When managing a large portfolio of leases, relying on spreadsheets can quickly become inefficient and error-prone. Spreadsheets often struggle with:
- Complex calculations for discounting and remeasurement.
- Handling multiple discount rates and lease modifications.
- Generating detailed disclosures required under FRS 102.
System solutions include:
- Specialist Lease Accounting Software
- Tools like LeaseAccelerator, Nakisa Lease Administration, or Trullion are designed for compliance with IFRS 16 and FRS 102.
- Features include automated calculation of right-of-use assets and lease liabilities, handling modifications, and producing disclosure reports.
- ERP Modules
- Many ERP systems (e.g., SAP, Oracle NetSuite, Microsoft Dynamics) offer integrated lease accounting modules.
- These modules link directly to your general ledger, reducing manual entries and improving accuracy.
- Cloud-Based Platforms
- Solutions such as CoStar Real Estate Manager or Visual Lease provide cloud-based lease management with compliance reporting.
- Ideal for organisations with multiple locations or remote teams.
- Mid-Tier Accounting Software Add-Ons
- For smaller entities, add-ons for platforms like Xero, QuickBooks, or Sage can provide simplified lease accounting functionality.
Benefits of system solutions:
Automated calculations reduce human error.
Built-in compliance checks for FRS 102 and IFRS 16.
Scalable for growing lease portfolios.
Streamlined reporting for auditors and stakeholders.
Further Support
Our specialists are on hand to guide you through every stage of the FRS 102 transition, from assessing the impact on your financial statements to updating systems and training your teams.
Whether you need help with revenue recognition, lease accounting, or managing disclosures, we can provide tailored advice and practical solutions to make the process smooth and compliant.
Please get in touch with us today to discuss your requirements and explore how we can support you.
