Europcar Mobility Group is one of the major players in the mobility industry. The Group offers a wide variety of mobility solutions to meet the needs of its customers. With operations in over 140 countries, Europcar Mobility Group manages more than 450,000 vehicles and serves more than 9.5 million customers.
In 2018, Europcar Mobility Group began searching for a lease accounting solution to ensure compliance with IFRS 16. After extensive evaluation, they selected Nakisa's lease accounting software (AKA Nakisa Lease Administration or NLA) as their preferred solution.
Challenges before Nakisa's lease accounting software
In addition to all the features and functionalities required to facilitate accounting under IFRS 16, Europcar Mobility Group needed a robust solution with the ability to manage a massive amount of lease data at scale. Moreover, the solution had to ensure compliance with security in a complex ecosystem composed of multiple subsidiaries with different ERPs for financial data, most of them under Oracle and SAP.
Why Europcar selected Nakisa's IFRS software
Prior to solution selection, Europcar Mobility Group completed a technical accounting assessment and quickly realized they needed specialized leasing software to successfully adopt IFRS 16. A single solution would be required to manage end-to-end lease accounting from initial recognition to disclosure reporting. Understanding their unique needs, Europcar Mobility Group set out to find a solution with capabilities to support lease accounting for their massive lease portfolio.
“We considered many different solutions but ultimately, Nakisa Lease Administration was the best one to help us reach our goals,” said Valerie Leffray, Global Business & Functions Director. Throughout implementation, Nakisa supported Europcar Mobility Group at critical moments. “The challenge was significant due to our high expectations, but Nakisa rose to meet it and we are satisfied to have chosen them as a partner for our IFRS 16 accounting,” said Najat Oucheg, Head of Consolidation and Accounting.
Valerie Leffray
Global Business & Functions Director at Europcar Mobility Group
Results with Nakisa's IFRS 16 software: enhanced lease accounting and reduced time and effort needed to manage a large lease portfolio
The final result for Europcar was a streamlined lease accounting process that reduced the time and effort required to manage subsequent measurements, modifications, and reassessments in an environment that included a massive lease portfolio with numerous contract events.
Najat Oucheg
Head of Consolidation and Accounting at Europcar Mobility Group
“We appreciate the unique technical challenges of managing such a large lease portfolio,” said Imran Mia, Nakisa’s Head of Global Solutions Engineering. “With over 100,000 contracts in the off-season and up to 240,000 in high-season, Europcar required a solution able to handle mass lease modifications under IFRS 16. In addition to handling the sheer volume and providing greater visibility, Nakisa's lease accounting solution was able to act as a single consolidation tool for all lease data across the Europcar Mobility Group.”
Searching for enterprise-grade lease accounting software to manage your extensive equipment portfolio?
Look no further! Nakisa’s lease accounting software is designed to meet the complex needs of global enterprises. This comprehensive solution offers robust functionality for managing lease data across various jurisdictions, simplifying the consolidation and reporting processes. With Nakisa's true contract- and asset-level accounting capabilities, user-friendly interface, advanced analytics, and native bidirectional integrations with SAP ECC, SAP S4/HANA, and Oracle, large organizations like yours can streamline and simplify their lease accounting operations, enhance transparency, and make more informed financial decisions. Nakisa's software supports parallel compliance with IFRS 16, ASC 842, and local GAAP standards, ensuring that your organization remains in line with the latest accounting regulations.
Whether you are handling 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.
