INDUSTRIES
Utilities
Lease accounting and lease management software designed for the utilities sector
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Manage your portfolio with our utilities lease management software
- Does your company hold over 50 leased assets and/or property leases?
- Does your financial department rely on Excel for lease accounting, lease management and adherence to regulations like IFRS 16 (AASB 16)?
- Do your property and finance teams exchange lease-related information?
In our experience, utility lease portfolios can be extensive and intricate, encompassing leases, licences, easements, and resource consents across a diverse range of assets, properties, and sites. Lease agreements for assets like power plants, transmission lines, substations, water treatment facilities, and renewable energy installations can be particularly complex. Without a utilities lease management software solution, this can be even more challenging.
It’s crucial to manage your portfolios diligently to make informed business decisions. Nomos One’s lease management and lease accounting software enables you to store agreements in one central location, allowing you to create accurate, insightful reports on your utilities, property, and asset portfolios.
The challenges of lease accounting in the utilities sector
As IFRS 16 (AASB 16) has been in effect for some time now, businesses in the utilities industry have adapted to its ongoing implications.IFRS 16 can significantly impact the composition of your balance sheet, making leases one of the most material items.
The requirements of IFRS 16 have a direct effect on the financial performance and value of your company. It is crucial to comply with IFRS 16 standards, even when you experience an increase in recognised assets and liabilities, a shift in lease expense recognition from later to earlier lease periods, changes in lease expense classification and amortisation, and an increase in net debt/EBIT/EBITDA ratios.
Given the complexity of lease accounting under IFRS 16, we recommend that those operating in the utilities sector invest in a lease management and lease accounting platform to help achieve IFRS 16 compliance. Our utilities lease management software ensures that your lease portfolio is up to date with actionable notifications, enabling you to meet protocol milestones confidently.
Lease management designed for the utilities sector
Nomos One is a comprehensive, cloud-based, lease management and lease accounting software solution designed to accommodate a wide range of utilities leased assets. This is the lease accounting and management software your business needs to ensure efficient management of leases, subleases, licenses, sublicenses, easements, grants, resource consents, and general contracts.
Nomos One offers numerous benefits to save your business time and effort. Our lease accounting software provides advantageous features for many utilities businesses, including automated calculations, a clear and intuitive dashboard, event reminders, a user-friendly workflow, custom reports and fields, and the ability to automatically generate lease documents.
Our rigorously tested IFRS 16 modules automatically calculate right-of-use assets, lease liabilities, depreciation, and interest expenses, generating the resulting journals accordingly.
