Take lease accounting out of spreadsheets

Explore how lease accounting solutions can reduce manual entry, ensure compliance with lease accounting standards, and give you confidence in your reporting.

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Lease accounting basics

What is lease accounting?

Lease accounting is the process of recording and managing lease agreements in your company's financial statements. This can include the lease of buildings, storefronts, vehicles, equipment, and more.

Lease accounting ensures that the leased asset and the corresponding liability are reflected accurately on the balance sheet, providing a clear view of your business's financial commitments to stakeholders and auditors.

Lease accounting standards

ASC 842

ASC 842 requires organizations to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements.

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IFRS 16

IFRS requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, reflecting the right-of-use asset and the lease liability.

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GASB 87

GASB 87 requires governmental entities to recognize leases as both a right-of-use asset and a corresponding liability on the balance sheet.

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GASB 96

GASB 96 requires that state and local governments report subscription-based information technology arrangements (SBITAs) and the corresponding liability on their balance sheets.

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Lease accounting can be full of second-guessing and monotonous manual tasks

If you have leases on your balance sheet, you know how much work they can create for your accounting team. Some of the major challenges are:

Ensuring all your leases comply with industry standards like ASC 842, IFRS 16, and GASB 87 and 96

Countless hours spent on lease modifications and year-end disclosures

Time wasted double-checking data and reports that live in your ERP, on Excel spreadsheets, and in third-party software

Hard to gauge the current and future state of your leases without digging deep into disparate reports

There's a better way

Lease accounting software solutions simplify the process

The right lease accounting software can solve these issues, giving your team:

Guaranteed compliance with ASC 842, IFRS 16, and GASB 87 and 96

Automated lease modifications and pre-built disclosure reporting

A single place to manage your data and lease accounting process within your ERP, eliminating context-switching

Full visibility into the state of your leases, enabling informed decision-making

Netgain’s lease accounting solutions

Ready to discover powerful lease accounting solutions? Netgain eliminates inefficient processes and gives your team time back to focus on strategic business decisions.

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NetLease

NetLease simplifies the complexities of lease accounting in one centralized platform. Achieve compliance and reclaim time by streamlining tedious tasks that are prone to manual errors.

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NetLease

for NetSuite

NetLease puts lease accounting where it should be—in your core financial system. Ditch manual data entry and complex spreadsheets for software that provides powerful reporting capabilities and a robust audit trail.

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NetLessor

for NetSuite

Tailored to the needs of lessors, NetLessor allows you to operationalize accounting, invoicing, maintenance, tracking, and reporting throughout the lease lifecycle—all directly in NetSuite.

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