Engineering Firm Optimizes Lease Management, Improves Accuracy, & Saves Time via Netgain NetLease Implementation

Before Bridgepoint:

• Reliance on a third party to manage lease tracking and amortization schedules
• Difficulty managing various laptop leases with different terms
• Lack of control over lease data, causing inefficiencies and manual work
• Failed attempt to use NetSuite Fixed Assets Management (FAM) for leases due to its limitations

After Bridgepoint:

• Successful implementation of NetLease, providing automated lease tracking and amortization
• Enhanced lease management capabilities, allowing for flexibility and control
• Improved accuracy in lease calculations and reporting
• Streamlined processes, reducing reliance on external lease tracking services

Project Overview

The client, a staffing and consulting firm specializing in engineering and design services, sought to take control of its lease management processes. As the client was backed by a private equity company and had an annual revenue of $36.9 million, they needed a robust system to track lease amortization schedules efficiently.

After discontinuing their third-party lease management service, the client aimed to implement NetLease, a tool developed by accounting software company Netgain that is designed to automate lease tracking, improve financial accuracy, and provide greater flexibility in managing lease schedules. However, the client’s internal teams lacked the expertise and bandwidth needed to execute the implementation on time.

Bridgepoint Consulting’s NetSuite financial experts were engaged to lead the implementation, leveraging their expertise in NetLease solutions as a Netgain partner.

Business Challenge

Although the client recognized the need for an improved lease management system, they encountered several challenges. The client initially attempted to use NetSuite Fixed Asset Management (FAM) for lease tracking but found it inadequate for handling lease modifications and changes.

As they transitioned from third-party management, discrepancies arose between lease data stored in spreadsheets and what was reflected in NetSuite, leading to inconsistent data.

Additionally, the client required a fully operational system by October 1, 2024, which created a tight timeline for implementation. The complexity of their lease structures also posed a challenge, as they needed a solution capable of handling varying lease terms while maintaining clear lease ID tracking for reporting purposes.

Bridgepoint Consulting was selected for the project due to our deep knowledge of NetGain’s NetLease product and our ability to manage complex financial system integrations effectively.

Approach

Bridgepoint Consulting’s team of NetSuite finance experts followed a structured implementation process to ensure a seamless transition to NetLease, including:

• Project Preparation: Our team reviewed client-provided videos that outlined their lease management needs and developed a list of discovery questions to validate initial requirements.
• Kickoff and Discovery: We then held an initial NetLease kickoff meeting, validated lease data against NetSuite accounts and journals, and reviewed lease schedules provided in Excel spreadsheets.
• Configuration and Testing: Utilizing three standard NetLease implementation templates, we imported and tested lease data in NetSuite’s sandbox environment to identify and address discrepancies between spreadsheet data and trial balances. We also implemented any requested customizations and additional lease tracking features.
• Go-Live and Training: Next, we migrated validated lease data and configurations to the production environment, providing training sessions and customized training materials to ensure a smooth transition. Lastly, we conducted a final validation to ensure data integrity.

Results

By partnering with Bridgepoint Consulting and utilizing Netgain’s powerful tools, the client successfully transitioned to a modern, scalable lease management solution, ensuring greater accuracy, efficiency, and control over their financial processes.

The client also saw the following benefits:

• Improved Efficiency: The automated lease tracking and amortization features significantly reduced manual work and errors.
• Time Savings: Entering leases into NetLease now allows the system to complete all calculations automatically, streamlining monthly journal entries.
• Enhanced Reporting: The client gained improved reporting capabilities, eliminating reliance on cumbersome Excel spreadsheets.
• Customization for Lease ID Tracking: Implemented a lease ID tagging system for tracking laptop leases, providing better visibility and organization.

Services Provided