Facing the complexities of lease accounting in the manufacturing industry, Sanimax chose Nakisa Lease Accounting software to automate processes and ensure compliance with US GAAP. This strong Canadian partnership has led to enhanced operational efficiency, significant time savings, and improved lease portfolio oversight

About Sanimax

Sanimax specializes in the collection and transformation of agri-food industry by-products into industrial ingredients used across various sectors. Headquartered in Montreal, the company started its operations in Canada (Quebec and Ontario) and has since expanded across the Americas, with a presence in over 20 locations throughout Canada, the U.S., Brazil, and Colombia. Sanimax plays a key role in the circular economy, processing over 2 million tons of organic material annually. 

As a fellow Montreal-based company, Nakisa is proud to support Sanimax’s operations with a Canadian partnership rooted in shared values and local expertise. 

Meet and hear from the Sanimax team:

• Patrick Inkel, Corporate Controller, has been with Sanimax since 2016. He oversees financial statement consolidation, tax compliance, internal controls, and communication with external auditors. Patrick plays a key role in lease accounting oversight, quarterly board reporting, and Sanimax’s involvement in the carbon market.
• Irene Garcia, Assistant Corporate Controller, brings nearly 15 years of experience at Sanimax. She leads the consolidation of financial statements for over 20 entities across Canada, the US, Colombia, and Brazil. Since 2020, Irene has also been responsible for implementing and maintaining accurate lease accounting in compliance with US GAAP.

I would absolutely recommend Nakisa. From an accounting perspective, it’s a complete solution. It’s easy-to-use and intuitive, the features are excellent.

Nakisa saves us days of work. Without it, we’d need a full-time employee just to manage leases and do the calculations.

Patric Inkel,

Corporate Controller at Sanimax

Lease accounting challenges at Sanimax: US GAAP compliance, fleet lease management, and manual administration

Sanimax’s leasing portfolio is a key part of its operations. The company primarily leases railcars and trucks, which are essential for transporting raw materials and finished products between Canada and the U.S. Railcar leases are often structured under umbrella agreements with rail providers, supplemented by detailed contracts for specific units. Beyond transportation, Sanimax manages leases for plant equipment such as forklifts and small machinery, as well as office equipment like copiers. Most of its facilities are owned, which aligns with standard practices in the manufacturing sector, though parts of its real estate are under operating leases. Lease accounting is managed using Nakisa Lease Accounting (NLA), ensuring full compliance with US GAAP.  

Sanimax began looking for a lease accounting solution in 2019, driven by the introduction of new US GAAP requirements. Prior to that, leases were treated as direct expenses, and there was no need for specialized software. With the regulatory shift, Sanimax needed a robust, auditable solution to categorize leases, calculate right-of-use assets and liabilities, and ensure full compliance. These tasks were too complex to be managed in Excel, especially given the volume of leases involved. 

Solution: Nakisa Lease Accounting software for streamlined compliance and automation

During its selection process, Sanimax evaluated three vendors recognized by the Big Four accounting firms and trusted within the CPA community. Nakisa stood out for offering a user-friendly interface and a straightforward approach suited to their lease portfolio. For Sanimax, it was essential that the solution could handle compliance with lease accounting standards, including monthly entries and year-end reporting for audit purposes. Nakisa met all those needs, offering functionality that aligned with both the technical accounting and ease of use requirements. 

During the selection process, we saw that Nakisa could handle all the complexities and requirements of US GAAP compliance. The Nakisa team truly understood the accounting perspective, and all the necessary functionality was there. We trust the system, which is critical for us, and we know there are no errors or formula issues like we used to face with Excel spreadsheets.

Patrick Inkel,

Corporate Controller at Sanimax

For Sanimax, Nakisa Lease Accounting has become an essential part of both monthly operations and year-end reporting. The team relies on the platform to manage its lease portfolio across multiple entities and currencies. One of the biggest advantages they highlight is automation. Irene, who works closely with the system, pointed to the fast contract creation and automated monthly entry generation, which eliminate the need for manual calculations and reduce the risk of error. 

I can’t imagine doing lease accounting manually in Excel and calculating everything. With Nakisa, it’s quick to create a contract, and at month-end, the system automatically generates all the entries. I don’t even have to think about it. It’s accurate, and I trust it.

Irene Garcia,

Assistant Corporate Controller at Sanimax

The ease of use and automation is critical not only for day-to-day tasks, but also during financial close periods. Patrick, who is responsible for year-end financial statement notes, relies on Nakisa to quickly generate the necessary reports. 

I use Nakisa mostly at year-end for our financial statements. The year-end report comes out-of-the-box and includes exactly what I need, including average contract length, average interest rate, and more. I simply run the report and add the data to my financial statement notes. For me, it’s perfect.

When our executives ask about asset levels, asset depth, upcoming renewals, or lease commitments in the next 6 or 12 months, we have all the answers. We just extract the data from Nakisa and work with it. The software gives us answers to almost all the questions.

Patrick Inkel,

Corporate Controller at Sanimax

The user experience and reliability of the software are also key reasons Sanimax continues to use Nakisa. Both Patrick and Irene noted that the interface is intuitive and that the output for reporting and compliance remains consistent and dependable.  

Results: Automated lease accounting saves up to 80 hours per user per month

Since implementing Nakisa Lease Accounting, Sanimax has seen significant efficiency gains across its lease accounting processes. Automation and centralized data management have eliminated manual work, reduced errors, and accelerated month-end activities.  

Nakisa saves us days of work. Without it, we’d need a full-time employee just to manage leases and calculate everything manually.

Patrick Inkel,

Corporate Controller at Sanimax

These time savings allow the Sanimax team to maintain accuracy and compliance across entities. Nakisa’s built-in accounting engine provides peace of mind, allowing the Sanimax team to focus on strategic financial tasks rather than manual administrative work. 

That confidence in both the platform and the team behind it is why Sanimax has renewed its contract with Nakisa twice.  

We're happy that you work continuously to improve the solution and provide us with new features. We are happy that you invest in the quality of your software.

Patrick Inkel,

Corporate Controller at Sanimax

Most recently, they successfully went live with the latest version of Nakisa Lease Accounting and were pleased with both the process and the results: 

The upgrade to the latest version of NLA went smoothly. Most of the work was handled by the Nakisa team, we were only involved in validation. It was well-planned, we understood each step and everyone’s responsibilities clearly. The new version delivers great output, faster contract creation, and easier workflows, especially for admins.

Irene Garcia,

Assistant Corporate Controller at Sanimax

Proud Canadian partnership: people and teams behind the operational success 

Both Nakisa and Sanimax are proud to be headquartered in Montreal, Quebec. As two Canadian organizations, they share not only geography but also a commitment to operational excellence and a deep understanding of the local business environment. This common ground strengthens their partnership and fosters ongoing, close collaboration. 

The Nakisa team regularly visits Sanimax onsite, offering hands-on support and maintaining strong alignment with their evolving business needs. 

From left to right: Mohamed Serageldin, Customer Success Manager at Nakisa, Rafi Azad, Senior Solution Consultant at Nakisa, Patrick Inkel, Corporate Controller at Sanimax, Irene Garcia, Assistant Corporate Controller at Sanimax, Ruchika Mogha, Solution Engineer at Nakisa.

We’ve always had a strong relationship with your team; and I genuinely mean that. Working with Moe, Rafi, and Ruchika has been seamless. The team was onsite to support us during the update to the latest version. Nakisa’s service and communication have consistently been great.

The support was responsive and always willing to hop on a call when I needed help, even on short notice. Even when our questions are complex, Nakisa's team does everything to make sure we’re satisfied. I truly appreciate that.

Irene Garcia,

Assistant Corporate Controller at Sanimax

From left to right: Dariia Karkunova, Product Marketing at Nakisa, Patrick Inkel, Corporate Controller at Sanimax, Irene Garcia, Assistant Corporate Controller at Sanimax, Andres Rodriguez, Customer Success Manager at Nakisa, Mohamed Serageldin, Customer Success Manager at Nakisa.

The shared Canadian roots, combined with Nakisa’s expertise, product maturity, and dedication, have fostered a trusted partnership that continues to grow with every phase of Sanimax’s journey. 

Looking for enterprise-grade manufacturing lease accounting software?

Nakisa’s lease accounting software is specifically designed for the complex needs of large, global enterprises to automate and streamline lease accounting and compliance. Supporting multiple languages, currencies, calendars, and asset types (such as real estate, vehicles, equipment, and machinery), Nakisa ensures parallel compliance with IFRS 16, ASC 842, and local GAAP standards. Powered by a cloud-native, highly scalable architecture, it leverages advanced technology for unparallel configurability, optimal performance, and enterprise-grade scalability. 

Nakisa also provides seamless bidirectional integration with ERP systems such as SAP ECC, SAP S/4HANA, Oracle, and Workday, safeguarding data accuracy, and integrity.  

Discover how Nakisa can elevate your lease accounting with a free tailored demo.