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Lease Accounting in NetSuite

ASC 842, IFRS 16 and GASB 87 standards present 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 and properly account for 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.

RSM has strategic relationships with key vendors in this space. Depending on your unique needs, RSM can help you choose and implement the right solution to help with data aggregation, data cleanliness and support that will drive the timeliness and success of the lease data collection effort.

NetLease, the premiere ASC 842, IFRS 16 and GASB 87 compliant lease accounting solution for NetSuite

NetLease by Netgain was designed by experienced accounting and NetSuite professionals to enable businesses to operationalize the requirements of ASC 842, IFRS 16 and GASB 87. NetLease, a "Built for NetSuite" verified solution, supports lease management and accounting, including compliance with the new lease accounting standards. Learn more about RSM's partnership with Netgain. 

NetLease is a native SuiteApp, which means you can access all information about leases right from your NetSuite dashboard, giving your finance and accounting teams full visibility into lease information alongside all of the financial data you already monitor in NetSuite. It manages the complete lease life cycle for companies with just a few simple leases to those with thousands of complex leases.

Download the ASC 842 Selection Guide

Learn how RSM addresses new lease accounting standards with technology

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Getting started

RSM provides services to help you through the entire scope of meeting the new standard from assessing your leases and selecting the right solution through implementation of the required solution to support your lease accounting. Our team has analyzed the market to determine the capabilities of many solutions currently in the market and in development to meet ASC 842, IFRS 16 and GASB 87 requirements as well as handle other components of lease administration.

We have designed an approach to assist our clients in selecting their right solution. This approach right-sizes your time and funding to select the best fit.

Fit gap service options

Standard Fit Gap    

  • Define business and accounting requirements
  • Analyze and validate requirements versus Vendor Marketplace
  • Present and coordinate best-fit and shortlist vendor options demonstrations
  • Facilitation of decision-making

Express Fit Gap      

  • Define business and accounting requirements
  • Analyze and validate requirements versus Vendor Marketplace
  • Present best-fit vendor and support decision-making

ASC 842 lease accounting in NetSuite

Additional resources

We invite you to explore more information about the new lease standard, adoption and implementation considerations in our Lease Accounting Resource Center. You can also subscribe to our lease accounting insights email and receive new information directly to your inbox. 


Why partner with RSM?

RSM is one of the largest and most highly decorated Oracle NetSuite partners globally, and serves as a Solution Provider Partner, Alliance Partner, and BPO Partner for NetSuite. RSM is the trusted advisor to middle market companies for the evaluation, selection, implementation and support of our customers’ NetSuite investment. With more than 100 offices across the North America and a global network with established NetSuite practices in 14 countries, RSM has certified and highly experienced NetSuite resources around the world. With our unique understanding of the middle market, we’ve helped thousands of companies move forward with confidence. We listen closely to make sure we understand you, your business and your organization’s culture, so that you experience the power of being understood.

What RSM brings

  • Deep industry knowledge
  • Personalized service from local offices
  • Proven implementation methodologies from 30+ years of ERP and CRM experience
  • On-shore client support
  • Largest Global NetSuite Partner serving  1,500+ NetSuite Clients since 2004

Recognition

  • NetSuite Worldwide Solution Provider Partner of the Year 2013-2014, 2016-2020
  • NetSuite SuiteCommerce Partner of the Year 2016
  • Accounting Today VAR 100: Ranked #1 2015 – 2019
  • Bob Scott’s Insights Top 100 VAR 2011-2019
 

Certifications

  • SuiteSuccess
  • SuiteCommerce Digital Agency Partner
  • SuiteCommerce In-Store 
  • ERP Consultants
  • SuiteCloud Developers
  • SuiteFoundation 
  • ARM and Multi-Book 
  • SDN Partner
 

Ready to Get Started? Contact Our Team.

Call us at 800.274.3978 or send us a message: