When you’re looking to bring on a new data-driven software, there are a lot of questions to be asked in the early stages. One of the most vital is whether to get everything into the system in-house, or opt to let a team of onboarding specialists handle it. For smaller lease portfolios handling it all in-house with support is a completely viable option. But as the size and complexity grows, so too does the opportunity for things to go awry, making it exponentially more difficult for everything to go as planned.
Knowing the benefits of onboarding with Nomos One is one of the most frequently asked questions. To help you make this decision, we’ve compiled five of the biggest benefits of onboarding with us based on feedback from customers who’ve gone through this process already.
1 – Expertise & specialisation
At Nomos One we’ve got a large Customer Success Team of full-time onboarders, boasting a wealth of experience and knowledge between them. Reading, analysing and uploading leases is their fulltime job, and they’re extremely good at it. Depending on your portfolios requirements and implementation timeline, you’ll be assigned a team of onboarding experts to help with your lease management, lease accounting and contract management needs. Our team has even tackled leases dating back hundreds of years!
We find that customers rarely have excess time in their day to dedicate it to onboarding and reviewing agreements. By allowing our team to manage the data early, you can free up your time for more important tasks.
2 – System knowledge
Our team of experts have been working with the application for years and know their way around the software. We understand that lease management and accounting is rarely black and white, as there are numerous edge cases where multiple solutions may be present. In such cases our team is trained to best represent your data in the software based on your specifications and compliance requirements, all while following best practice. Any important decisions that arise from this will be effectively communicated to you during and at the end of the onboarding process.
With IFRS 16 now in effect for many countries, our onboarding team will enable your organisation to become compliant with the new standard ASAP. While this is happening, our training team will ensure your staff have the knowledge to hit the ground running and take over the management of the software as onboarding concludes. Ongoing support will also be available to make that transition as seamless as possible.
3 – Onboard, review and re-review
Just like back in your school days, it’s always wise to get another set of eyes to check over your essays. When you’ve been looking at something long enough, it’s easy for typos and mistakes to go unnoticed. In much the same vein, the same can be said for leasing portfolios. The major difference here is that an error in a high school essay isn’t likely to cost you thousands of dollars, as could be the case with a lease agreement.
We see our onboarding service as an opportunity for any inconsistencies or errors to be addressed and rectified. In the past these rigorous processes containing multiple review stages have caught a number of costly errors, saving our customers tens of thousands over the lifetime of the leases. Common errors we find include rent reviews not abiding by restrictions in the head agreement, typos and incorrect variation agreements.
4 – Spring clean your processes
Moving to a new software is a great time to review your own processes to ensure they’re up-to-date and getting the job done well. Oftentimes we find customers who self-onboard are so busy getting everything running, they don’t get a chance to question whether they’re going about it in the right way. This can often lead to falling behind on important events or result in decisions that end up being costly in the long term.
By outsourcing your onboarding, you’ll be able to ensure you stay on top of your lease portfolio’s upcoming events. It’ll also provide you with an opportunity to collaborate with our team to create better processes, whether that be in the form of agreement creation or report generation.
5 – Expedited implementation
As touched on earlier, our Customer Success Team are amazing at what they do and can really expedite your onboarding experience without compromising on quality. With IFRS 16 currently active in parts of the world, reaching compliance with the new lease accounting standard ASAP is critical. With our teams help, you’ll be hands on with your data sooner so you can start to consider which transition options are most suitable for your portfolio.
The team at Nomos One are experts in lease management and lease accounting. With a dedicated Customer Success Team, you can rest assured that onboarding with Nomos One will ensure it’s done fast and is IFRS 16 compliant. For more information about onboarding and to enquire if it’s right for you, feel free to get in touch.