EFFORTLESS LEASE ACCOUNTING
A dashboard summarising your portfolio at a glance, automated calculations and event reminders, and customisable reports.
You and your team can collaborate and make changes across multiple leases whilst working from multiple locations.
We help organisations all over the globe stay on top of their property, vehicle, equipment or asset portfolios.
Our world-class IFRS 16 module has been tested against over 100 scenarios provided by global accounting firms.
WE'RE HERE TO DO THE HEAVY LIFTING
With over nine-years industry experience, our software will cover and manage almost every aspect of the lease cycle, making it easy for our customers to manage hundreds of leases on one platform.
Our software has a fully integrated IFRS 16 module which was developed through working with big four auditors and is tested on an ongoing basis against over 1,000 scenarios. This reporting module eliminates manual processes and human error, saving our clients weeks of work – especially at the end of the financial year.
Perfect for property, vehicles, machinery, printers, laptops, office equipment and assets of all types.
IFRS 16 CALCULATIONS
Easily save discount rates, rent increases, future payments, make-good payments and incentives against your portfolio. Create asset classes and apply bulk settings across agreements with similar characteristics. Automatically calculate right-of-use assets and lease liability across your portfolio.
IFRS 16 Initial Measurement
- Automatically calculates PVFMLP
- Anticipated number of renewals
- Provisions for purchase options, termination
payments & residual value guarantees
- Short term & low value exemptions
- Revaluation of leases below fair value (eg, peppercorn leases)
- Provisions for restoration costs (eg, make good provisions)
- Allows capitalisation of direct costs
IFRS 16 Subsequent Measurement
- Automatically revalued lease liability & ROU asset
- Supports all subsequent ROU measurement options
- Cost less depreciation
- Fair Value under IAS 16 & IAS 40
- Asset note carried at fair value (eg, peppercorn leases)
- Variation and modification accounting (changes in assumptions)
IFRS 16 REPORTING, JOURNALS & DISCLOSURES
Generate draft balance sheets, depreciation and interest schedules and journals that can be easily exported and uploaded to your general ledger.
Save assumptions and calculations at different points-in-time, and easily compare periods against each other.
Create graphs and interactive reports that make complex calculations easy for your stakeholders to understand.
- Journal entries
- Complete history of a lease
- Custom period reporting including monthly and 4-4-5 reporting
- Draft balance sheets
- Sub-leased agreements that are classified as finance leases
- Breakout non-lease components
- Variable lease payments capture
- Business combinations
What is lease accounting?
Lease accounting is a 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 tool that empowers enterprises to manage their lease portfolio more effectively. Lease accounting software is designed to centralise information and effectively automate previously manual administrative tasks. Lease accounting software ensures that businesses comply with lease and accounting regulations.
Nomos One and other reputable lease accounting software reduces financial risk associated with lease portfolios by integrating with your current accounting software and ensuring critical milestones are complied with. The software eliminates the requirement for paper trails, and most quality software will set reminders for the business’ upcoming financial milestones to ensure that critical dates are never overlooked.
What is IFRS 16?
IFRS 16 (or known as AASB 16) is an accounting standard that requires a lessees and lessors to recognise the assets and liabilities contained when taking on a lease contract for an extended period (more than one year). IFRS 16 reports details of lease transactions and provides financial information of such leasing arrangements.
Who needs lease accounting software?
Essentially, lease accounting software is designed to meet the needs of finance teams, accountants, auditors and property managers.
Lease accounting software solutions may be necessary for anyone who has to manage leasing activities, the financial impacts of leasing, and comply with lease accounting standards. This includes property investors, tenants, leasers, real estate agents, small business owners and accountants.
Both tenants and the lessor can utilise lease accounting software to manage all types of real estate assets. Quality, reliable and advanced lease accounting software has become crucial in recent times for both lessee and lessors to ensure compliance with ever-evolving lease specific accounting and depreciation standards.
What is the best lease accounting software?
We may be biased; however, we vehemently believe that Nomos One encompasses everything that the best lease accounting software embodies.
Nomos One presents a trustworthy, effortless lease accounting software solution. Ideal for property, equipment, vehicles and all other types of assets, Nomos One is the best lease accounting solution because it is advanced, customisable, flexible and reliable. With Nomos One, you are offered critical date alerts, equipment lease management, amortisation schedule, capitalisation reporting, and the ability to adapt the software to meet your lease accounting circumstances’ unique demands.
If you want to learn more about our leading lease accounting software solutions, do not hesitate to contact our friendly team. Nomos One is designed to simplify and streamline laborious administrative processes – from our software solutions to our exceptional customer service; we’re here to ensure your experience meets and exceeds all expectations. Request a demo today.