We've all been there - stuck with suboptimal systems and processes that made your year-end financial report processing a more painful experience than it should be. It's all too common to put up with inefficient methods, laborious work-arounds and systems that just don’t do what they need to – especially for IFRS 16.
Many financial accountants find themselves wedded to systems or spreadsheets, enduring mind-numbing tasks with ample room for errors. Deep down, they acknowledge that the current systems aren’t the perfect solution for lease accounting, but the allure of a free tool i.e., excel and/or the reluctance to invest time as well as money into implementation of a better solution holds them back.
The drive for process automation is on the radar for every organisation at some time or another – it is the order of the priorities that dictates where the resource is spent first, so if you have an IFRS 16 system that you have learnt to live with, notwithstanding the myriad of work-arounds or ‘hacks’ it will sit low on the priorities list.
We often hear the common refrain, "We have a system, but it's just not very good. However, we don't have the time to change it; it's too time-consuming and costly." This sentiment is understandable, as many companies rushed into lease accounting system implementation, in 2019 when the standard came into effect, without a clear understanding of their requirements and the need for task automation. As a result, they're left with systems that lack proper accounting integration and rely heavily on manual reconciliation processes.
The path to change is simple
Change doesn't have to be a burden. We guarantee a swift turnaround, migrating you to our LOIS lease accounting software within just two weeks, and at a significantly lower cost (both in terms of time and money) than your initial transition to the new IFRS 16 standard.
Our standardized business migration processes ensure that the implementation costs will be fully covered by the time savings achieved within two months of using the system. You have already completed the hard, time-consuming work around lease collation and loading. Our onboarding process is template based and mapped off the outputs of your current solution.
Imagine the freedom you'll regain throughout the year, allowing you to sip margaritas on the beach. And that's not all—consolidating all your leasing data in one central place opens up exciting commercial opportunities. Showcase the ROI of improved leasing decisions to impress your boss and provide leasing analytics to all the users in the business.
We use your existing reports and can either fully automate the inbound process via our extract, transform, and load (ETL) plugin or help you use our templates that can be mapped from your data without too much fuss.
Implementation Case Studies
We have transitioned a large number of competitor systems in the past 12 months as a result of teams saying enough is enough. Check out our LOIS lease accounting software implementation case studies for real-life success stories:
Local, qualified support you can count on
Find out how the LOIS team’s expert lease accounting knowledge supported Tegel through the implementation process from another system. Read more here.
Global business, one solution
Discover how LOIS seamlessly integrates with BlueScope’s multiple ERP systems across various global locations in a decentralised model. Read more here.
Give you and your auditors peace of mind
Read about how LOIS gave Freightways’ auditors comfort knowing that they were using an IFRS 16 solution that generated accurate calculations and automated journals. Read more here.
Don’t duplicate your IFRS 16 compliance efforts!
Infrabuild eliminated wasted time and cost from using additional systems with LOIS’ robust GL functionality and detailed ERP mapping process. Read more here.
Don't endure the pain any longer. Embrace change, improve your year-end financial report processing, and unlock a smoother and more productive workflow. We're here to assist you every step of the way.
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