NetLease Reviews

“Good lease management software

Pros

Its great that lease reporting and decision-making throughout the lease cycle are fully supported by NetLease.

Cons

I don't have any issues to mention. I really like everything about NetLease.

“Simple tool and very reliable

Pros

Implementing NetLease was pretty simple but prepare to invest a significant amount of time on data entry and reviewing contracts. Gathering information alone took us about 50 hours. The software itself is easy to use and update, but fixing errors can be difficult, so make sure double check your data before going live. We especially rely on the reconciliation reports, clearing accounts, automatic amortization, go live and reclass entries and renewal reminders.

Cons

The integration was pretty smooth and helped us streamline a lot of processes, especially reducing some email workload. However it would be great to have automated reports and reconciliations sent directly to our email. Also the non lease payment add on, while useful, isn't included in the free version.

“Excellent tool with great support

Pros

The platform is userfriendly and the online portal contains all the important information.

Cons

The go live entry was a bit frustrating when some accounts were not set up properly.

“Smooth setup and simple to operate

Pros

NetLease simplifies the process by removing manual calculations for journal entries and is very easy to navigate.

Cons

It would be helpful if there was a feature that could assist in calculating IBR.

“Offers an excellent solution for ASC 842 compliance

Pros

Our monthly ASC 842 journal entries have been completely streamlined by this tool, which also integrates well with NetSuite.

Cons

I can't think of any cons for NetLease, it's been a great solution overall.

“It saved so much time

Pros

Since this software is native within NetSuite, it's easy to use without managing separate integrations. It offers all necessary functionality and is straightforward to understand.

Cons

The implementation took a little longer than expected, partly due to my own delays.

“Easy and effective tool

Pros

I really appreciate how easy this software is and how much it reduces the manual work we face daily.

Cons

I wish the out-of-the-box reports were a bit more refined specially a comprehensive one to reconcile all main lease accounts.

“Very easy to use

Pros

Thanks to the support team, setting up and implementing NetLease was fast and smooth. The software speeds up month end closing and the reporting features are invaluable for audits, saving us from compiling reports manually.

Cons

We've been using it for a few months now and we have not had any issues so far.

“Saves so much time

Pros

While I prefer Excel, managing leases in spreadsheets is tedious and prone to errors. This simplifies lease management and the detailed reporting provides assurance to both us and our auditors about data accuracy.

Cons

NetLease entries are categorized differently from the usual Netsuite transaction types, so permissions need to be granted to various roles to access GL reports.

“Performs excellently

Pros

Managing a handful of leases would have been tough using spreadsheets. But with NetLease, we automated our lease accounting for both IFRS and US GAAP within NetSuite. Posting monthly amortization journals, handling lease modifications, short and long-term reclassifications, and terminations all happen with just a click. The reports we generate in NetLease are excellent for monthly reconciliations, preparing financial disclosures, and budgeting. Overall, NetLease is the ideal tool for lease accounting.

Cons

We haven't run into any issues with them yet.

“Top notch service

Pros

Customer service throughout the entire process was outstanding. The team was well versed in accounting principles and ASC 842 complexities, answering questions thoroughly and helping us tailor the system to fit our needs. The reports are thorough and support financial statements and internal accounting tasks like rollforwards.

Cons

No complaints so far, though we have only been using it for under six months.

“Netlease helped us a lot

Pros

We got all leases uploaded and the software fully running in under two months. The support team was excellent! responsive, helpful and consistent with weekly calls that kept the project on track. Their client experience made addressing questions much easier.

Cons

Some limitations with the billing features are there, like varying the dates for different leases, but these are being worked on so hopefully they will be available soon.

“Fantastic user experience

Pros

What I like most about this software is how easy it is to use and implement, plus the peace of mind knowing we stay compliant with GAAP and FASB standards. The implementation process was smooth and simple once we gathered all the necessary information and the team guiding us was absolutely top notch. Any challenges we faced were really due to our own learning curve with the new lease rules but the support team was always ready to answer our questions. They are not just experts on the software, they really understand the accounting standards the software helps us comply with.

Cons

I don't have any major cons. It might take us some time to adjust to the new way of recording lease payments, but they did a great job keeping changes to a minimum.

“Seamless implementation

Pros

From the demo stage through to full implementation, I collaborated directly with NetLease and it turned out to be the most seamless implementation our company has had. The consultant we worked with, had deep knowledge of both the NetLease software and Netsuite ,often a challenging area for implementation teams, as well as lease codification. Because of this expertise, our accounting department experienced a smooth and comfortable transition to Topic 842 compliance for operating and finance leases.

Cons

We haven't seen any cons with the product or its support.