Outsource your lease accounting to minimize your costs of compliance!
Especially companies with a rather small lease portfolio are usually forced into excessive administration efforts to become and stay compliant. Outsourcing lease accounting is the most efficient way to compliance.
No need to select, implement and maintain a separate IT tool
Benefit from a market-leading, audit-proof lease engine without having to license it
No need to train internal teams on how to interpret lease terms according to IFRS 16
Delegate repetitive and at the same time complicated tasks to our IFRS16 expert teams
Have full transparency, comfortable reports, and receive all required journal entries
Receive automatic notifications to never miss notice periods, extension options etc.
Our cloud based lease accounting process in a nutshell
The LAaaS process is very straight-forward and transparent:
Step 1: We receive your lease data
- Option 1: Upload the lease contract - we handle the rest
- Option 2: Just provide the key data of the contract
- Option 3: You just receive raw lists of fleet data? We will handle these for you
Step 2: We interpret your contract data and make sure they are reflected in IFRS16 correctly:
- What's the correct Right of Use value?
- What's the correct amortization period?
- How is an index-dependency handled correctly?
- Payments are in arrears or in irregular terms?
- What is the effect of rent-free-periods in the contract?
- How is this treated in our different ledgers?
- We have some variable lease payments, what happens with these?
- etc etc etc
Step 3: We will produce all required postings and disclosure reports on a regular basis
- Balance Sheet KPIs like Long Term and Short Term Liabilities, Accruals etc.
- P&L KPIs like Interest Expenses and Depreciations
- Detail journal entries per contract, providing all information to post these in your local books
- Overview reports that allow you to analyze your lease portfolio
- Audit logs and version controls
All this will be available in a comfortable web-application
Qiado's LAaaS is a cloud-based business process service and the most efficient alternative to manage your lease accounting.
Guaranteed by a market-leading lease engine
Pay what you consume = No fixed baseline costs.
Free trial phase with no commitments.
Setup and pricing model
LAaaS – Additional Packages
Workshop Accounting Standards - IFRS 16 and/or ASC 842
Workshop Training where you will learn the accounting standards IFRS 16 and/or ASC 842 (US GAAP). Support for your accountants and lease administrator to fully understand the impact of the new standards.
Support to create rules and process to integrate into your ERP with our journal entries. The integration process support helps the creation of files that are easy to import and to reconcile between the reports of our services and your ERP.
Custom Ad-hoc Reports
Development of custom ad-hoc reports specific for your needs. Our reports are flexible to support the requirements not only of your disclosure reports, but as well, the complete administration of your lease portfolio
Support in the definition of process and rules in your ERP for the reconciliation process for the lease expenses (invoices) and if needed your local GAAP. The reconciliation process is one of the biggest challenges of the new standards.