Foria chose Leasify to take control of their Local GAAP reporting

When Foria acquired another major company, the conditions changed – especially in terms of lease accounting. To bring structure and clarity to their lease management, they turned to Leasify. In this interview, Foria’s Head of Accounting, Kia Johansson, shares how the system has simplified their Local GAAP reporting.

Foria is one of Sweden’s largest transport and machinery service companies. Around three and a half years ago, the company acquired Turebergs Transport – another leading company in the industry.

– I was CFO at Turebergs Transport at the time of the acquisition. We were already using Leasify – a system we were introduced to by our former Deputy CEO. At that time, it was relatively new to the market, and we became involved early on through a pilot project, Kia says.

When Turebergs Transport was acquired, the conditions changed for Foria. One clear difference between the two companies was how vehicles were owned and accounted for.

– Foria operated more like a dispatch center, assigning transport jobs to external hauliers. That meant they owned fewer vehicles themselves, and the ones they did have were often financed through instalment loans. Turebergs Transport, by contrast, had a larger fleet of company-owned vehicles – many of them leased. Since lease accounting requires a different approach, they decided to implement Leasify, Kia says.

How is Local GAAP reporting handled today?

– We continuously update Leasify with new and ended contracts. What’s unique about Local GAAP reporting for the annual accounts is that it only happens once a year. So when the time comes, everything needs to work seamlessly. And it does.

– Lately, we’ve been working intensively on the audit, annual reports, and related disclosures under Local GAAP. That’s when Leasify proves most valuable to us. It has worked very well, and I would confidently recommend it to others.

Key features that truly add value

– One feature I really appreciate is that the system sends reminders when contracts are about to expire. That’s incredibly helpful – those things are easy to miss.

Development driven by customer feedback

– What I appreciate most is that it’s clear Leasify has genuinely invested in improving their system. It feels like they’ve really listened to us as users. Many of the observations we’ve shared have led to meaningful improvements, driving a clear customer-focused development process. This is reflected in how the system has become even more user-friendly over time, Kia says, adding:

– A great example is the year-end reports. In the past, everything had to be done in a precise order, and you had to balance each step correctly; otherwise, it would cause issues down the line. Today, the process is much more forgiving. You no longer need to be highly technical or deeply familiar with the system to make it work. This makes a significant difference, especially for those of us who don’t work with it every day.

– It feels like the development is ongoing, and the system keeps improving. That’s why I would definitely recommend Leasify to others.

Kia’s tips for other Leasify users

– My advice is to get support early on. The online tutorials and guides are helpful, but I’d also recommend booking a consulting session with Leasify. It’s easy to assume everything will be intuitive, but most users run into something that requires a bit of extra guidance. Looking back, even one hour of consulting could easily save you 20 hours of headaches and frustration later.

– Before the year-end closing, Leasify sends out a reminder to schedule consulting time in advance – a recommendation I fully support. Depending on your company’s size and available resources, securing that support early can make a real difference. It’s well worth it – the guidance you receive is both practical and genuinely helpful.

– My final tip is to invest the time to get the setup right from the start. As with many things, putting in a bit of extra effort early on – especially when reviewing data transfers or imports from previous systems – can make a real difference. Ensuring everything aligns on both sides not only saves time, but also significantly reduces the risk of errors down the line, Kia says.

Curious about how Leasify can support your company with IFRS 16 or Local GAAP reporting?

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