LOIS lease accounting software provides you with a consolidated view of all leases within your business structure and full IFRS 16 compliance whether it be one entity or a global corporate. Delivered by Quadrent.
LOIS CUSTOMERS
STANDARD FEATURES
IFRS 16 Report
LOIS can handle all disclosures under IFRS 16 with a dedicated reporting module and fully automated general ledger for all accounting journals and modifications.
Run multiple lease accounting reports for numerous accounting standards (IAS 17, IFRS 16, AASB 16 and FASB ASC 842). Instantly see how your critical performance metrics change under each standard.
- Relevant accounting reports showing asset, liability, future rentals and disclosure summaries
- All relevant journals automated
- IAS17 vs IFRS16 showing the difference in reporting outputs based on the reporting rates of the leases held in the system
LOIS’s full suite of standard reports provides you with all the tools required to help ensure a successful compliance to either IFRS 16 or FASB ASC 842. Track your progress at any point in time.
- Forecasting reports
- Movements between defined date parameters
All leases and data in one place
The LOIS user dashboard provides you with a consolidated overview of all the active leases within your organisation.
Use this information to:
- See how active leases are distributed globally
- Recognise leases that require immediate attention
- View and analyse data dependent on the selected search criteria set by the user
- Key financial metrics and ledger overview
- Drill down functionality
Simple to add leases
Upload your lease data with ease, LOIS can manage property, fleet and IT equipment. Ensure all your critical lease information is centralised in one place.
LOIS has a simple and intuitive format which allows entry of all types of leases either manually, through a customised Excel template or with full integration into other in-house systems via a bespoke API integration tool.
- Regular and irregular profiles (multiple rentals with different periodicities)
- Multi-asset addition
- Unlimited document storage for all aspects of leases
- Ability to save mid input as draft Lease or confirm to activate a lease
LOIS records leased asset data in as much detail as you need. Use custom fields to save information such as millage limits for vehicles, square metres for buildings, serial numbers for IT equipment or usage hours for forklifts.
Manage lease lifecycle
All in-life lease amendments are catered for, adhering to the IFRS 16 and FASB ASC 842 standards covering all modifications. Make business as usual an easy process with all forms of modifications automated within the system via an intuitive in system wizard or for bulk updates of multiple leases the use of an in system template. Covers all modifications:
- Full extensions
- Part terminations
- Full early terminations
- Consideration changes
- Indexation price changes (IFRS)
- Rental corrections and impairments
- Comprehensive accounting reports and summaries showing user selected periods
Amortisation and depreciation schedules
At the commencement of a lease, LOIS generates an asset and amortisation schedule based on the financial information input into the system. With each modification to the lease, a new amortisation and asset schedule is created and stored to allow retrospective reporting based on the schedules in play at that time. These schedules drive the accounting output.
LOIS will also generate the complex calculations and all transition options with ease, whilst providing full general ledger functionality and a comprehensive audit trail.
Journals are created in the system for both IFRS 16 and FASB ASC 842 accounting entries. LOIS also has its own generic general ledger codes associated with each event in a lease’s life. These codes can be mapped to the user’s general ledger codes. Journals can be exported to Excel for upload to the general ledger or use our bespoke API to remit the journals to the user’s general ledger in an automated fashion.
Workflows, Multiple Users and Hierarchy
Create multiple user accounts with customised access levels so you can work with the real-time data you need. LOIS is designed for everyone in your organisation who is involved with leasing.
LOIS enables your business setup to be done quickly and effectively within four weeks. All aspects of your configuration can be done, and LOIS can provide full lease management without having to change all your existing systems and process.
- Dual approval process and workflow with reminders for both user actions and life cycle actions around end of lease and renewals / options.
- Multi-level hierarchy and security which is fully customised
- Unlimited user access
- Audit tracking of all user access and modifications / amendments
- Cost centre allocations and aggregation
LOIS is a leading innovation in lease accounting software and portfolio management. Developed by our experienced leasing partners IRIS, it offers numerous functions and reporting tools to help you manage leases and assets from inception to expiration. In addition, LOIS will do all aspects of the IFRS 16 accounting standard from the collation of data to the forecasting and impact on a business balance sheet.
LOIS is intuitive, simple and effective.
Additional Features
These additional features can be added as extra to your standard LOIS subscription.
The Sandpit
A budgeting and forecasting tool designed to let you model and investigate the financial impact of future adjustments to your lease portfolio without impacting your live data.
API Portal
Automate the mapping and uploading of large volumes of lease information from multiple sources for all new leases and modifications.
Low Value Leases
Add your low-value leases to LOIS at a much lower cost per lease rate. Having all your lease information in one central place allows you to review the ROI of your entire lease portfolio. Individually, these may not be material, but when aggregated they could result in large savings if you are being overcharged or duplicating these leases.
Month-End Process Consulting
Make significant time savings at these business-critical periods with a more streamlined IFRS 16 month-end process. Take advantage of our in-house CA qualified leasing accountants and let us review, analyse and feedback on your month-end process.
Lease Data Analytics
Using real-time data from 1.4 million data points, LOIS’ lease analytics portal provides you with insights on your lease portfolio that you can benchmark against the market and proactively manage, so you can achieve the desired business outcome.
HELPFUL RESOURCES
IFRS 16 Software
Solution Business Case
Make the case for change and get the investment signed off by your senior decision-makers using our editable business case template.
Worried about your
IFRS 16 accuracy?
Compare the results of your NPV workings for your most complex lease against what our LOIS lease accounting solution would automatically calculate.
AUSTRALASIA SUPPORT
Quadrent is a leading provider of flexible asset finance leasing solutions to businesses in Australasia since 2002. Additionally, our LOIS team are all CA qualified accountants and lease accounting experts rather than software developers. Quadrent is the only company in the market offering lease accounting expertise to support and provide advice for commercial leasing decisions and lease accounting software.