Blog Series - Solving Customer Problems #2

At Quadrent we take a customer-first approach by working with clients to ensure we can solve for their business problems. We have a blog series to highlight some of the problems we have solved and how it may relate to other businesses. If you have a problem to solve stretching across alternative payment solutions; asset management including disposing of assets; IFRS 16 / AASB 16 compliance then we can help find a solution for you.

Reach out today

A DIFFERENT.SIMPLER.BETTER APPROACH TO CUSTOMER PROBLEMS

BLOG #2 A COMPLIANCE DEADLINE

CUSTOMER PROBLEM

A large Australian state government agency needed a lease accounting solution for their portfolio of more than 1,300 leases– which all needed to be compliant with the new AASB  16 / IFRS 16 accounting standards within a very tight deadline.

Due to the time taken to complete the RFP the Department had a mere three weeks between signing the contract and needing to Go Live so they needed advice, guidance and a system that was easy to set up and would deliver results quickly and efficiently.

The consequences of not being compliant are serious, compounding the pressure to have a system in place.

THEY CAME TO QUADRENT FOR A SOLUTION

Quadrent was able to deliver our lease accounting Software as a Service product, LOIS, within three weeks. Our experienced implementation team, consisting of Chartered Accountants with specific expertise in IFRS 16 expedited the project plan to ensure the time-frames could be met.

This involved:

• additional resources;
• a practical pragmatic approach to ensure the process worked;
• leveraging the existing tools within LOIS;
• best practices on setup;
• and obviously extensive training for the Department’s finance team.

The combination of a very strong system but more importantly skilled practical resources delivered the outcome for the client within the timeframe.

Quadrent has both a SaaS product (LOIS) and a Managed service offering (LOISlite) for less complex clients depending on the number of leases a company has and the best solution for their business.  

We’d be delighted to help or have a chat anytime, so feel free to reach out for an initial discussion and free consultation.

This is the Quadrent way – a different, simpler, better solution to equipment finance and asset management.

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. LOIS refers to Quadrent’s Lease Optimization Information System, which is a fully integrated portfolio and asset management tool for all your IFRS16 lease accounting compliance. We operate it under a master agreement. Plus, we’re the only supplier in Australasia. 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 more about IFRS 16 considerations and COVID19. 
• Read about LOIS features and benefits and the clients that are already on board with us 
• Explore the pros and cons of using spreadsheet applications such as Excel for the transition to IFRS 16 with this short whitepaper (15 minute read).
• Let our recent survey results from LOIS customers demonstrate the value of the product (3 minute read)
• Understand the pros and cons of leasing business assets with our whitepaper (15 minute read).

If you found this blog interesting, read blog #1 and blog #3 in our Solving Customer Problems series.