New NetLease product increases audit efficiency for ASC 842, IFRS 16 and GASB 87 lease accounting audits
DENVER, Dec. 21, 2021 /PRNewswire/ -- The new lease accounting standard is going into effect on Jan. 1, 2022 for most companies. Some auditors may have experienced a season or two of lease accounting audits for public companies. Having to reverse engineer each clients' lease accounting spreadsheets means auditors step into a variable situation with each audit. A new lease accounting product, NetLease for Auditors makes auditing leases fast and easy.
NetLease for Auditors simplifies and standardizes how leases are audited by quickly generating the correct amortization schedules, journal entries and disclosures for comparison.
"Many audit firm leaders come to us because their teams are having to become experts in the complex new lease accounting standards in order to audit their clients' leases," says Adam Riches, CEO of Netgain. "Our product was developed by ex-big four auditors and experts in lease accounting. Our CPAs have helped hundreds of companies transition onto the new standards. There is no organization more qualified than Netgain to build this solution."
NetLease for Auditors is quick and easy to setup. Within minutes auditors can simply enter the lease details into the intuitive forms to rapidly generate aortization schedules and complete journal entries to compare against the client's work.
This fixed-price auditing tool allows unlimited auditors, leases and clients per license, and systematizes the lease accounting auditing process. NetLease for Auditors removes much of the guesswork when scoping resources and costs. This powerful tool provides auditors with everything they need to audit and assist clients with GAAP, GASB or IFRS compliant financial statements.
Netgain has deep experience in lease accounting. Accounting departments worldwide have adopted the new standards with NetLease, the product designed to deliver audit-ready amortization schedules, journal entries and disclosures. These companies have saved time and reduced costs on their audits. This solution is available today to help audit firms verify their clients' leases, reduce audit costs and maintain audit efficiency through a challenging transition.
Netgain is focused on creating software 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.
SOURCE Netgain Solutions
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