Case Study: FloWater achieves 100% lease accounting accuracy with Netgain NetLessor

FloWater strives for 100% accuracy in lease accounting

FloWater, a provider of purified water refill stations, faced a significant challenge managing the accounting for its high volume of over 3,000 active equipment leases. The manual processes were extremely time-consuming, prone to error, and threatened compliance with accounting standards. To address this, FloWater turned to Netgain and its NetLessor for NetSuite solution to automate and scale its lease management.

Netgain's NetLessor solution automated the classification of leases and application of revenue recognition models, posting transactions directly to the general ledger. This implementation by Netgain reduced FloWater's monthly lease accounting work from a projected 170 hours to just 8 hours, saving the cost of a full-time hire. An external audit confirmed 100% accuracy in their lease accounting data, ensuring full compliance and providing the scalability needed for continued growth.

FloWater

Kristin Holthus

Vice President of Finance