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Yardi Corom
Implementing IFRS 16 lease accounting standards is a daunting task as it requires adhering to new policies, adopting new measures, and changing existing processes. As per the new lease accounting standards, assets and liabilities need to be recognized by lessees in the balance sheet. The aim is to make reporting more transparent and allow companies to ascertain the nature of lease transactions. 
Transitioning to lease accounting software will help your business achieve compliance without hassle. A lease accounting software is a great tool to do calculations, produce journal entries and automate reporting compliant with the new IFRS 16 standards.
The selection and implementation process for a software can be a time-consuming endeavor. There are, however, certain criteria businesses can investigate to determine the best lease accounting software for their needs.
You should be clear on the software’s data gathering and reporting capabilities, its cost-effectiveness, and the different benefits you will enjoy after the successful implementation of the software.
Here are some of the features you should look for when reviewing lease accounting software providers.
Compliance with IFRS disclosure requirements
There are many software solutions on the market promising different sets of features to ease IFRS 16 implementation. However, you must choose a software that helps in meeting all disclosure requirements.
The new standards demand more disclosures in the form of right-of-use assets, interest expenses, and information regarding the outflow of leases. A good lease accounting software should develop all disclosure reports as and when the company needs them.
Look for maximum accuracy and flexibility of the software solution
IFRS 16 standards are very complex. A manual fixing of such complexities would take a lot of time, resources and may lead to errors. To prevent this, software solutions should have configurations that support data features that make the process easy.
A company generally has a large lease portfolio. To maintain accuracy after every change operated by different stakeholders, internal control needs support. An advanced lease accounting software solution will help with the data entry validation mechanism and provide role-based access for optimal results.
A centralized data repository for easy collaboration
A large amount of lease data is one of the most difficult things to handle by account managers. A lease management software solution with a centralized data repository will not only save time but money, as well. It makes it easy for employees of different departments to access the information on the platform.
Additionally, access should be granted to only those who need it, with complex data security protocols and security standards.
Notifications and alerts are key
As mentioned before, the lease portfolios of some companies are large. Thus, manually managing each facet of the contracts is a tedious task. It may include payment dates, renewals, events, etc. With lease software solutions, you can send automated notifications and get alerts for every important date or event in your lease contracts.
Making the transition to new standards takes time and effort. But it can be done at ease with a powerful lease accounting software solution and the right support. COROM Lease Management from Yardi is a great lease accounting software solution that can help you implement IFRS 16 standards.
Visit www.yardicorom.com for more details.
