LeaseLight
Making IFRS 16 compliance easy for businesses with smaller lease portfolios.
The challenge
2019 sees the start of a whole new approach to lease accounting with the implementation of IFRS 16 - the new accounting standard requiring companies to bring leases on balance sheet. It’s great news for financial transparency, but a challenge to implement.
That’s why we developed LeaseLight: a cloud based solution that allows you to collect and manage all of your lease portfolio data in one place.
LeaseLight includes the following key features: Companies have many data points when it comes to their lease portfolios, so when you consider the time it would take to process this amount of data in line with the complexities of IFRS 16, it’s easy to see why a manual process or simple spreadsheet solution wouldn’t be up to scratch.
It keeps business disruption to a minimum and makes it easy for you to calculate the right figures for your reported accounts. For businesses with a smaller lease portfolio, it's the ideal light touch solution.
Benefits
Save time and money
LeaseLight is quicker and cheaper to implement than a manual process and more competitively priced than many other technology solutions.
Simplify year-end compliance
By managing your lease information and lease calculations all in one place, year-end procedures are made much easier.
Improve forecasting
By calculating the projected future impact of your lease portfolio on your income statement and balance sheet, LeaseLight enables better financial forecasting and planning.
Increase data governance
Multiple users from any geographical location can access the online lease management interface, and the tool provides a clear audit trail of any changes made.
Opens in new window
Key features
LeaseLight includes the following key features:
- Cloud hosted
- Multiple user access
- Excel based outputs for simple ERP entry
- Ability to interrogate down to lease level
- Forecasting and planning functionality
- Shadow reporting under IAS 17
- Fully transparent calculation approach
- Audit trail of lease modifications
How it works
-
Maintain lease population
You are able to quickly and easily upload all of your lease data to an intuitive online platform. Leaselight acts as 'Golden Source of Truth' as you maintain the data over time and make changes to reflect new lease events. At any given time you can check this repository to get the most current view of your lease portfolio and the resulting implications.
-
Calculate the financial impact
Calculating the figures for reported accounts is simple. Upon your request, LeaseLight generates all the calculations you need, providing the key accounting outputs as well as a detailed forecast of the future impact of your portfolio.
-
Upload journal entries into your financial systems
LeaseLight generates an Excel based output, providing accounting journals on a lease by lease basis for you to quickly and easily enter into your ERP system.
