Our founder Vince Baczor was invited as a presenter and panelist at the LeaseEurope Convention in Athens last week. In the session ‘˜Preparing For IFRS16’™, Vince was introduced as having the most lease management experience in Europe and gave a perspective on the current status amongst European lessees.
He explained that ‘the picture is quite bleak in as much as very few companies have even begun to prepare properly for the pending lease accounting rule changes. Major corporates have underestimated the work in hand and are yet to formulate a viable approach to even collating lease data’.
With regards the availability of suitable lease management and accounting systems for lessees, the message was also quite alarming, in light of limited available options. Vince explained ‘there are emerging software options with just basic functionality beneath a misleading veneer. Equally, many are a long way off completion and yet there is no easy way for lessees to really know what they might be signing up to.’
With comfort from having launched the production version of LS2 in November 2015, LeaseSolution is in a very strong position with unique, flexible and affordable software, that is years ahead of market alternatives at this time.