LOIS lease accounting expands into Africa

Quadrent and Deloitte South Africa have teamed up to bring LOIS lease accounting software for IFRS 16 compliance and asset management to the African region.

This alliance agreement leverages Quadrent’s market-leading lease accounting and compliance software, used by over 500 companies worldwide, combined with Deloitte South Africa’s technical expertise in lease accounting and process improvement.

Under the agreement, Deloitte South Africa will oversee the implementation of LOIS, as well as provide best practice IFRS 16 guidance using their local market experience.

This unique alliance will provide organisations located within the entire African continent, the ability to strengthen their IFRS 16 compliance while also creating process efficiencies and cost savings.

LOIS (Lease Optimisation Information System) provides a consolidated view of all leases for full IFRS 16 compliance whether it be one entity or a global corporate. It is trusted by companies around the world to generate complex calculations in order to produce income statements, cash flow and balance sheet impacts, to manage and enhance lease portfolios. Other features include:

• The ability to load your own data.
• Conduct scenario analysis.
• Configuration of individual data requirements.
• Manage all in-life changes (modifications) using a unique general ledger functionality.
• Full audit trail.

Quadrent CFO, Stefan Iggo, who heads up the LOIS team, commented on the alliance, “Africa has few viable IFRS 16 software solutions. This alliance gives access to an already established lease accounting software solution that has a proven track record of being trusted by some of the world’s largest organisations.

“We are looking forward to taking our extensive IFRS 16 experience and knowledge and using it to support organisations across Africa, to make the transition quick and pain free.”

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 who also offers lease accounting software, helping businesses to manage their leases and improve their IFRS 16 compliance. Our team of CA qualified accountants have in-depth leasing knowledge and specialised accounting backgrounds to help you get the most value out of your assets.