MONTREAL, Canada – July 8, 2019 - Nakisa today announced the latest release of Nakisa Lease Administration, which helps global organizations comply with new lease accounting standards by automating, centralizing and simplifying lease accounting operations. The latest release offers key additions to the accounting and administration functionality, a brand-new reporting engine, a new API platform and suite of APIs, and enhancements to Nakisa’s cloud technology.
The all-in-one lease accounting solution provides insight into global lease portfolios to aid in decision making and support compliance. The announcement comes at a time when many organizations continue to face significant challenges in their adoption of the new lease accounting standards and promises an easier, more effective path forward.
Nakisa has streamlined this process up until this point and the changes to the solution will enable current and future customers be successful.
With over a decade of experience meeting the needs of the world’s largest organizations and proven integration tools for major ERP systems, the 5.0 release of Nakisa Lease Administration solidifies its position as one of the leading lease accounting solutions on the market today.
With the launch of Nakisa Lease Administration 5.0, Nakisa is introducing a new Financial Analysis Reporting Module which includes a series of reports and analytic capabilities to provide additional insight and tools for decision making. Examples of new capabilities provided within the reporting module include:
- Mini Financial Statements: Allows tracking of profit and loss for a given lease contract, total cash outflow and net asset.
- Activity Analysis Reports: Helps track and maintain what events and activities are taking place in the application for both a quantity and dollar amount.
- Dashboard Reporting Tool: Allows users to generate custom reports by slicing and dicing data stored within the application.
“For our customers, this is probably the most exciting component of this launch since it will allow them extract even more value from their data to drive smarter, faster business decisions,” said Babak Varjavandi, CEO, Nakisa. “But as a fan of technology and innovation, I’m personally most excited about our new API platform and the possibilities it opens up. This platform, and the suite of APIs it comes with, open the door for developers to build their own extensions and customize lease accounting processes.”
The latest release comes with new out-of-the-box features developed to provide further benefits to customers. Several new features support error handing, validation and control: mass posting reversals, posting control, audit trail for admin console and upload validation framework. A leasing scheduler has been included to automate batch management and help customers achieve efficiencies in their accounting processes.
With access to Nakisa’s global partner network and expertise with the world’s largest organizations, customers can now transform their global lease accounting operations and use Nakisa Lease Administration to drive:
- Smarter lease decision making: Make lease data actionable for stakeholders with pre-configured reports and dashboards
- Accurate lease tracking and reporting: Functionality to track the entire breadth of lease accounting requirements, including modifications and reassessments
- Compliance with IFRS 16 and ASC 842: Validated by Big 4 accounting firms for accounting accuracy and auditability.
Value Through Nakisa APIs and Cloud Connector for Oracle
This release is the first Nakisa solution to include Nakisa’s new API platform along with a suite of API’s that developers can use to extend the core capabilities of the solution. This will allow for the creation of a new solution extension ecosystem that organizations can leverage to further customize business processes and connect their financial systems to create unique value. Leveraging Nakisa’s APIs, customers can integrate related processes, such as procurement, asset management, and plant maintenance. Nakisa is committed to an API strategy that leverages OIA specification 3.0.
To make it even easier for customers to connect diverse ERP landscapes, the Nakisa Cloud Connector for Oracle has been launched leveraging Nakisa’s new APIs. The connector has been validated by Oracle against a stringent set of requirements and demonstrates seamless integration between Nakisa Lease Administration and Oracle Financials. The Nakisa Cloud Connector for Oracle eliminates the need for custom-built integration while reducing overall risk.
Built-In Capabilities for Move to the Cloud
The new release of Nakisa Lease Administration comes with built-in capabilities to support an organization’s move from on-premise to cloud. An increasing number of organizations are relying on cloud solutions. With cloud technology, Nakisa can provide organizations with a solution that is secure and reliable, while relieving the operational burden of operating, managing, and controlling the components.
A global leader in enterprise business solutions for Organization Design 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. Nakisa is proud to work with some of the world’s most renowned brands.