The new ASC 842 standard presents a wide range of implications that will require most operating leases to be reflected on the balance sheet. Without adequate planning and preparation, many companies will struggle to maintain their leases if the process is not integrated into NetSuite. The potential impacts will include lost time, lost productivity and missed key dates because many companies lack the required technical accounting knowledge and will likely require a lease accounting software package.
Watch our webcast to learn how ASC 842 changes accounting requirements and how to capture required information and calculations in NetSuite. Netgain’s NetLease Management Tool was designed by experienced accounting and NetSuite professionals to enable businesses to operationalize the requirements of FASB ASC 842 and IFRS 16. NetLease, a “Built for NetSuite” certified solution, supports lease management and accounting including compliance with the new lease accounting standards. The NetLease dashboard is a tab added to your NetSuite dashboard that gives your finance and accounting teams the visibility and ease of use to manage lease accounting. It will manage the complete lease life cycle for companies with just a few simple leases to those with thousands of complex leases.
In this webcast, you will learn:
- About the evolution of lease accounting
- What is ASC 842 and IFRS 16
- How to prepare by organizing and analyzing your current lease population
- What record-keeping is required for lease administration and accounting
- How to comply with the standard in NetSuite
- How NetLease addresses the entire lease accounting life cycle
- How it works by viewing a NetLease demonstration
- Best practices to implementing a lease accounting software platform