What if we told you there’s a dedicated software solution out there for you which saves both money and time? If you are dealing with leases, there are a few good reasons why you should consider implementing dedicated IFRS 16 software instead of dealing with free calculators or low-end tools. In this article, we’re going to shine a light on how IFRS 16 accounting software works for the benefit of your business and how can it help your day-to-day as well as long-term plans.
1. IFRS 16 Software is already compliant
Trying to stay compliant amidst the switch to the new IFRS 16 accounting regulations/standard is quite the challenge. Re-arranging various processes, redeveloping existing software tools and retraining the staff can paralyze your entire accounting or leasing staff. This is where IFRS 16 leasing software can show its true benefits. It’s already developed with the new regulations in mind which means that you don’t have to re-do any areas of your accounting processes and almost immediately implement the new software for leasing accounting.
2. If it’s on the cloud, it means no downtime for your business
If you make the right choice for IFRS 16 software and go with an app that’s based on the cloud rather than on-premises, you can avoid the downtime and related difficulties which occur during the transition period.
Some software options (like SOFT4 Lessee, for example) can be prepared for you and launched almost on the very next business day. If you were to implement on-premise solutions, the launch takes a lot longer and you can expect to face much more obstacles along the way. In terms of updates, cloud-based software is also better. You can update during non-working hours and your app stays up-to-date throughout your usage. In comparison, a lot of times businesses end up losing money in certain areas because they’re still using outdated legacy software from almost 10 years ago.
3. Streamline and optimize lease data management
Your IFRS 16 accounting software should be able to cover your needs in terms of data management. It can be fully ready to cope with data import and export. This helps exchange information with other departments in your organization. Furthermore, you have a lot of calculators that help find out asset value, costs, expected returns, etc.
More high-end IFRS 16 lease accounting software will also be able to generate reports and charts for presentations and internal use. Manage modifications, assess various variables and do more in less time, in terms of lease accounting.
4. Much less administrative work for your staff
No one likes paper trails that are a mile long. Unfortunately, lease accounting is an area which is demanding in terms of paperwork. Luckily for you, IFRS 16 Software offers and can automate a whole lot of different operations, including report and/or disclosure generation. Modifying contracts, signing new ones, archiving data and a lot of other day-to-day tasks can also be simplified thanks to dedicated computer programs.