LeaseNet has allowed us to enter and maintain much more information on each contract than what we could do effectively using our old system of spreadsheets. Having all this information available electronically in a user-friendly format has helped us to perform our jobs more effectively and we are better able to meet the needs of our internal customers.
DataNet’s customer service is remarkable. Not only are the representatives knowledgeable, they are also extremely friendly and helpful.
As a Telecom that manages over 20 million square ft of lease space both income and expense, it’s important for us to have an effective lease management process that enables us to work with all the various landlords and leasing companies across the nation in a timely and accurate manner.
The LeaseNet application has provided the tools to help manage a successful lease management organization that was not a best in class group before we implemented the LeaseNet. Once LeaseNet was in production we eliminated all of late fees due to missed payments, never missed a expiration date for lease extensions again, and as Sarbanes Oxley rolled out worked with Data Net to ensure that the LeaseNet application was complaint.
We continue to extend and expand our relationship with Data Net because of their in-depth knowledge of the lease management industry and the dedicated people working for them that address our every concern.
DataNet saved us approximately $14,000 in annual labor compared to its $4,500 annual cost. There are also the benefits of increased accuracy and efficiency we realized after moving the schedules and reconciliations from Excel to DataNet.
We capitalize a fleet of around 100 leased autos. The amortization schedules were previously maintained in Excel. This required us to regularly set up new, manual schedules and create new formulas for the summary schedule, etc. Modifying leases were also a manual endeavor. Now, we easily track and do it all in DataNet.
We can also create custom reports with the push of a button for period-end and year-end audit reconciliations. What used to take us three days a month to reconcile our capitalized auto leases now requires two hours.
We also internally maintain our shareholder loan schedules. This reconciliation took half to a full day each month. Now? A few seconds with the push of a button.
It is very common to provide operating lease payment schedules through the end of the lease for year-end reporting. Since all of our leases are tracked in DataNet, this again only requires a push of a button to prepare the schedule. We also reconcile our deferred rent and lease payments each period by running a DataNet report.
Obviously, I’m a huge fan of DataNet. The system saves us money, increases our accuracy and efficiency, benefits our overall accounting processes and enables us to allocate staff to more analytical projects.