New cloud-based lease management and accounting platform supports regulatory compliance for enterprise organizations
MONTREAL, CANADA, June 4, 2020 – Nakisa, a global technology company specialized in enterprise business solutions, announced the launch of Nakisa Lease Administration for Lessor Accounting today.
A cloud-based lease management and accounting platform adopted by Fortune 1000 companies, Nakisa Lease Administration is designed to support regulatory compliance with ASC 842, IFRS 16, and GASB 87 out-of-the-box. Nakisa’s enterprise solution is built on a fully managed Software-as-a-Service (SaaS) model and its API layer fosters a collaborative workspace and enables low-cost integration of financial data into complex IT landscapes. The Nakisa Lease Administration for Lessor solution can be employed either independently or in conjunction with a Lessee platform.
“Our new suite of tools for Lessor Accounting services sales-type, direct financing, and operating leases in compliance with all regulatory standards, including GASB 87,” said Babak Varjavandi, CEO, Nakisa. “Our module also tackles subleasing, cash inflow management, and lessor-specific disclosure reporting. This release closes the loop between lessee and lessor accounting by providing our customers with a single end-to-end lease accounting solution that covers all possible lease scenarios.”
Nakisa Lease Administration for Lessor Accounting solution includes:
- Multi-GAAP (IFRS 16 & ASC 842) approach for dual reporting, including GASB 87 for state and local governments in the United States
- Sophisticated income management with contract storage and dynamic dashboards with real time data
- Enhanced flexibility with calendar, fiscal, and special accounting periods such as 4-4-5 reporting, and increased control over interest accrual and index-based payment support
- Advanced Financial Analysis and Reporting Module (FARM) to build real time custom reports in the solution
- Robust audit and compliance tracking to reduce risk and time spent on audit engagements and to address IT General Control (ITGC) requirements
- Built on industry-proven tools and platforms like AWS, Kubernetes, Kafka, Keycloak, and Spring Boot, allowing for high availability, workload scalability, and load balancing
- Journal entry simulation allows users to visualize the breakdown of terms and conditions and solves for alignment prior to contract activation
“The release of the Nakisa Lease Administration for Lessor Accounting brings us full circle,” said Imran Mia, Head of Global Solutions Engineering – Finance, Nakisa. “Our lessor module allows users to track the carrying values of lease receivables, net lease investment, unguaranteed residual asset (IFRS 16 & ASC 842), and sales profit and loss for sales-type leases (IFRS 16 and ASC 842). As well, the solution handles deferred revenue for direct finance leases (ASC 842) or deferred inflow of resources, and even net book value of the assets with follow-up depreciation (GASB 87) throughout the lease lifecycle. The new lessor module can also calculate the implicit contract rate and is able to generate schedules based on terms and conditions entered by the users themselves.”
Read more about Nakisa Lease Administration for Lessor Accounting here.
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. 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.