Make sure your business is ready for changes to lease accounting methodology
Does your business have a large amount of lease documentation?
From 2019 most leases will have to be represented differently on a company’s balance sheet. If you have a large number of leases this change could mean that you will show an increase in reported assets and liabilities.
As a result, businesses need to focus more intently on controlling and reporting their assets. Existing contracts will need to be scrutinised to determine whether they will now be deemed as leases. It is important to review your accounting and document management structure in light of this. You need to make sure all your contract documents are in one place and can be found easily. Your business systems also need to be reviewed to ensure they hold all the information you need.
how we can help
IFRS16 changes mean that your documents need to be reevaluated.
We use our content management solutions to help you deal efficiently with the required changes.
Review your current processes
You will need an easily accessible solution which holds all your documents regardless of their format. We will assess your current processes and systems to determine their effectiveness.
intelligently capture your data
We can create a solution which will read all your contracts, capturing all the key information required. This includes start and end dates, employer, public and aggregate liabilities and costs per area. All this information will help you make informed decisions.
reduce the manpower required
Reviewing all your contracts could be a very labour intensive task. We utilise Natural Language Processing techniques to uncover all the relevant information. This is regardless of document length, layout or format. If needed we can even manage the scanning of documents if they are currently in a paper format.
Don’t manually look through each contract to find what you need
Find out more about our partners
We are partners with IBM and Kofax and have extensive knowledge of their products, old and new.