Discover how Unicomer Group improved data quality and saved time during period-end close, enhancing their efficiency with Nakisa's lease accounting software.

Unicomer Group was founded in 2000, and since then, it has established itself as a world-class and one of the most important retail business leaders in the region for household appliances, furniture, optical, motorcycles and financial services. Currently, the Group operates in 21 countries in Latin America and the Caribbean through its 25 plus commercial brands with the support of more than 13,870 staff members.

Unicomer Group uses Nakisa’s lease accounting software (aka Nakisa Lease Administration or NLA) to streamline its lease accounting and compliance. Overall, Unicomer Group has processed between 2,000 and 3,000 leases using Nakisa.

Nakisa is our strategic ally in automating lease management processes. The software brings us efficiency, timely insights, and the flexibility to tailor processes for Unicomer Group's extensive lease portfolio across 21 countries.

Rodolfo Etelwof Juarez Arevalo,

IFRS and Accounting Policies Manager at Unicomer Group

For this case study, we interviewed three key team members at Unicomer Group to explore how Nakisa’s retail lease accounting software has optimized their operations. 

Rodolfo Etelwof Juarez Arevalo, IFRS and Accounting Policies Manager, focuses on implementing accounting policies and adapting them to the group's financial activities. 

Italo Ferrufino Magaña, IFRS Corporate Analyst, oversees the maintenance of leases across all Unicomer Group entities and regions. 

Jose Alejandro Campos Portillo, ERP Functional Lead, ensures the effective integration, configuration, and security of the financial systems within the group.

Challenges before Nakisa: manual data management was time-consuming and caused data inconsistencies 

Before adopting Nakisa, Unicomer Group managed its extensive lease portfolio using Excel and macros, which caused several challenges. During our interview, the Unicomer Group team highlighted the following pain points they experienced at that time: 

• Time-consuming manual process. Managing a high volume of information with Excel’s limited functionality required repetitive and time-consuming work from the Unicomer Group accounting team. In some countries, up to 300 leases had to be managed, requiring the use of 20-30 macros to generate and update files. Manually updating lease information could take 3-4 business days, leaving little time for more value-added tasks. 

• High number of errors and data inconsistency. Verifying the accuracy of lease data across hundreds of rows and multiple spreadsheets was challenging. Excel’s basic validation tools could only flag basic errors, such as incorrect data types or missing entries. They didn't automatically cross-reference and detect discrepancies in lease amounts or renewal dates between different sheets and files. When errors occurred in a formula or data entry, Excel’s error-checking tools often failed to catch them, leading to inconsistencies remaining unnoticed until they caused significant issues, such as inaccurate financial reports. 

• Absence of a centralized platform and collaboration challenges. The team relied on multiple Excel files and their versions, which led to data inconsistencies and confusion. Coordinating updates and ensuring everyone was informed about changes was time-consuming and often led to misunderstandings or delays. Additionally, the previous system did not support access from multiple company devices, like computers and tablets, which limited mobility and flexibility for users. A cloud-based solution was needed to ensure that all users had access to the same updated and accurate data, regardless of their location or device. 

• Necessity to streamline IFRS 16 compliance and adopt modified retrospective application. From 2019 until adopting Nakisa's retail lease accounting software in 2021, Unicomer Group relied on Excel for IFRS 16 compliance. However, the process was inefficient and made compliance tasks challenging, which made Unicomer Group search for advanced software. Among their key requirements was the ability for the new system to support Unicomer Group in applying the modified retrospective approach for the initial adoption of IFRS 16. It would also facilitate the centralization of the whole lease portfolio on one platform. 

• Different languages and currencies. Employees in various regions entered data in their local languages and currencies, complicating data validations and audits. The team needed a system capable of efficiently handling multiple languages and currencies to ensure accurate and consistent data management across 21 countries. 

To address these challenges and automate their lease accounting, Unicomer Group sought a software provider and reliable partner with the necessary expertise. They needed an advanced cloud-native lease accounting solution, which would support complex scenarios for the global retail leader. After evaluating several vendors, they chose Nakisa’s lease accounting software.   

It was crucial for us to find software that could apply the same methodology we used within the group, specifically IFRS 16's modified retrospective approach. We were also looking for a cloud solution to have a centralized source of information. Nakisa met our requirements perfectly and offered even more. For example, we greatly enjoy how the system's main screen is organized — we have various levels from master lease agreement to lease and unit. It is very user-friendly.

Italo Ferrufino Magaña,

IFRS Corporate Analyst at Unicomer Group

Results: Unicomer Group has increased data accuracy, saved time, and improved end-user experience with Nakisa’s lease accounting software

After implementing Nakisa, Unicomer Group achieved remarkable improvements in several key areas, including: 

1. Exceeded 97% in data quality with Nakisa’s automated lease accounting system

2. 71% of time saved during period-end processes

3. Enhanced decision-making with reliable data for vendor negotiations

4. Record-breaking project implementation: all Latin America contracts completed in 4 months

5. Centralized platform fostered collaboration both for the accounting and system implementation teams

6. Efficient technical support with positive feedback from end users

Below, we explore each of these achievements in more detail.  

Increased data quality: 97% data confidence with Nakisa’s automation 

Since implementing Nakisa, Unicomer Group has achieved 97% data confidence by eliminating manual work, going from an average of 72 errors per month (3 errors per entity) to just 1-3 across all entities. Previously, errors had a significant impact on financial reporting; now problems are rare and, when they do arise, they are mostly operational, such as incorrect payment entries or deadlines. Operational errors are easier to track and prevent thanks to end-user training.

One of the key reasons for this improvement was Nakisa’s capability to handle lease modifications throughout the contract’s lifecycle. Previously, adjusting variable payments and contract extensions in Excel posed many limitations and required new macros and recalculations for each adjustment. This made tracking contract changes in Excel cumbersome and significantly hindered data accuracy. In Nakisa, variable payments and extensions can be easily added and adjusted as needed, resulting in much more accurate financial statements compared to when the team used Excel. 

Other factors contributing to the improved data quality include Nakisa's built-in controls and comprehensive reporting package. While Excel lacked the ability to consolidate data across various files and notify users about inconsistencies, Nakisa efficiently handles these tasks. The Unicomer Group team also leverages asset roll forward reports, yearly reports, and disclosure reports to verify the financial impacts and ensure they align with period movements.  

With Nakisa, we achieved 97% lease data quality, having only 1-3 errors per all 21 entities. To compare, when we used macros, we had 3 errors per entity.

Nakisa has also streamlined our end-user support. If before, we needed to run a lot of macros and Excel files, now, we're training the end users on how to use the system, preventing the errors.

Italo Ferrufino Magaña,

IFRS Corporate Analyst at Unicomer Group

71% of time saved during period-end closing: how Unicomer Group’s accounting team achieved greater efficiency with Nakisa   

By adopting Nakisa’s retail lease administration software, the accounting team has significantly boosted efficiency and saved substantial work hours. During the period-end closing alone, the Unicomer Group team reduced the time spent by an average of 71%. Hear more from Italo Ferrufino Magaña, IFRS Corporate Analyst: 

Now the team can update contracts much faster and save a lot of time while working on monthly, quarterly, and annual financial reports. If before Nakisa some countries needed to spend 6-7 working days to identify financial impacts, now it only takes 1 day or, during a particularly eventful month, 2 days. This is a significant win for us. This efficiency benefits both the company and end users, ensuring accurate and timely presentation of financial statements.

Italo Ferrufino Magaña,

IFRS Corporate Analyst at Unicomer Group

Unicomer Group reduced the period-end closing from 6-7 working days to just 1-2, depending on the volume of events. During our interview, Italo Ferrufino Magaña mentioned that Nakisa helped Unicomer Group transition from annual to monthly reporting, which made IFRS 16 compliance and reporting easier. The automated system contributed to a more predictable and smoother closing process, with more deadlines met and less stress. This transformation was made possible by several key enhancements in lease administration processes, enabled by Nakisa.  

First, the Unicomer Group team gained flexibility through Nakisa’s automation. They can now choose whether to execute operations in bulk or on a per-lease basis. For example, end users can perform batch posting for all contracts or make mass lease modifications when needed. At the same time, they can easily drill down to edit individual contracts without affecting others—a significant improvement over their previous Excel-based system.  

Before Nakisa, we needed to run 20-30 macros for one entity with 300 leases. It could take 3-4 working days just to update lease information. And there was a possibility that in a single month, we needed to add another modification, so the same procedure had to be repeated. It’s a lot of time. Now, with Nakisa, the team doesn't spend that much time to do the updates.

Italo Ferrufino Magaña,

IFRS Corporate Analyst at Unicomer Group

Secondly, Nakisa enabled the Unicomer Group team to precisely target the information they need. The system organizes contracts separately by country and restricts user access based on their functional department. With robust filtering capabilities, the accounting team can also filter the contracts by location, currency, or other categories as needed. 

Nakisa’s system is highly secure. Although it has a standard base for all entities, it can segment user access by country, so our accountants only see information relevant to their area of responsibility. This prevents information cross-over. Nakisa also has regular updates, which we can schedule to avoid disrupting our monthly processes.

Rodolfo Etelwof Juarez Arevalo,

IFRS and Accounting Policies Manager at Unicomer Group

Thirdly, Unicomer Group values Nakisa's easy currency conversion feature, which has streamlined the process of converting local currencies to dollars and significantly simplified financial reporting. Combined with multi-language support, the dual-currency capability has been instrumental in supporting Unicomer Group’s international operations. 

Enhanced decision-making with reliable data for vendor negotiations 

In addition to the operational improvements stated above, Nakisa plays a pivotal role in strategic decision-making and vendor negotiations. Rodolfo Etelwof Juarez Arevalo, IFRS and Accounting Policies Manager, highlights how the software helps him achieve his goals: 

Nakisa allows us to have traceability from the contract to the financial information, which is very practical during the decision-making process.

We also can upload the contract in digitized form, which facilitates reading and provides additional information. This helps us analyze specific contracts during negotiation with different vendors and suppliers.

Rodolfo Etelwof Juarez Arevalo,

IFRS and Accounting Policies Manager at Unicomer Group

A centralized platform fosters collaboration both for the accounting and the financial systems implementation teams

During our interview, all three team members at Unicomer Group emphasized the importance of having a single source of truth to optimize workflows, enhance collaboration, and prevent bottlenecks. 

For the accounting team, centralizing all lease-related data in one platform consolidates all relevant information—from contract agreements to amortization schedules and lease modification history—eliminating the need to search across multiple sources. All accountants can now access Nakisa and find the data they need, avoiding unnecessary back-and-forth communication. This access ensures everyone works with the most current and accurate data, minimizing delays, miscommunications, and potential errors. 

For the financial systems implementation team, having a centralized platform is far more efficient than maintaining multiple systems and databases. This streamlined approach simplifies system integration and updates, ensuring consistency across the organization. It also enhances technical support, as the issues can be addressed more quickly when all processes are aligned within the same framework. 

Nakisa met Unicomer Group’s security needs by providing SSO integration via Azure Directory. This allowed users to securely access the system with their corporate credentials and double authentication for added security.  

Additionally, Unicomer Group leverages Nakisa’s role-based access and data scoping. Accounting and IT teams have distinct roles, with IT having restricted access to financial data. Furthermore, user profiles limit data visibility based on the functional department, preventing data crossover and adding another layer of security. 

Record-breaking project implementation: all Latin America contracts completed in 16 weeks 

Jose Alejandro Campos Portillo, ERP Functional Lead at Unicomer Group, highlighted the success of Nakisa’s project implementation in Latin America. The project, undertaken between 2021 and 2022, was challenging but rewarding. Listen to Jose Alejandro Campos Portillo to learn more about project implementation: 

In 16 weeks, the Unicomer Group team successfully consolidated all Latin American lease contracts into a single repository—an impressive achievement for a project of this scale. Additionally, Unicomer Group independently implemented the system across Caribbean countries within three months. Jose Alejandro Campos Portillo emphasized Nakisa’s collaborative approach and expert support, which were instrumental in resolving operational challenges. As a result, the team now benefits from a stable system and high end user satisfaction.  

The implementation project was challenging but rewarding. We accomplished it in what we consider to be a relatively record time: in about four months, we were able to consolidate all Latin American lease contracts into a single repository. Of course, like any implementation, there was a learning curve for both sides regarding support, configurations, and usage. But the learning curve with Nakisa was relatively short, compared to the experiences I’ve had with other systems.

Jose Alejandro Campos Portillo,

ERP Functional Lead at Unicomer Group

Efficient technical support with positive feedback from end users about Nakisa’s intuitive system

Jose Alejandro Campos Portillo highlighted that Nakisa’s user-friendly interface and enhanced configurability have greatly streamlined internal troubleshooting and technical support. Configuring new companies, contracts, and suppliers has become easier, reducing manual work for his team. As a result, they can now focus on more value-added tasks, ensuring timely end-user assistance. The regular updates and overall stability of the application are also highly appreciated.   

Nakisa is a user-friendly system. We can easily set up new companies, add contracts, and manage suppliers. Even when discrepancies arise, the system’s intuitive design allows us to quickly identify and address them. We’ve also received positive feedback from our employees about the system’s ease of use and the effective support we get from Nakisa.

Jose Alejandro Campos Portillo,

ERP Functional Lead at Unicomer Group

Unicomer Group also praised Nakisa's support team for being exceptionally helpful and reliable. They valued the consultations with Nakisa’s experts and extended their thanks to Cyntia Olortegui, their Customer Success Manager, as well as Catalina Fulger, Nakisa’s Senior Manager of Customer Support, and the entire support team for their outstanding assistance. 

The Nakisa support is friendly, and they are always available. We really appreciate that support because it makes us feel special, and we value it highly. Nakisa’s team has a strong sense of responsibility, and we like it.

Jose Alejandro Campos Portillo,

ERP Functional Lead at Unicomer Group

Rodolfo Etelwof Juarez Arevalo also mentioned the effectiveness of Nakisa’s ticketing system and the fast response from the support team. 

We handle various inquiries, and we have 21 countries, each with its own contract peculiarities. If a payment issue arises, or there is a change in contracts, or if we encounter operational processes that are not managed in the most recommended way, we use the ticketing system. These tickets are addressed within the time specified in our contract, and we also have the option for consultations via calls with different consultants, which facilitates more direct solutions to our needs.

Rodolfo Etelwof Juarez Arevalo,

IFRS and Accounting Policies Manager at Unicomer Group

Unicomer Group and Nakisa partnership: our journey and future horizons

Since 2021, Nakisa has been a strategic partner for Unicomer Group, significantly enhancing their lease accounting and IFRS 16 compliance processes. Transitioning from manual data management in Excel to Nakisa’s lease administration software, Unicomer Group ensured 97% data quality, saved 71% of time during period-end close, and enhanced decision-making with reliable data, significantly improving efficiency. The partnership also facilitated a centralized platform that supported IFRS 16 compliance and ensured effective collaboration both for accounting and finance systems implementation teams. 

Unicomer Group plans to upgrade to the latest version of Nakisa’s retail lease accounting software to enhance their efficiency even further. This update, along with native ERP integration, will increase data accuracy and further automate the lease data management. Additionally, Unicomer Group is exploring the additional Nakisa modules for advanced data analytics, budgeting, and forecasting. These enhancements aim to better integrate lease data with strategic planning needs, ultimately supporting more informed decision-making on contract renewals and financial impacts across all 21 countries. 

Looking for retail lease accounting software for large enterprises?

Nakisa's lease administration software is tailored to address the complex needs of global enterprises, offering robust support for multiple languages and currencies, ensuring parallel compliance with IFRS 16, ASC 842, and local GAAP standards. Its advanced cloud-native architecture provides exceptional scalability and customization, utilizing cutting-edge technology stacks. Key Nakisa’s advantages include bidirectional integration with various ERP systems, such as SAP ECC, SAP S4/HANA, and Oracle, maintaining precise data accuracy and integrity. With our comprehensive system, you can efficiently automate and optimize lease administration for various assets such as real estate, vehicles, equipment, and machinery.  
Learn more about how Nakisa can enhance your lease management processes during our free demo.