In recent years, various accounting standards boards have issued updates on how leases are reported on company balance sheets; they are broadly similar in terms of the requirement and purpose (increased transparency, ease of comparison between companies) with differences in terms of application (dates, approach to transition for example).
The International Financial Reporting Standards (IFRS) are a set of international accounting standards which state how particular types of transactions and other events must be reported in financial statements. Issued by the International Accounting Standards Board (IASB), they specify exactly how accountants must maintain and report their accounts. Currently, IRFS 16 is proving a challenge for customers, specifically around accounting for leases over a certain value, which must be disclosed.
ASC 842 is the US Financial Accounting Standards Board’s (FASB) new lease accounting standard, which requires changing operating leases from off-balance-sheet transactions (which they were under ASC 840) to recognising them on a company’s balance sheet.
The Governmental Accounting Standards Board (GASB), which sets the accounting standards for US government bodies, has also issued its new lease reporting requirements under GASB 87.
“A growing and expanding business is typically a sign of success; with that success comes new challenges, such as managing multi-locational accounting. It takes an extraordinary effort to align stakeholders, maintain books, entries, currencies and deal with accounting standards. With no single reporting standard (IFRS, SFRS, GAAP, etc.), reporting requirements vary internationally. The benefits of Netgain solutions are clear, providing a single, unified, cloud-based platform across all Finance and Accounting disciplines within your business.”
Lars Andersson, Winterhawk
Solutions developed by accounting experts to operationalise accounting standards for NetSuite enterprise customers – streamline your systems to intelligently manage business challenges for ongoing lease management.
NetLoan is a loan management tool which allows businesses to track loans effectively within NetSuite as a single unified financial system – providing the ability to allocate payments between principal & interest and tie loans back to vendor payments & bills.
- Complete amortisation schedules
- Integrated AP management
- Loan payment forecasting
- Accommodates Balloon payments
- Real-time visibility of audit trails
NetLease is an embedded solution which supports lease reporting throughout the lease lifecycle, leveraging your existing NetSuite investment, with purpose-built reporting for required disclosures.
- ASC 842, IFRS 16 & GASB 87 Compliant
- Real-time visibility
- Full lease automation
- Integrated with native billing, inventory & fixed asset management
- Comprehensive audit trails
- 100% drill-down capability
NetAsset is a low-cost solution which supports all aspects of the Fixed-Asset lifecycle – through maintenance, insurance & claims, depreciation, tracking and reporting – with the added advantage of having everything in a unified system. Advanced reporting capabilities include Fixed Asset Roll-Forwards and Waterfall reports.
- Comprehensive asset tracking
- Direct links to the asset throughout NetSuite:
– Purchase requests, orders, vendor bills, invoices & journals
– Scheduling & tracking of maintenance, claims & usage
- Intercompany asset transfers & eliminations
- Capture both financial & non-financial data
Winterhawk is a Gold Partner and global reseller & implementator of Netgain solutions.
“We are pleased to announce our relationship with Winterhawk”, said Adam, CEO at Netgain, “we see the combination of Winterhawk’s NetSuite expertise and proven delivery model as critical for the success of our clients in adopting these new accounting standards.”
The value of organisational data is just as great to the Finance Department as it is to other areas of a business. Speak to us to find out how NetLease, NetAsset and NetLoan can improve visibility and integration across your organisation’s financial systems for better-informed decision making.
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Contact Winterhawk for a custom demo with our solution experts to learn how these embedded solutions can benefit your organisation.