Watch this two minutes video to learn more about LAaaS
Nakisa Prime Partner
Qiado is one of the few prime partners of Nakisa in Europe. Nakisa has developed a comprehensive and integrated Lease Administration Solution which is the solution of choice for a rapidly increasing number of companies that need to be compliant with IFRS16 / ASC842 standards. It’s suitable to support large-scale and complex lease environments.
Qiado has an extensive track record on the design and implementation of lease administration solutions based on the Nakisa application in various countries and across different industries.
Features of LAaaS
Lease Accounting as a Service enables you to concentrate on your business, whilst our team of experts give you all the support to be compliant with the new lease accounting standards
LAaaS simplifies your lease accounting management by giving you the accounting results without selecting and implementing a tool and training experts in your company.
LAaaS is an innovative and unique service to deliver all the requirements of the new lease accounting standards in one easy to use and comprehensive accounting tool.
LAaaS makes it easier to find the reports. In each contract, you will find the amortization schedules. All the journal entries and disclosure reports are included in our services within a few clicks.
The reports are easily accessed in our JIRA system and Power BI.
Never miss a critical date. Our experts will notify you of expirations, renewals and other important dates in your contract. The notifications can be set in the JIRA system or via e-mail.
1. New Complex processes
IFRS16 and ASC 842 were heavily underestimated. Big companies had to introduce totally new or significantly adjusted lease administration processes, combined with new accounting procedures. It’s no longer enough to rely on a lessor’s invoice, but there’s a need to have someone who interprets the underlying lease.
2. Time restriction
As in many financial applications, problems will show up in the most unpredictable times, namely on the last days of the month or on quarterly or fiscal year closings. Users might work to the best of their knowledge, but there will be new challenges surfacing when producing the disclosure reports.
3. Mistakes have a high leverage
Any mistake made in the evaluation of a lease contract will have a direct and incorrect effect on a company’s balance sheet. If external tools are used to calculate according to IFRS16 and ASC 842, any wrong calculations will flow into connected or disconnected ERP-systems, potentially resulting in false asset values.
4. Required skills
If companies think that application management of a Leasing solution is an IT- or a technical problem, in the long term, they will learn the hard way that they were wrong. A leasing solution requires technical, functional and accounting knowledge to support the definition of requirements, installation and further along the treatment of the lease contracts.
Qiado is a consulting company focused on the support of IFRS-related process with integrated IT solutions. Our current focus lies on IFRS16 and ASC 842 implementations.
From inside and outside our Headquarters in Germany or our subsidiary in Lisbon, Portugal, we are managing some of the biggest Leasing Accounting projects in Europe.
Our team has an extensive track record of Lease Accounting Standards implementations, both within the SAP portfolio as well as disconnected from any ERP systems.
Qiado is one of the implementation partners of Nakisa for the “SAP Lease Administration by Nakisa” on-premise solution as well as for the cloud-solution “Nakisa Lease Administration”.