Lease compliance and business intelligence in one solution. Australia New Zealand Banking Group (ANZ) needed to comply with IFRS-16, a set of guidelines that dictate how companies document lease assets and liabilities. With SpearMC’s help, ANZ not only achieved compliance, but also implemented a new PeopleSoft Lease Administration system that has made lease management easier while providing more visibility into key data needed for decision-making.
- CHALLENGE PRESENTED
- ANZ needed help complying with IFRS-16, including moving their lease data to a central repository. While making these changes, they also wanted to address several other issues with data integrity and lease management in multiple countries with different currencies.
- PROPOSED SOLUTION
- After cataloging all leases within the ANZ network, SpearMC configured PeopleSoft Lease Administration to align with ANZ’s needs, then prepared the system to accommodate leases in all countries and currencies required. SpearMC collaborated with ANZ to roll out the new system in phases, transitioning the largest countries first and smaller countries over time.
- RESULTS ACHIEVED
- ANZ has deployed the solution in their largest markets and will be fully compliant with IFRS-16 by the end of 2019. In addition to helping ANZ achieve compliance, this new system provides several features that speed up lease management and help employees make more informed decisions, including: multi-currency compliance and reporting, multi-country and local accounting variations, integrations with AP/AM, custom reporting and query functionality..
HOW WE HELPED ANZ SUCCEED
SpearMC provided ANZ with expert advisory services to fully deploy PeopleSoft Lease Administration across all legal entities and countries where they operate.
The new system was rolled out in phases to maximize impact while minimizing risk.
New features and business intelligence capabilities also help employees save time on lease administration and make more informed decisions.