Time’s Almost Up: Are You on the Fast-Track to Compliance?
“It’s the final countdown…”
Okay. So, we’ll spare you the cheesy 80’s music references. But for organizations still making the switch to the new IFRS 16 or ASC 842 standards, the sentiment rings true. Time is quickly running out until the January 2019 deadline.
If your organization is looking for a way to fast-track your compliance efforts, you’re not alone. Meeting compliance requirements won’t happen overnight—and they can’t be achieved without the help of a comprehensive and flexible lease accounting system.
There are four important questions you should be asking yourself as you assess potential lease accounting systems:
Will the system shorten your timelines?
With only months left to comply with the new standards, time is obviously the most important consideration. Effective leasing systems will help speed up your ability to comply, not slow you down due to complex implementation or integration processes.
Does the system reduce risk?
Complying with IFRS 16 or ASC 842 is no easy task. Consolidating your data and identifying embedded leases will be a complicated—even overwhelming--undertaking with lots of room for error. Your lease accounting system should help reduce your chance for error—not add to it.
Does the system eliminate dependencies?
Integration with your ERP and other systems will take time and effort—and customized systems can create unnecessary complexity. Any lease accounting system you choose should provide the option for quick, standalone deployment.
Will the system achieve compliance with minimal effort?
Effective lease management systems will allow your team to comply with the new standards while limiting the amount of manpower and resources needed to do so, empowering your organization to focus on the work that really matters.
Making the right choice
You may be considering lease accounting systems that answer some of these questions, but it’s rare that one system can check all the boxes for a quick, risk-free compliance.
Nakisa Lease Administration does just that, for three unique reasons:
- Standalone capabilities
Nakisa Lease Administration offers a standalone solution that allows you to quickly kick-off the compliance and lease management process without integrating with your ERP system. This speeds up your timelines and reduce the effort necessary to comply with the new standards. Once you’ve met the standards, you can then choose how and when you’d like to integrate with your ERP.
Nakisa Lease Administration is cloud-based, which means you won’t need to purchase, install, or maintain your own servers. Besides reducing IT costs, cloud technology allows a faster implementation and gives you the ability to scale your operation up—or down—whenever necessary.
Rapid deployment strategy
Nakisa Lease Administration’s standalone capabilities and cloud technology help power our rapid deployment methodology. With deadlines fast-approaching, our strategy allows you to comply as quickly, efficiently, and with the least amount of risk as possible. Then, once you’ve met compliance standards, our cloud-based APIs will power your comprehensive, long-term integration.
It’s the final countdown. Do you have a compliance strategy in place? If not, Nakisa Lease Administration can help.