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.
A DIFFERENT.SIMPLER.BETTER APPROACH TO CUSTOMER PROBLEMS
BLOG #2 A COMPLIANCE DEADLINE
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.
- 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.
Quadrent is Australasia's leading and most trusted equipment financier and lease portfolio software provider. We enable you to deliver your technology solution via a leasing structure, and manage and report on your lease & asset portfolio for compliance with IFRS 16. 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. 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).