Signifyd reduces time spent managing leases by 50% with NetLease

Complex spreadsheet and inaccurate data

Prior to implementing NetLease, the Signifyd accounting team managed the transition to ASC 842 using a complex spreadsheet system.  

When the accounting manager who created the spreadsheet left the company, this left Ty Barton, Senior Manager of International Accounting, struggling to decipher formulas and processes.  

“We were trying to understand what was going on and how it was supposed to work, and we really could not figure out how to make entries or process leases on a monthly basis,” Ty shared.

Like accountants often do, Ty had to juggle his usual duties along with this new technical accounting challenge. His concerns included:

• Cross-platform issues: The ASC 842 spreadsheet was originally created in Excel, then converted to Google Sheets. “It was a Frankenstein between the two software,” Ty said. This made it more difficult to trace back the original formulas and functionality, which weren’t documented anywhere.

• Time inefficiencies: The infamous spreadsheet took 5 months to create, and without any instructions on how it worked, it would’ve taken Ty’s team another 2 months to restructure it. "We didn’t have time to go back and revamp or recreate the spreadsheet based on our understanding," Ty said.

• Accuracy concerns: Because Ty didn’t have the time to start from scratch, he used the spreadsheet to the best of his ability, but he noticed it contained errors, compromising the data accuracy. "We knew our balances were going to be wrong," Ty explained. " The hope was that implementing a solution would give us the correct amounts for 2023.”

Ty and his team needed a solution that would give them time back to focus on strategic accounting and compliance tasks. So, he started looking for a robust and intuitive lease accounting solution that would ensure efficiency, accuracy, and compliance.

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An intuitive platform with world-class support

After evaluating NetLease by Netgain and other solutions, Ty and his team chose NetLease due to its hands-on implementation process and expert team. Key factors that stood out during the selection process included:

• Collaborative implementation support: Because Ty knew there were accuracy issues with the existing lease accounting data, he was looking for a guided implementation to help him identify and correct issues. This would give him confidence in the data going forward.  

• Knowledgeable team: Ty appreciated the technical expertise of the implementation team. "Netgain employs a lot of current and former CPAs, so they have experience with technical accounting, which was super helpful when reconciling differences between our spreadsheets and NetLease calculations,” he said.

• User-friendly platform: Netgain’s centralized system made lease management and monthly reconciliation more intuitive compared to their previous spreadsheet-based approach.

• Comprehensive knowledge base: Ty appreciated the ability to independently resolve questions using Netgain’s robust documentation library, reducing the need to contact support.

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A smooth and accurate lease accounting process

Signifyd implemented NetLease in early 2024. “The implementation was really smooth. Expectations were outlined from day one with deadlines and assignments clearly defined," Ty noted.

After implementation, Signifyd’s day-to-day lease accounting process is much smoother too. The benefits the team has noticed include:

Cut lease accounting time in half

Before NetLease, the team spent about 8 hours per month on lease accounting, including manually creating journal entries, updating reconciliations, and processing lease payments.  

With NetLease, the process is largely automated, taking less than 4 hours to complete. This frees up significant time for Ty and his team to focus on high-value projects such as international compliance, entity setup, and supporting business operations.

The intuitive interface contributes to these time savings. It only takes the team 15 minutes to create a new lease in NetLease, rather than spending hours manually creating a schedule in a spreadsheet.  

Plus, Ty was able to quickly train a senior accountant, who now manages day-to-day lease processes. "I was able to explain the process easily, and the knowledge base has been invaluable," he said.

Increased data accuracy and confidence

During implementation, Ty was able to resolve lease accounting discrepancies with the Netgain implementation team, giving him confidence in the data.  

"It’s been great to know our numbers are correct, and we can rely on the system to maintain accuracy," Ty shared.

This means that Ty and his team don’t have to work overtime to maintain leases. “I really didn't have enough time in my day to absorb the accounting for our leases.” he added. “So, it was great because we could set up the leases and have trust in the system and the data that was in there.”

Audit readiness

Thanks to NetLease, Ty and his team don’t have to worry about audit season.  

"Preparing for audits is much easier now. We just generate the subledger report, and all the details are centralized in one place," he said. “It's a lot easier than staring a worksheet with 10 tabs that are weaving in and out and are hard for me and the auditors to understand.”

Fearless lease accounting and compliance

Netgain’s NetLease has proven to be a game-changer for Signifyd, enabling the company to eliminate manual spreadsheet management for ASC 842 compliance.  

The platform’s focus on accuracy, efficiency, and usability has allowed Ty and his team to shift their attention to more strategic initiatives while ensuring their lease accounting processes run smoothly.

When renewal time comes around, the decision for Ty is easy: "NetLease ensures our numbers are right, it’s easy to use, and it saves us time. It makes a ton of sense to keep subscribing," Ty concluded.

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