Ascensia opted for the ease & convenience of NetLease

Ascensia reviewed several vendors to support compliance with the new IFRS 16 lease accounting standards. Many solutions included the ability to keep track of lease contracts and perform the proper calculations, however none actually created the necessary journal entries – until they came across NetLease. The direct connection to NetSuite, Ascensia’s core accounting system, was a game-changer and ultimately drove their decision to select NetLease for lease accounting requirements.

Client story

Industry

Healthcare/ Manufacturing

Location

Basel, Switzerland

Products

NetLease

# OF LEASE

> 500

We don't need to focus on calculations. From an audit perspective, we can refer to NetLease as the system we've tested, so it's an area we don't need to focus on again in an audit. We only need to focus on potential new leases and lease contracts themselves. It's an ongoing time saver.

Ascensia

Focus on the mission

Ascensia manages over 500 leases using NetLease, which allows them to stay focused on their mission: to provide innovative solutions that simplify and improve the lives of people with diabetes. Headquartered in Basel, Switzerland, Ascensia manufactures and distributes precision tools to help people manage their diabetes.

A new level of detail

“We were almost incentivized to keep things overly simplified and not track a bunch of detail in Excel. Now, for leasehold improvements, instead of one massive line for a payment to a general contractor, we can break it down by division. We’ll have better information to compare new shop costs across locations”

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No stumbling blocks

“Usually on any systems implementation there are three things that stop the project. So, I always have to find the three showstoppers. With NetLease I couldn’t find the three.”

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Dependable, simple solution

A nonprofit organization like Goodwill must make the most of its administrative resources so it can dedicate them to their mission. This tangle of spreadsheets wasn’t going to work long-term, but neither was a cumbersome, expensive software solution. “I was searching for a system that would work at the touch of a button and that’s exactly what I got with NetLease.”

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Benefits of embedded

“We considered other vendors. The main reason for choosing NetLease was because it was directly integrated into NetSuite. You push a button and journal entries are directly generated in our books, so there’s no need for an additional interface or uploading additional files. That’s really saving a lot of time and preventing errors.”

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