3 Reasons Why You Need Cloud-Based IFRS 16 Software

Companies that need to comply with IFRS 16 are often faced with the difficult decision of finding a cost-effective solution. The choices are broadly using Excel, developing an internal system, or using an external solution. In this article we’ll look at the advantages of using an external Software-as-a-Service (SaaS) system and why we think it is the best choice for most companies.

1. Flexibility

SaaS is the most comprehensive form of cloud computing services, delivering an entire application that is managed by a service provider, via a web browser.

This means that your entire lease accounting is maintained, protected and available to all users as and when it is needed. There’s no installation of the software on individual machines, and group access to the program is smoother and more reliable.

The most common difficulty with legacy platforms and software is that it can become outdated very quickly with an ever-changing world of technology. Whereas cloud-based software is kept up to date with clients’ evolving needs and particularly any changes to their accounting and financial reporting needs.

2. Scalability

The biggest advantage SaaS software distribution has over traditional software delivery methods, is that it saves organizations from having to heavily invest in hardware and install, configure and run apps locally. Other than the cost advantage, organizations also don’t have to worry about maintenance, support and licensing requirements.

Following from the above advantage, should the need arise to increase your storage space or processing power, this is readily available through the SaaS subscription, without you having to worry about investing in hardware or software.

SaaS apps are highly scalable, allowing businesses to access more features and services as they grow.

What this means for your lease accounting and lease portfolio is that as your portfolio grows and the quantity of lease changes increase, Rubli’s processing and storage will increase as required and no additional capital expenditure will be required.

3. Affordability

Significant effort is required for companies to develop and implement an internal IFRS 16 solution. SaaS on the other hand, provides an immediate, working solution. This allows you to free up key strategic employees to focus on adding value to the entity.

Developing, supporting and maintaining any system is time consuming and ultimately expensive. With an external system, the development and maintenance costs are effectively spread across numerous organisations. This will generally result in a large cost saving across the entire lifecycle of the solution.

Rubli Lease Accounting offering

Rubli provides you with all of these benefits, whether you are the lessee, lessor or both. Its flexible platform gracefully handles large batch information with almost any lease type or change.

Our clients attest to a streamlined implementation process with frequent features updates.

Why wait? Contact us today to book a demo.

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