The demands being placed on the Real Estate function are growing with increasing pressure being placed on Real Estate (RE) executives to drive more business value for the company and its stakeholders. Today, RE executives are required to become business strategists.
The factors that are reshaping the role of Real Estate can be attributed to:
- The new IFRS 16 regulation on leases and acquiring the data required
- Pressure on improving data quality mostly due to IFRS 16
- The need to consolidate real estate data and connect performance management systems, where all information is available in one place
- The need for timely, accurate and easily accessible data allowing internal RE teams to become more agile and produce answers much quicker
- The need to perform advanced reporting and strong financial analytics in real-time to support key decisions
- Pressure to implement more strategic real estate initiatives to drive productivity enhancements
- The expectation to deliver significant cost savings from real estate portfolios
These challenges present outstanding opportunities for change and a real opportunity for RE to make a difference to the wider organisation. Having already revolutionised other industries, Real Estate needs to catch up with the rest of the world by embracing the latest technological innovations such as the Cloud, Mobility and Big Data, if they are to remain competitive in an ever-changing global economy.
Managing a complex real estate portfolio will require the business to operate in a connected environment, with access to real-time portfolio data allowing them to make more-informed decisions, reducing portfolio risk and operate more efficiently. As well as easy access to improved data and analytics, mobile applications and a dramatically simpler user experience are undoubtedly other key factors to success.
The Namos Real Estate Cloud (NREC) is a cloud-based software-as-a-service solution which offers the Real Estate function the ability to streamline and automate lease administration and space management, allowing Real Estate to more intelligently manage their real estate portfolio. A scalable solution designed to benefit Oracle Cloud users who require a modern, easy to use, multi-national Portfolio and Lease management solution fully integrated to Oracle Financials Cloud.
- A highly flexible, scalable and centralised cloud-based solution for optimising the management of real estate assets
- Real-time visibility into lease and accounting data allowing you to better manage performance, risk and the impact of decisions across the business
- Manage real estate lease agreements, with all payment and valuation postings being recorded in real-time
- Gain quick access to building’s financial and capacity performance
- Access lease valuation based on latest accounting standards
Fast Track Your IFRS 16 Compliance Journey!With innovative lease accounting technology together with highly-experienced industry professionals driving deployment, you can be confident that end solution expectations and the fast-approaching deadline will be met.
Fast Track Your IFRS 16 Compliance Journey
Accelerate your transition to the new standard, gain control over its complexity, and ensure compliance ahead of the fast-approaching January 2019 deadline.
The new standard significantly changes the way lessees account for leases and has a significant impact on a company’s financial management policies and processes. Namos fully understand the needs of large multinational and SME organisations:
- Accurate identification of right-of-use (ROU) Assets and Liabilities within leases
- Accuracy of ROU Asset and Liability Calculations
- Impact of change
- Automation and Efficiency of reporting and analysis
- Periodic IFRS reporting frequency for financials and analysis
As well as keeping you on the right side of the regulator, Namos also present a real opportunity for your organisation to yield significant strategic benefits to your business through the implementation of Oracle Property Manager, an end-to-end solution for lease accounting and management.
- Meet the needs of your global lease portfolios by having new and enhanced systems, processes and controls in place.
- Have a clearer picture of the true costs of leasing agreements, allowing for more well-informed decisions to be made, regarding current or future management of leases.
- Drive savings and compliance with a more robust financial accounting system, leading to a significant reduction in risk.
With a dedicated Real Estate practice, Namos consultants bring over 30 years of experience working in and delivering solutions for the Real Estate and Asset Management industry. Our Consultants have worked with PWC and KPMG on the regulatory interpretation of:
- ROU assets and Liability within leases
- IFRS and ASC compliance financial reporting delivery
- Execution of monthly amortisation reporting processes
- Legacy Data analysis and transformation to support compliance
The Oracle Property Manager solution has been upgraded to deliver full IFRS and ASC compliance, with Namos consultants working directly with Oracle Development to support adoption and improvements to the solution.
In addition, working directly with Retail and Telecoms organisations, Namos has developed a scalable reporting model to manage high volume, high ROU asset and liability adjustment reporting to track and adjust your ROU assets and Liabilities.
Namos is currently engaged in supporting organisations in understanding and delivering IFRS 16 compliance. Our experience and knowledge of the regulatory requirement and Oracle solution mean we bring known capability, delivery options and requirements for:
- Multi-national Organisations
- SME Organisations
- Telecoms, Corporate and Retail organisations
- Complex reporting consolidation structures using ASC842 and IFRS16 measurement and amortisation
- Differences in local IFRS requirements for countries in eastern Europe
With this innovative lease accounting technology together with highly-experienced industry professionals driving deployment, you can be confident that end solution expectations as well as the fast-approaching deadline will be met.
If you need to fast track IFRS 16 compliance, Namos are here to accelerate your compliance journey, taking the stress away of the impending deadline.
Let’s get started! Let’s start your IFRS compliance journey today!