Implementation

Working as a extension to your team, our consultants help you to ensure on-time and on-budget completion of the implementation and ultimately your IFRS 16 compliance.  Our experience and proven processes eliminate many of the challenges confronting organizations when adopting the new IFRS standards.

As members of your project team, our consultants combine knowledge of the lease lifecycle, IFRS and local GAAP standards and software proficiency. We use this specific expertise to guide your organization through the strategic decisions faced during the course of the implementation. We leverage our experience with customers in similar organizations and industries to integrate industry best practices with your internal processes.

The Process

0. Data Collection

The most important and time consuming portion of any Lease Accounting implementation is collecting the data.  This includes:

 

  • Discovery of all leases

  • Identification of data sources

  • Abstraction from contracts

  • Cleansing of bad data

1. Requirements

Each implementation process starts with us getting to know your business and building a shared understanding of your requirements.  Activities include:

  • On-site project kickoff meeting

  • Development of requirement details

  • Delivery of the project plan and SOW

2. Design

In this phase we define the solution that will meet your requirements, including:​

  • Screen Configurations

  • Master Data Configuration

  • Financial Systems Setup

  • Definition of Reporting Requirements

  • ERP Integrations Required

  • Unit and System Testing Scripts

  • Training and Go Live plan​

3. Implementation

This phase ensures that the system is delivered according the designs. 

  • System Configuration 

  • Master Data Configuration

  • Development of custom reports

  • Development of Integrations

  • Basic navigation training

  • Client validation of the configuration

  • Sign-off of configuration

4. Data Population

Once the system is configured we will then populate the data from its legacy repository.  This includes:

  • Migration from third-party systems

  • Import from Excel

  • Data scrubbing

  • Data validation

  • Data testing scripts

5. User Acceptance Testing

This vital step in the methodology tests all the features and functions to ensure everything has been delivered to your specifications. Activities include:

  • Full testing of integrations

  • Data validation

  • Testing of all reports

  • Full regression test of all forms

  • UAT sign-off

  • Creation of lease abstracting samples

6. Launch

This is the day to celebrate! Your software is up-and-running.  Activities include:

  • System training

  • Transition to support 

7. Support

This final step ensures a seamless transition to our Client Services Team which is your source for support on all matters. Activities include:

  • On-going support

  • Management and execution of all change requests

  • Continual maintenance

Zithus is a world leader in developing and deploying innovated technology for mission critical environments. 

 

As a Premier reseller of Visual Lease, Nintex and Fiix software,  our team of accounting, technology and real estate experts help our clients develop strategies for achieving IFRS 16 Lease Accounting compliance.

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All Rights Reserved.

+1 (929) 262-6644

+52 1 81 4160 5550

Info@zithus.com

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