Since the widespread adoption of IFRS 16 lease accounting standard in 2019, companies now face the task of understanding how every expected event over a lease lifetime impacts its present value which now must appear on the balance sheet.
Property and lease management teams that once operated independently from the finance team now play a critical role in ensuring timely and accurate information is available for the finance team to assess and reflect in the financial statements.
For companies with multiple lease agreements, the reality of this is overwhelming. If you are using one spreadsheet per agreement to track all lease payments, renewals, variations, rent changes and discounts, we can only imagine the headache this causes, not to mention the risk of formula errors.
A solution that bridges the gap between lease management and IFRS 16 financial reporting will provide companies with significant time savings, improved financial controls, and peace of mind around lease management.
Introducing Nomos One
Nomos One is an end-to-end lease management and lease accounting software solution. You can now say goodbye to your spreadsheets resting assured that all aspects of your lease management and lease accounting are being taken care of in one simple and easy-to-use location.
All your agreements in one place
As part of our onboarding process, all your lease data will be transferred into the Nomos One system. This now acts as a single source repository for all your lease agreements and other relevant documentation which pulls through to our IFRS 16 reporting modules.
Accessible to everyone, anywhere
Our secure cloud-based system allows you to access your files anywhere with an internet connection.
Everyone involved in the lease cycle has access, from legal to finance teams. Nomos One allows your organisation to collaboratively view and manage your entire lease portfolio, including landlord and tenant details and a timeline of all your upcoming lease events.
No more formula errors
We’ve all been there, searching our spreadsheet for hours trying to work out which formula has one tiny incorrect detail. Any changes you make within our system will automatically pull through to our financial reporting modules – saving you time and any mistakes from human error.
Our IFRS 16 reporting modules allow you to build standard reports, custom reports, and advanced custom reports. Our advanced custom reports allow you to merge your custom reports, automatically pulling through the data with no room for human error and saving you hours.
If your company has leases in more than one country then your spreadsheet will have to factor in multiple currencies – our software handles that for you.
IFRS 16 Compliance
With all the above in one system, you have visibility of your leases and the financial impact they have. You can easily run reports at any time that help you achieve IFRS 16 compliance. Our system calculations have been tested by the big four auditors against over 1,000 possible scenarios to give you peace of mind.