ASK Chemicals, one of the largest suppliers of foundry chemicals and consumables, offers an exceptionally broad and innovative range of products, including binders, coatings, feeders, filters, release agents, and metallurgical products. The company sees itself as a driving force behind industry-specific innovations and is committed to constantly developing products to meet the needs of its demanding customers, such as leading original equipment manufacturers (OEMs), the automotive industry, and wind turbine producers.
Based in Hilden, Germany, ASK Chemicals operates in multiple countries, including the United States, Brazil, China, the Czech Republic, Japan, and Spain. The privately held company employs 1,500 people globally. ASK Chemicals leverages Nakisa's Lease Accounting software (AKA Nakisa Lease Administration or NLA) to streamline lease accounting and ensure IFRS 16 compliance for its portfolio of 1,200+ real estate, equipment, and vehicle leases.
Robert Reddmann
Senior Manager Corporate IT (CIT) at ASK Chemicals
Challenges before Nakisa's lease accounting software
In 2018, ASK Chemicals opted for the early adoption of IFRS 16. Back then, they were using an Excel-based tool, which required extensive manual effort. With a sizeable lease portfolio of over 1,200 contracts, validating calculations and postings was highly labor-intensive and drained both finance and accounting resources. The organization’s complex IT environment included two SAP systems and multiple third-party ERPs, depending on the global region. As a result, ASK Chemicals found it difficult to manage and maintain complete and accurate data. Additionally, ASK Chemicals had a complex leasing landscape that included equipment, vehicle, and real estate leases, as well as short-term and low-value contracts and a multicurrency portfolio.
Why ASK Chemicals selected Nakisa's IFRS 16 software
In addition to all the features and functionalities required to facilitate compliance under IFRS 16, ASK Chemicals needed a robust solution with the ability to natively integrate with two SAP instances as well as one sub-ledger instance. They sought a single, efficient, and easy-to-maintain end-to-end lease management solution with automated postings to SAP. In 2019, ASK Chemicals chose Nakisa's lease accounting software as they found it to be the best solution to meet these requirements.
Results from implementing Nakisa's IFRS 16 software
“Nakisa Lease Administration streamlined and simplified our ability to track, calculate, post, and report. Not only did Nakisa Lease Administration provide inherent workflows and automation for IFRS 16, generating time savings, but the solution’s built-in segregation of duties, audit logs, and disclosure reporting also met all our auditing requirements,” said Robert Reddmann, Senior Manager Corporate IT (CIT), ASK Chemicals. “The simplicity and peace of mind created by Nakisa’s integrated process was a game-changer,” added Mr. Reddmann.
The final result for ASK Chemicals has been a centralized lease accounting process that reduces the time and effort required to manage subsequent measurements, modifications, and reassessments in a complex, multinational lease portfolio environment. With SAP being the dominant ERP for the organization, Nakisa’s native integration was ideal. Choosing Nakisa's lease accounting solution has given ASK Chemicals a sustainable approach to IFRS 16 compliance and beyond.
Robert Reddmann
Senior Manager Corporate IT (CIT) at ASK Chemicals
“ASK Chemicals required a solution that could fully grasp and meet their complex global lease accounting needs,” said Imran Mia, Nakisa’s VP of Global Solutions Engineering – Finance. “We are pleased that Nakisa was able to partner with ASK Chemicals and offer them a solution that has streamlined their lease accounting process and provided them with the peace of mind they were looking for within a single solution.”
Looking for an enterprise-grade lease accounting and compliance solution?
We're here to support you! Nakisa’s lease accounting software is designed to meet the needs of global enterprises. Our solution offers robust functionality for managing large, complex lease portfolios—including real estate, equipment, land, and fleets—simplifying the consolidation and reporting processes. With Nakisa's true contract- and asset-level accounting capabilities, parallel compliance with IFRS 16, ASC 842, and local GAAP standards, user-friendly interface, advanced auditing and analytics, and native bidirectional integrations with SAP ECC, SAP S4/HANA, and Oracle, large organizations can streamline and simplify their lease accounting and compliance, enhance transparency, and make more informed financial decisions.
Whether you are managing real estate, equipment, land, or fleet leases, Nakisa provides the flexibility and scalability required to support your global lease portfolio. Discover more about Nakisa's lease accounting solution here, or request a demo tailored to your specific business requirements.
