Quadrent are excited to announce that InfraBuild, Australia's only fully vertically integrated steel manufacturer spanning scrap metal recycling, steel manufacturing and downstream distribution, has switched to LOIS for their IFRS 16 compliance and lease portfolio reporting.
InfraBuild required a cost-effective, simple to understand, stand-alone lease accounting software solution that could be centrally implemented but accessed on a decentralised basis across all of the company’s global locations.
The LOIS implementation gave InfraBuild increased lease portfolio visibility, while taking care of IFRS 16 compliance, where their previous system had struggled with the complexity of both the accounting standard and InfraBuild’s bespoke global requirements. Furthermore, all LOIS Excel based reports gave InfraBuild the flexibility they needed to tailor their reporting needs, depending on the ERP system being used.
InfraBuild's Group Financial Reporting Manager, Shirley You, commented, “Program Director, Hayley Willams, did a great job helping us migrate 1600 leases to LOIS' with minimal impact. Using her expert lease accounting knowledge, she was also able to help us optimise our month-end process through LOIS."
Quadrent CFO, Stefan Iggo, added, “We are delighted to have onboarded another large company focused on primary industry! The ease of their transition from another system demonstrates how much IFRS 16 software solutions have maturated and improved since the standard came into effect in 2019, making transitions a lot faster and less painless compared to the original implementations.
“As a finance and accounting professional, it's essential to stay up-to-date with compliance standards and software solutions that make the job easier. InfraBuild's successful transition to LOIS for their lease accounting compliance and reporting needs is a testament to the system's effectiveness and efficiency.”
Quadrent is the only equipment financier in Australia and New Zealand that also deliver a lease accounting software solution, LOIS (Lease Optimisation Information System). We enable you to finance your technology via a lease, as well as manage and report on your lease and asset portfolio. Find out more about our services.
LOIS provides you with a consolidated view of all leases within your business structure and full IFRS 16 compliance whether it be one entity or a global corporate. Read more about LOIS.
If you’re interested in understanding more about IFRS 16 compliance and LOIS, here are a couple of resources we can provide:
Read about LOIS features and benefits and the clients that are already onboard with us.
Understand the pros and cons of leasing business assets with our whitepaper (15 minute read).
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