MONTREAL, November 5, 2018 – Nakisa today announced a new release of its popular lease accounting solution, Nakisa Lease Administration. Nakisa has been working with some of the largest companies in the world with the largest lease portfolios and most complex ERP environments. In addition to including customer feedback, the new release allows companies to start collecting their lease contracts and go live in a matter of weeks.
The new release of Nakisa Lease Administration comes just in time as organizations worldwide begin to grapple with the enormous challenge of complying with the new IFRS 16 and ASC 842 lease accounting standards. Many customers have already begun their adoption of the new lease accounting standards using the latest version of Nakisa Lease Administration. INEOS Styrolution, a division of INEOS one of the world’s largest manufacturers of chemicals and oil products with sales of $54 billion, recently selected Nakisa Lease Administration for its compliance initiatives.
“We started global data collection early this year and quickly realized due to the sheer size and complexity of our lease portfolio that we would require specialized lease accounting software”, said John van Oorschot, Head of Global Controlling, INEOS Styrolution. “With the number of lease contracts we have, we needed a scalable solution that could be operational before our IFRS 16 compliance deadlines. After an extensive vendor selection process, we identified that Nakisa Lease Administration is the best solution to support our compliance initiatives.”
As a leading provider of cloud business solutions for accounting and compliance, Nakisa saw the growing demand for a lease accounting solution that can be up and running with enough time for organizations to address compliance before the effective dates of the new lease accounting standards. Nakisa Lease Administration is ERP-agnostic and designed to fill the white-space left by existing finance and accounting systems.
Leveraging the power of cloud technology, Nakisa Lease Administration is able to scale up or down to meet the needs of large organizations with the most complex leasing portfolios. With the ability to handle 100,000+ lease contracts, Nakisa Lease Administration employs smart search and an intuitive UI to make lease management easy. Cloud technology eliminates the need to purchase, install, or maintain servers, resulting in cost savings and decreased dependency on internal IT resources.
“What we’re seeing in the market is a wide-spread challenge to adopt the new leasing regulations in time. Organizations are turning to solutions that can help them meet compliance deadlines”, said Babak Varjavandi, CEO, Nakisa. “With this release of Nakisa Lease Administration, customers can go live in a few weeks with our Rapid Deployment Methodology while using the same functionalities that Nakisa Lease Administration has been providing to the largest organizations in the world.”
Nakisa Lease Administration is a purpose-built lease management and accounting solution that centralizes company-wide lease data. The solution helps organizations manage global lease portfolios, gain strategic insights into financial data, and streamline lease accounting operations. Nakisa is committed to investing and innovating its solutions. The next release of Nakisa Lease Administration will include APIs that can be used to connect Nakisa Lease Administration with complex IT landscapes while supporting business processes.
For more information about Nakisa Lease Administration, visit nakisa.com.
INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 34 businesses each with a major chemical company heritage. Its production network spans 171 manufacturing facilities in 24 countries. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.
A global leader in enterprise business solutions for Organization Transformation and Accounting and Compliance, Nakisa delivers innovative, forward-thinking and robust human resource and financial management solutions that advance your business strategies.
Working with a global network of partners Nakisa serves 800+ enterprise customers and over 4 million subscribers in 24 industries. ERP-agnostic, cloud-based software allows Nakisa to meet the needs of organizations with complex business challenges. Nakisa is proud to work with some of the world’s most renowned brands.