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Netgain Solutions: What It Is and How It Works

October 21, 2023

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In today's complex financial environment, companies increasingly seek to streamline their accounting processes. Netgain is a company dedicated to offering technical accounting software. With its core aim of simplifying and automating intricate accounting challenges, this platform offers a breadth of features ranging from lease compliance to loan management.

While evaluating Netgain for close management, consider Numeric as an option to get started with close management fast. Numeric’s free option allows you to upload a checklist and get started in minutes managing your close. Built to scale with your team and integrated with NetSuite, Numeric is easy to set up and easier to configure to your business’ changing needs.

What Netgain Is

Netgain specializes in technical accounting software embedded within NetSuite. Their products are designed to simplify and automate complex accounting processes. Some of the main features of their software include streamlining lease compliance, managing fixed assets, loan management, and assisting in closing the books.

Netgain emphasizes controls and audit-ability in its solutions. As a company composed of CPAs, their primary focus is on creating solutions that address intricate finance and accounting challenges.

Who Needs Netgain

Netgain provides technical accounting software specifically designed for simplifying and automating complex accounting processes for teams using NetSuite.

The primary users of Netgain include:

Accountants seeking to streamline tasks such as lease compliance, fixed assets management, loan management, and closing the books.
Companies requiring compliance with regulatory standards
Firms handling accounting work within NetSuite for their customers

How Netgain Solution Works

Netgain offers technical accounting software and solutions primarily aimed at automating and simplifying complex accounting processes:

Automation and Standardization: Netgain's products are designed to automate work processes, ensuring consistency and standardization in accounting tasks.
Emphasis on Controls: The solutions emphasize controls and audit-ability, ensuring that financial records are both secure and compliant with required standards.
Task Management: Netgain’s close management tool involves task management for accounting teams to be able view progress towards the monthly close.
Reconciliation & Flux Analysis: Netgain enables teams to more efficiently complete reconciliations and variance analysis.

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In essence, Netgain offers technical accounting tools to help professionals automate, standardize, and maintain control over their financial processes, while also ensuring regulatory compliance.

Netgain Products and Solutions

Netgain offers a suite of technical accounting solutions:

NetClose: A close management tool embedded within NetSuite to help with task management and reconciliations
NetLease: Software built for compliant lease accounting
NetAsset: An asset management tool with pre-built accounting reports and automated tax depreciation
NetLoan: Software embedded in NetSuite for principal and interest accounting

Netgain Solution Costs

Netgain does not disclose its pricing, instead potential customers must speak with a team member over a demo. Quotes are customized based on:

Company size: The size of the company is often correlated with the complexity of its financial operations. The more complex financial operations are, the more costly Netgain’s solutions become.
Number of Users: The number of users that use Netgain will determine pricing, with access usually sold on a per additional user basis.
Bundled Solutions and Integrations: Bundling solutions and adding integrations to Netgain will increase the cost, however in some cases discounts may be offered for companies that use multiple products from Netgain.

Netgain Reviews

Overall, some reviewers highlight that Netgain’s solutions often entail fairly involved implementations that can take time. Here's a summary of reviews for Netgain:

G2: Specific to the NetLease product, customer service staff has been highlighted for their knowledge about ASC 842 and general accounting. However, multiple reviews indicated that the setup and support experience could be improved.
Capterra: The overall experience with Netgain is positive, especially highlighting great customer support. Some minor issues or "bumps in the road" might have been encountered, but overall satisfaction seems to be high.

Same accounting headcount, more impact.

It's worth noting that reviews can be subjective and might vary based on individual experiences. For a comprehensive understanding, it's always good to go through multiple sources and evaluate other software options.

Pros and Cons of Netgain

Pros of Netgain include:

Compatibility with NetSuite: The Netgain software is embedded within NetSuite which consolidates the existing tech stack used by accounting teams.
Strong Fit for Teams with Involved Lease Accounting Needs: Netgain’s close management software is one of the few with specific lease accounting capabilities, making this a good choice for teams where lease accounting functionality is the top criteria.

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Cons of Netgain include:

Implementation & Ease of Use: Compared to comparable close management tools, some reviews indicate that Netgain’s software is more challenging to implement and configure for their particular processes.
Cost of Solution: For teams that have more limited resources, Netgains solutions can stretch their budget compared to lower cost or free close management tools.

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While the above is a high level overview of Netgain’s solutions, the right software for each organization is largely dependent on business specific priorities and is typically best evaluated over demos of different options.

How to Get Started with Netgain

Getting started with Netgain can involve several standard steps, specific processes vary depending on the exact service or product in question.

Research & Review: Begin by reviewing customer feedback and product details available online. This can help you understand the range of products offered by Netgain and their benefits to users.
Determine Shortlist of Alternatives to Evaluate: In addition to Netgain, most organizations take the time to evaluate other alternatives to weigh pros and cons specific to their organization.
Contact Netgain: Via Netgain’s website, contact their team directly to discuss your specific needs. This will give you an opportunity to get tailored advice and understand the scope of services they can offer.
Implementation Assistance: After deciding on a specific product or service, leverage the company's expertise during the setup process.
Customer Support: Utilize their customer support for any challenges or questions you encounter. Previous users have noted the high quality of Netgain's customer support during the post-implementation phase.
Feedback Loop: Consider providing feedback based on your experience. This can help Netgain improve its services and also assist potential future customers.

Netgain Alternatives

The top alternatives to Netgain that customers consider include:

Numeric

Numeric is a lightning-fast close management software built to scale with your team. Teams can start for free managing their close with Numeric Essentials, tracking tasks with dependencies, increasing alignment with improved documentation, and ensuring they are audit ready with review history.

Teams typically appreciate how Numeric supercharges the month-end close by offering task management purpose-built for accountants, efficient reconciliations, AI-powered flux analysis and accounting tools, and transaction level detailed search and reports. With built in reviews and controls for audits, your team closes faster and with improved accuracy.

Its intuitive, modern interface, complemented by automations, real-time integrations, and progress tracking, solidifies Numeric as a top choice for financial closing.

BlackLine

BlackLine stands out as a comprehensive solution dedicated to enhancing the financial closing process's efficiency and accuracy.

Its interconnected applications facilitate a faster month-end close experience, enabling accounting professionals to concentrate on analytical tasks. The real-time dashboard, emphasizing collaboration and compliance, allows managers to monitor activities and ensures adherence to regulations. BlackLine assures accessibility and robust security protocols.

FloQast

FloQast offers a centralized approach to the financial close process.

Automated reconciliation and close management in FloQast minimizes manual interventions, ensuring efficiency and accuracy. Its collaboration tools, paired with integration capabilities with other accounting systems, simplify data handling. Built-in compliance standards, along with a comprehensive dashboard, make FloQast a choice for some accounting teams focused on increased efficiency and adherence to regulations.

Bottom Line on Netgain

For teams using NetSuite and who prioritize integrating their close management within their NetSuite instance, it's evident that Netgain stands as a significant player. The company has a full suite of solutions related to simplifying and automating intricate accounting procedures, lease compliance, fixed asset management, loan management, and book closing support. In addition to a large breadth of solutions, Netgain consistently shows commitment to control and audit preparedness.

As you evaluate the landscape of accounting solutions, remember to consider alternatives like Numeric and evaluate options via demos or through free versions of the product.