Reduce Management, Costs and Risk
Recent changes to accounting standards are significantly impacting lease management and financial reporting. Is your firm ready for these new regulations? If not, SpearMC can help you implement Oracle’s PeopleSoft Lease Administration for compliance, savings and easier management. Lease Administration is compliance and business intelligence in one solution; it simplifies and automates critical aspects of lease management, including site selection and acquisition, lease administration and space management. SpearMC, an Oracle Platinum Partner and PeopleSoft expert, can help you:
- Assess and configure the solution to your specific needs
- Plan for a successful data migration and deployment
- Train your implementation team and end users on its core capabilities
ASSET MANAGEMENT AND LEASE ADMINISTRATION IN ONE SOLUTION
- Project Team and End-User Training and Prototyping
- Track leased assets
- Manage operating and finance leases for property and equipment
- Integrate with Accounts Payable for lease payments
- Account for depreciation and straightlining of leased assets
- Optimize space planning and usage activities
- Understand space attributes, utilization and occupancy in real time
- Ensure compliance with IFRS, FASB, and/or GASB accounting guidelines
HOW WE HELP
Lease compliance and business intelligence in one solution Australia New Zealand Banking Group (ANZ) needed to comply with IFRS-16, a set of guidelines that dictate how companies document lease assets and liabilities. With SpearMC’s help, ANZ not only achieved compliance, but also implemented a new PeopleSoft Lease Administration system that has made lease management easier while providing more visibility into key data needed for decision-making.
ANZ needed help complying with IFRS-16, including moving their lease data to a central repository. While making these changes, they also wanted to address several other issues with data integrity and lease management in multiple countries with different currencies.
After cataloging all leases within the ANZ network, SpearMC configured PeopleSoft Lease Administration to align with ANZ’s needs, then prepared the system to accommodate leases in all countries and currencies required. SpearMC collaborated with ANZ to roll out the new system in phases, transitioning the largest countries first and smaller countries over time.
ANZ has deployed the solution in their largest markets and will be fully compliant with IFRS-16 by the end of 2019. In addition to helping ANZ achieve compliance, this new system provides several features that speed up lease management and help employees make more informed decisions, including: multi-currency compliance and reporting, multi-country and local accounting variations, integrations with AP/AM, custom reporting and query functional.
Learn More: https://spearmc.com/apps/psft-training/