Do Away with Frustrating Spreadsheets by Implementing NetLease, a NetSuite Native Lease Tracking Software by NetGain.

What are the Benefits of Implementing Lease Management Software like NetLease?

NetLease offers a number of other benefits for NetSuite users, including:

Improved data quality and integrity

With NetLease, businesses can be confident that their lease data is accurate and up to date. The software integrates with NetSuite’s accounting, CRM, and ERP modules, so all relevant data is automatically populated in the system. This eliminates the need for manual data entry, which can lead to errors.

Increased transparency and visibility into lease obligations

NetLease gives businesses a clear picture of all their lease obligations in one place. The software provides real-time visibility into upcoming payments, renewals, and other important dates. This information can be easily shared with stakeholders to keep them informed of your company’s financial commitments.

Improved efficiency and productivity

NetLease automates many of the tedious and time-consuming tasks associated with lease management, such as rent calculations, invoicing, and payments. This frees up your staff to focus on more strategic tasks that will help grow your business.

Greater visibility into the lease portfolio

NetLease provides comprehensive reporting and analytics tools that give you valuable insights into your lease portfolio. You can easily see which leases are performing well and identify opportunities for cost savings.

The ability to generate real-time reports

NetLease's reporting and analytics tools allow you to generate real-time reports on your lease portfolio. This gives you the information you need to make informed decisions about your leases.

Reduced accounting and administrative costs

NetLease’s automated workflows and reporting tools help reduce the accounting and administrative costs associated with lease management. This can free up more money to invest in other areas of your business.

What Should Your Business Do to Prepare for Implementing Lease Management Software?

If your business is considering implementing lease management software, there are a few things you can do to prepare:

1. Educate yourself on the new standards

Make sure you understand the new lease accounting standards, IFRS 16 and ASC 842. These standards will have a major impact on your business, so it’s important to be familiar with them.

2. Assess your current lease portfolio

Take a close look at your current lease portfolio to identify any areas that may be affected by the new standards. This will help you determine which leases will need to be accounted for under the new standards.

3. Gather your lease data

If you don’t already have a centralised system for storing lease data, now is the time to create one. This will make it much easier to track and manage your leases.

4. Choose the right software

There are many lease management software solutions on the market. Make sure you choose a solution that is compatible with NetSuite, like Netgain and that it offers the features and functionality you need.

5. Train your staff

Once you have chosen a lease management software solution, make sure your staff is properly trained on how to use it. This will ensure that they can take full advantage of the software’s capabilities.

Interested in Learning More?

There are several roadblocks to overcome when moving to the new standards. However, with good preparation and execution, your company may successfully transition and reap benefits for years. You are not alone in this endeavour; rather, you have a team of professionals that will help you every step of the way.

TeamBlueSky has helped a growing number of clients to implement NetGain and automate lease accounting compliance. If you would like to learn more about how we can help your organisation, please contact TeamBlueSky today.