Lease accounting and lease management designed for the Finance sector
Managing your finance lease portfolio
If you’re operating in the finance sector, the leasing of corporate offices, office equipment, computers, laptops, and mobile phones form a large part of your business. Given the size of your lease portfolio, it’s important you manage it as closely as possible so you can make informed business decisions.
With leases and sub-leases stored in all manner of places, each with different termination dates, renewal options and rates, it can be difficult, if not impossible, to produce accurate, useful, consolidated reports on your property and asset portfolios.
Changes to lease accounting – IFRS 16
If lease management wasn’t challenging enough, the financial sector is faced with the adoption of IFRS 16, the new lease accounting standard – effective 1 January 2019, which could make leases the most material item on your balance sheet.
The new requirements will directly impact the financial performance and value of your company so it’s essential you get it right. We expect you to see an increase in recognised assets and liabilities, more leases 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/EBITA ratios.
Given the complexity involved, we recommend you invest in a lease management and lease accounting platform that is IFRS 16 compliant.
Nomos One can help
Nomos One is the complete, cloud-based, lease management and lease accounting software solution for the management of leases, sub-leases, licences, sub-licenses, easements, grants, resource consents and general contracts.
With our software, you’ll benefit from automated calculations, a clear simple dashboard, event reminders, intuitive workflow, custom reports and fields, and the ability to automatically generate legal documents.
Our robustly tested IFRS 16 module automatically calculates right-of-use assets and lease liability and generates journals, depreciation and interest schedules, giving you complete confidence in your IFRS 16 compliance.
“With Nomos One, we have great visibility and insight across our lease portfolio. The system is highly intuitive and has saved our team significant time, money and stress.
We were very impressed with the level of professionalism and attention to detail throughout the onboarding and review process. The Nomos One team took time to understand exactly how our portfolio was structured, what information was important to capture and then ensured the system was tailored to suit our needs.
Even within the first couple of months using Nomos One, the system identified major cost saving opportunities for our business which paid for the system many times over. The highly automated system has helped us reduce our risk profile and work more efficiently.”
ASX 20 listed financial services company