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Why switch from Excel to a system for managing IFRS 16?

Using a self-built Excel solution to manage and report leasing agreements in accordance with IFRS 16 can pose certain difficulties. Here are some of the potential issues:

1. Incorrect formulas and calculations: A common issue with self-built Excel solutions is incorrect formulas and calculations, which can result in erroneous reporting and accounting of lease agreements.

2. Risk of manual errors: As a self-built Excel solution requires manual handling of data, there is a risk of manual errors, especially when dealing with large amounts of data.

3. Lack of data protection: Excel documents can be sensitive and contain confidential information, but they do not always provide sufficient protection for corporate data. If a self-built Excel solution is used to manage lease agreements, this can pose a security risk.

4. Difficult to create reports: Creating reports and compilations of data from a self-built Excel solution can be time-consuming and difficult, especially if the data is in multiple sheets or workbooks.

5. Limited opportunities to automate the process: A large number of lease agreements and complex calculations can make manual work inefficient or insufficiently precise. With a self-built Excel solution, it can be difficult to automate the process, which can lead to increased risk of incorrect reporting.

Are you affected by the International Financial Reporting Standard 16?

Are you affected by the International Financial Reporting Standard 16?

IFRS 16, introduced in 2019, is an international accounting standard that has significantly impacted companies' balance sheets. It is now mandatory...

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Your Key to Navigating the Growing World of Lease Accounting

Your Key to Navigating the Growing World of Lease Accounting

Explore Leasify's unique solutions for the booming lease accounting market, adapting to the latest GAAP & IFRS standards. Stay compliant and ahead.

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