Wiss and NetLease by Netgain partner to increase efficiency for ASC 842 lease accounting audits
Netgain offers easy audit solution
Denver, CO, May 4, 2022 – The new lease accounting standard went into effect on Jan. 1, 2019 for public companies and on Jan. 1, 2022 for private and not-for-profit companies. Wiss spent two years evaluating different solutions and needed a lease accounting software solution in anticipation of the 2022 audit season.
Paul Peterson, Managing Partner, Wiss, reached out to Netgain, to evaluate NetLease for Auditors, their lease accounting product designed to help auditors simplify and standardize how leases are audited by quickly generating the correct amortization schedules, journal entries, and disclosures for comparison.
“Our auditors are experts in many areas of accounting, but ASC 842 is so complex and time-consuming we knew we needed a software solution to help us navigate through the standard to verify clients’ leases,” says Peterson. “We wanted our audit teams to have access to lease accounting experts so we could get quick answers on the challenging leases that occupy so much time in each audit. Netgain’s impressive team of professionals and ex-Big Four auditors have been helping hundreds of companies transition onto the new standards using NetLease, their lease accounting software solution and it validated for us they were the right partner to help us.”
After evaluating several solutions, Wiss selected NetLease for Auditors because it is reliable and easy to setup and use. Within minutes auditors can simply enter the lease details into the intuitive forms to rapidly generate amortization schedules and complete journal entries to compare against the client’s work.
The fixed-price tool allows unlimited auditors, leases and clients per license, and systematizes the lease accounting auditing process. NetLease for Auditors removes the guesswork from scoping resources and costs and provides auditors with everything they need to audit and assist clients with GAAP, GASB or IFRS compliant financial statements.
After talking with several accounting departments that have adopted the new standards with NetLease, Wiss was confident they could use NetLease for Auditors for their own needs and recommend NetLease to their clients to help companies efficiently manage their lease accounting. Wiss projects NetLease will save their roster of 300+ clients hundreds of hours.
“After using the product ourselves, we strongly recommend NetLease for Auditors to other accounting firms and our BDO Alliance partner firms to verify their clients’ leases, reduce audit costs, and maintain audit efficiency through a challenging transition” says Peterson.
Founded in 1969, Wiss exists to serve and support individuals and businesses in their quest for pushing the boundaries of their potential and human performance. Experts in tax, accounting, advisory, wealth management, and more, Wiss helps venture-backed and privately-owned businesses, as well as high-net-worth individuals, make more informed decisions. Wiss’s service model covers the entire life cycle of a business. From founding- to scaling- to exiting, and all opportunities between, Wiss is here for you.
Go to wiss.com to learn more about how Wiss can help your business.
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.