Multinational shipping and logistics company reduced workload
An Italy-based, multinational shipping and logistics company, with a network of more than 290 offices and 4,500 employees worldwide, was managing their 500 leases using spreadsheets.
The Company realized this manual process was not a good long-term solution, especially for IFRS 16 compliance. They needed a solution that was easy and affordable with a quick implementation, as they were behind in the compliance process.
The Company operates in five different continents across the globe, so finding an implementation support provider who could communicate in multiple languages was a major requirement for the project. With only two team members managing the Company’s large lease portfolio, they did not have enough time to manage their day-to-day workload as well as an implementation project, so they needed someone to do the implementation for them.
“We have successfully implemented IFRS 16 in several industries and developed best practices methodologies for lease accounting that ensure smooth implementations.”
Subject-matter expert for IFRS 16/ASC 842
Now that the Company has a solution in place, and they are no longer using spreadsheets to manage their lease portfolio, the team’s workload has decreased considerably. They are saving time and money; the organization of their lease data is more reliable; they have improved their overall processes and fostered better communication within the company.