Denver, CO, December 1, 2021 — The new lease accounting standards are going into effect on Jan. 1, 2022 for most companies. ASC 842 and IFRS 16 (already in effect) require specialized solutions for any size of organization. Spreadsheet-based solutions have difficulty capturing the complexity of these new standards. A new lease accounting product, NetLease Go, not only delivers compliance, it automates compliance.
“Many of our clients come to us because they are struggling with the complexity of the new standards,” says Adam Riches, CEO of Netgain. “We have a team of CPAs that have helped hundreds of companies transition onto the new standards. If anyone can help companies achieve compliance quickly and easily, it’s Netgain.”
As an embedded solution on the NetSuite platform, NetLease Go is quick and easy to install. Within minutes of installation and setup accountants can follow intuitive forms to enter leases, generate amortization schedules and disclosure reporting for ASC 842, IFRS 16 and GASB 87 with a complete audit trail. NetLease Go is a native app on the NetSuite platform.
NetLease Go Free, allows companies to use the essential features of NetLease Go and upgrade seamlessly. By offering a zero-cost, entry-level solution, Netgain seeks to make FASB and IFRS lease compliance accessible to companies of all sizes. “We created a free version of NetLease so that no accounting department has to transition onto these new complex standards using spreadsheets,” says Riches.
The upgrade, NetLease Go, includes crucial features for managing, forecasting and reporting on the complexities of real-world leases. Standard lease modifications, decreases in scope and ROU impairments are massive time savers. Small accounting departments have saved 16-20 hours a month managing 70+ leases with NetLease as opposed to using spreadsheets. For larger organizations, that savings only grows.
For those who need multi-book or want full accounting automation that goes all the way to the GL, NetLease Max, Netgain’s enterprise solution is the complete package. For those who just need disclosures requested by their auditors, Netgain offers NetLease Complete: an externally managed lease accounting solution that uses automation to provide compliance documentation in three business days.
Netgain is focused on creating native NetSuite solutions that address complex finance and accounting challenges. At their core, they are accountants focused on simplifying, standardizing and automating solutions with a focus on controls and auditability.