Quadrent is excited to announce the further expansion of LOIS into Africa with the signing of MUR Shipping (South Africa) to our LOIS lease accounting software solution.
MUR Shipping’s strong asset base of fuel-efficient vessels transports metals, minerals, agricultural products, construction materials, and specialist cargoes like wind turbine blades and components, across six continents. Each year, they complete over 1,000 voyages along 24 core trade routes on behalf of more than 250 customers.
MUR Shipping’s decision to adopt LOIS lease accounting underscores their commitment to IFRS 16 compliance and highlights the growing importance of lease accounting solutions in today's dynamic business landscape.
A primary reason for selecting LOIS over other competitors was the robust accounting functionality it offers. This was particularly important given the unique technical requirements MUR Shipping has for their lease portfolio, especially its modifications.
This also represents another LOIS customer in Africa under Quadrent’s alliance agreement with Deloitte South Africa. This partnership leverages Quadrent’s market-leading lease accounting and compliance software (LOIS) combined with Deloitte South Africa’s technical expertise in lease accounting and process improvement tailored to the needs of African businesses.
By leveraging LOIS, MUR Shipping aims to enhance transparency, accuracy, and efficiency in its lease accounting practices, thereby enabling better decision-making and risk management.
This milestone underscores LOIS' growing presence and recognition as a leading provider of lease accounting solutions that streamline lease management processes and ensure IFRS 16 compliance, not only in established markets but also in emerging economies.
Quadrent’s CFO, Stefan Iggo, who heads up the LOIS team, commented, “We are very happy to enter the African market and deliver a product that is simple and intuitive to help large entities achieve IFRS 16 compliance in a cost-effective manner.”
About Quadrent and LOIS
Quadrent has been a leading provider of flexible asset finance leasing solutions to businesses in Australasia since 2002. Additionally, it is the only lessor in the market that also offers lease accounting software, helping businesses manage their leases and improve their IFRS 16 compliance. Our team of CA-qualified accountants has in-depth leasing knowledge and specialised accounting backgrounds to help you get the most value out of your assets.
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