor was easy for the Cantaloupe team. It was a familiar platform that helped them manage the complexities of their large lessor lease portfolio.

Thanks to the success of NetLessor, the Cantaloupe team then decided to implement NetLease to manage their smaller portfolio of office and equipment leases.

Some of the key features that attracted Cantaloupe to implement Netgain include:  

• Natively embedded in NetSuite: NetLessor and NetLease are fully embedded in NetSuite, allowing for seamless data transfer and eliminating the need for context switching between platforms. “It was natural to go with NetLessor,” Predrag says. “We’re happy with that decision.”

• Centralized platform: The cloud-based platform provided a single source of truth for lease management, improving accessibility and reducing the risk of lost information due to staff turnover. "There are all these small things that can change with leases, and it’s easier when you track these in a tool that’s part of NetSuite,” Predrag says. “On top of that, you have people come and go. When someone leaves, the knowledge is gone. Having a platform in the cloud that can help us manage and access this information at any time is very helpful.”

• Automated reconciliation and reporting: Thanks to prebuilt reports and automated reconciliation, NetLessor and NetLease can significantly reduce the time required for monthly reconciliations and financial reporting.

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Smooth lease management and painless audits

The Cantaloupe accounting team implemented NetLessor in a matter of days. For NetLease, where they have a smaller lease portfolio, the process took mere hours.  

“It was smooth and easy,” Predrag says. “We had great help from the implementation team. We took a couple of hours to reconcile and do proper testing, and we were up and running.”

Since then, the team has seen significant improvements in Cantaloupe’s lease management process:

Faster reconciliations

The accounting team saw a dramatic drop in the time spent on reconciliations and reporting.  

“It’s clear that we save a significant amount of time, especially when it comes to reconciliation, tying out, and making sure we have proper support for auditors,” Predrag noted. “It’s invaluable to have that.”

Improved transparency and compliance

NetLease and NetLessor provide enhanced visibility into the company’s lease obligations, improving financial transparency and supporting compliance with ASC 42.

Plus, the platforms provide auditor access, so auditors can easily find the required documentation directly in NetSuite.  

“This year, the audit process was not only easier but also far more efficient for our team,” Predrag shared, crediting Netgain as one of the reasons for the painless process.

Enhanced technical knowledge  

Time savings and increased financial visibility are the most tangible benefits for the Cantaloupe accounting team, but Predrag also noticed an unexpected benefit: The team members increased their technical accounting knowledge.  

“As you’re going through the process, making sure everything is working right and looking at the lease schedules and support, you're enhancing your technical knowledge about ASC 842, which is really good for our team members.”

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Continued growth with support from the Netgain team

Cantaloupe’s experience with NetLessor and NetLease highlights the importance of having a fully integrated, efficient lease management system. By reducing manual work, improving accuracy, and supporting audit processes, Netgain helped Cantaloupe manage their large lease portfolio with ease.  

And when they run into unique challenges with their complicated leases, Predrag and his team rely on Netgain support. “Any time we need them, the customer service team steps in and helps us navigate through all of these challenges."  

Netgain’s solutions not only addressed Cantaloupe’s immediate needs but also empowered the company with long-term benefits.

“We have shortened the time of close, we have better transparency, reporting is straightforward, and it's easier to do reconciliation,” Predrag concludes. “Everyone is enjoying it.”