Lease accounting and lease management
designed for the healthcare sector
EFFORTLESS IFRS 16 LEASE ACCOUNTING
AND LEASE MANAGEMENT
Nomos One delivers a leading lease accounting and lease management software that can help you achieve IFRS 16 compliance, streamline the transition and reporting process, and is trusted by expert chartered accountants and auditors internationally.
Nomos One lease accounting software assists both your accounting team and property management team to manage large and complex leasing portfolios. Whether it’s laboratories, pathology centres, hospitals, medical centres, or the medical equipment itself, you likely have many leases and sub-leases as a healthcare provider. At Nomos One, we have designed the ideal solution for medical practices: healthcare lease accounting software to safely and effectively manage all financials to do with leasing and sub-leasing.
At Nomos One, we understand the importance of managing your lease portfolio closely. Vigilant portfolio management is critical when it comes to making informed decisions around supporting your operational business needs. Investing in lease accounting software can help your business to streamline and better manage lease portfolios.
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Introduction of IFRS 16 – changes to lease accounting
In addition to the regular challenges of lease management, businesses are faced with the introduction of IFRS 16. IFRS 16 is the recent lease accounting standard effective from annual reporting periods beginning on or after 1 January 2019. The change to lease accounting could make leases the most material item on your balance sheet.
The new requirements of IFRS 16 will directly impact the financial performance and value of your company. It is essential to adhere to the IFRS 16 standards in your business and healthcare operations. We expect that the healthcare sector will experience an increase in recognised assets and liabilities, more lease expenses recognised in earlier periods of a lease and less in later periods, a shift in lease expense classification and amortisation, and an increase in net debt/EBIT/EBITDA ratios.
Given the complexity involved in the introduction and additional requirements of the ongoing accounting of leases under IFRS 16, we recommend those operating in the healthcare sector invest in a lease management and lease accounting platform which can help you achieve IFRS 16 compliance. Our software will ensure that your portfolio of leases is up to date with easily actionable notifications that help you meet protocol milestones with confidence.
NOMOS ONE CAN HELP
Nomos One is a comprehensive, cloud-based, lease management and lease accounting software solution that is designed to accommodate a large range of leased assets, including those commonly used within the healthcare sector. This is the lease accounting and management software your business needs to ensure the efficient management of leases, sub-leases, licences, sub-licenses, easements, grants, resource consents and general contracts.
Nomos One offers our clients a number of benefits that will save your business time and effort. Our lease accounting software offers advantageous features for many businesses, including automated calculations, a coherent and straightforward dashboard, event reminders, a user-friendly workflow, custom reports and fields, and the ability to automatically generate lease documents.
Our robustly tested IFRS 16 modules automatically calculate right-of-use assets, lease liabilities, depreciation and interest expenses, and generates the resulting journals accordingly. We understand that IFRS 16 compliance is complex but with our automated reporting, your management teams can divert their attention from compliance to more important matters.
“The Nomos One team were incredibly helpful. What would have taken an hour is now taking less than one minute.”
What is lease accounting?
Lease accounting is the financial accumulation and reporting of an organisation’s leasing activities and information. The two most common leases in accounting are operating and financing (capital lease) leases.
What is lease accounting software?
Lease accounting software is a program that aims to reduce complexities for those managing leases through the simplification of bookkeeping, administrative and accounting tasks. Lease accounting software can assist organisations with managing accounting agreements, including retail spaces, corporate offices, fleets of vehicles or office equipment.
The purpose of lease accounting software is to record and manage expenses and the financial data of your leases. Lease accounting software can help businesses in the healthcare industry manage the balance sheet by providing information about the lease liability, and right of use asset at any point in time based on the current state of your lease portfolio. It also provides profit and loss information about depreciation and interest expenses throughout the period. Lease accounting software providers should provide a safe, centralised location for the storage of sensitive data and information.
What is the best lease accounting and lease management software?
The best lease accounting and lease management software will provide its clients with access to the following features:
- Access to an asset portfolio in a centralised location
- A customised dashboard
- Tailored, consolidated reporting and fields
- Cloud-based location
- Automated calculations
- A simple dashboard
- An intuitive, user-friendly platform
- Event reminders and milestone notifications
- Coherent workflows
- Automation of administrative tasks
- Ongoing support for new users
Nomos One provides banking healthcare businesses with these attributes and more. Our lease accounting and lease management software features a user-friendly workflow, with a coherent straightforward dashboard and centralised access to lease information. Nomos One automates administrative and time-consuming tasks such as calculation, event reminders and the generation of lease documents. Furthermore, Nomos One provides custom reporting and field generation to ensure that your analysis is relevant to the healthcare sector.
Do I need lease accounting and lease management software?
If you, or your management team, are responsible for the ongoing management of complex asset and property portfolios, it is likely that you can benefit from lease accounting and management software.
Businesses that try to manage too many portfolios without the assistance of a lease accounting and lease management system can expose themselves to risk and compromise on the quality and accuracy of their account management and reporting.
Nomos One can be applied to the healthcare sector across small, medium, and large sized corporations. Each organisation has unique lease management and lease accounting requirements that can significantly benefit from the incorporation of lease accounting software. It is for this reason that we include an integrated onboarding program for all new businesses, which includes a comprehensive review of your portfolio. Taking the time to understand your business’s existing portfolio helps our onboarding team to structure the data and create custom fields that help you get the best from Nomos One.
How much does lease accounting and lease management software cost?
Lease accounting and management software can vary greatly in pricing. The experts at Nomos One recommend that all prospect software users investigate more than just the cost of the software before selecting the best program for your business. Cheap leasing software doesn’t always translate to quality software.
Good quality lease accounting and management software will be secure, dependable, modern and IFRS 16 compliant. Nomos One offers a reliable, sophisticated cloud-based software solution that includes a hands-on onboarding experience and free ongoing support. Our plans are customised to the specific requirements of your business.
What is IFRS 16 in relation to the healthcare sector?
IFRS 16 is an accounting standard that necessitates the recognition of assets and liabilities relating to the obligations detailed within a lease contract. IFRS 16 reports details of lease transactions and provides financial statements before acknowledging, assessing, reporting, and disclosing leases.
The mandatory application of IFRS 16 will have a direct impact on the financial performance of businesses within the healthcare sector. Since the mandatory introduction of IFRS 16, the healthcare sector has experienced an increase in recognised assets and liabilities, more lease expenses recognised in earlier periods of a lease and less in later periods, a shift in lease expense classification and amortisation, and an increase in net debt/EBIT/EBITDA ratios.
Since the introduction of IFRS, it is critical that enterprises within the healthcare sector adhere to the IFRS guidelines throughout healthcare business operations.