‍DFT Communications is a telecommunications provider serving families and businesses throughout Western New York. Founded in 1898, the company has spent more than a century supporting its local communities while continuing to modernize its operations.

Barry Lundmark, Senior Staff Accountant, has been part of the organization for more than 30 years. Working alongside a five-person accounting team, Barry manages general ledger responsibilities including consolidations and financial reporting across five companies.

When new lease accounting requirements under ASC 842 took effect, the team quickly discovered that their existing process would not scale.

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ASC 842 turned spreadsheets into a major burden

When ASC 842 compliance requirements arrived, DFT Communications initially relied on spreadsheets to manage its lease accounting.

Their auditors helped build Excel schedules to support compliance, but the process quickly became overwhelming.

Each lease required its own spreadsheet tab with complex calculations and manual updates. With more than 50 leases in the portfolio, maintaining those schedules became increasingly difficult.

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The accounting team faced several challenges:

• Dozens of spreadsheets to maintain: Each lease required detailed calculations and ongoing updates.
• Heavy audit preparation workload: Both the accounting team and auditors spent hours validating numbers.
• A process that did not scale: Updating spreadsheets each year created more work instead of less.
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“The first year was a lot of heartburn. We had spreadsheets with tabs for each lease, and it was just too much to manage manually.”

— Barry Lundmark, Senior Staff Accountant

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By the 2022 audit, the problem had reached a breaking point. Both DFT’s accounting team and their auditors were spending significant time trying to maintain the spreadsheets and produce the required reports.

At one point, the company even paid auditors to build additional schedules just to keep the process moving. It was clear that a more automated solution was needed.

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Why DFT Communications chose NetLease

After realizing spreadsheets were not sustainable for ASC 842 compliance, the team began evaluating lease accounting software.

Their auditors provided a shortlist of potential solutions, and the accounting team reviewed several vendors through product demonstrations.

NetLease quickly emerged as the best fit.

According to Barry, the decision came down to product fit, pricing transparency responsiveness, and the Netgain team’s understanding of accounting workflows.

“They knew our needs and were very responsive. The presentation was strong, and we knew it would fit what we needed.”

Compared to other vendors, the Netgain team was proactive and easy to work with throughout the evaluation process, making the decision straightforward.

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Immediate value and dramatically faster audits

DFT Communications implemented NetLease in late 2023 and quickly put it to work preparing for year-end reporting.

Because the system was live before the audit cycle began, the accounting team was able to generate lease schedules directly from NetLease rather than building them manually.

The difference was immediate.

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Audit preparation time reduced by 90%

One of the biggest improvements came during audit preparation.

Previously, preparing lease schedules required hours of spreadsheet work from both the accounting team and external auditors.

With NetLease, those reports are now generated automatically.

Barry estimates the team now spends roughly 90% less time preparing lease schedules for audit season, saving more than 40 hours of work each year.

“The reporting for the audit season is so much more streamlined. It's so much easier.”

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Built-in reporting that answers audit questions

NetLease provides a wide range of built-in reports designed specifically for lease accounting.

These reports allow the accounting team to quickly produce the documentation auditors request without building new schedules each year.

“There are so many reports available. It meets pretty much every audit question we've ever had.”

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Simple workflows for managing leases

Beyond reporting, Barry notes that the system is easy to use for ongoing lease management.

Entering new leases and maintaining existing records requires minimal effort compared to spreadsheet-based processes.

“The input screens are very easy to use. It’s straightforward to enter and manage leases.”

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AI-powered support when questions arise

Another helpful feature has been the platform’s AI-powered support assistant, which helps answer user questions directly within the system.

“The AI agent has been really helpful. Most of the questions we have now are answered through that.”

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A responsive team that understands accounting

Barry also highlights the responsiveness and expertise of the Netgain team.

Unlike many software providers, the team supporting NetLease understands accounting workflows and financial reporting requirements.

That background makes it easier to resolve questions quickly and ensures the software aligns with real accounting needs.

“You don't always get that accounting background when working with software people. But with this team, you can tell they understand what you're trying to accomplish.”

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Looking ahead

With NetLease in place, DFT Communications now has a scalable approach to managing its lease portfolio and maintaining ASC 842 compliance.

By eliminating spreadsheet complexity and streamlining audit preparation, the accounting team can spend less time managing lease calculations and more time focusing on financial reporting.

For Barry and his team, the impact has been clear: faster audits, simpler reporting, and a system built specifically for lease accounting.