The new FASB/IASB leasing standards have created ripples in the facilities industry with companies scrambling to achieve compliance before the 2019 deadline. Unfortunately, many of the organizations who fall under this statute do not have a streamlined lease administration process. Manual spreadsheets, inefficient and disparate accounting systems have made the transition challenging. Accounting and consulting firms have leveraged their technical expertise to guide companies in their path forward.
One such global audit, tax and advisory firm elected to develop and market a hosted lease management tool to aid their clients in achieving FASB/IASB compliance. They wanted the tool to be user-friendly with project management and tracking abilities, maintain internal controls, and provide financial reporting and business intelligence capabilities. The firm selected IBM TRIRIGA for its extensive out-of-the-box capabilities but wanted to add validations like specifications for when to review assumptions and to ensure accountability of balance sheet accuracy.
The firm wanted to leverage the enhanced functionalities of the IBM TRIRIGA Real Estate Manager and selected ValuD as their strategic partner for implementation and development. ValuD partnered with the accounting firm to identify gaps in accounting features and suggested business process improvement measures. Quick links in the portal pages provided record and report ready access. Custom reports were created to enhance the ‘business intelligence’ value of the tool. The internal control process was enhanced with an automated workflow approval process (rather than a dollar threshold or exception based) thus providing an audit trail.
With the statutory requirements not yet in place, the leasing tool had to be adaptable to include future enhancements and had be deployed seamlessly to the firm’s customers. As a result, a hosted delivery model was chosen to ensure customers were on the latest release. ValuD built the tool allowing configuration flexibility that accommodated varying business processes for the firm’s client base. Most importantly, the tool provided structure to leasing projects by aggregating lease information from various sources (legacy systems and databases) and facilitated accurate report generation.
The Lease Accounting tool was one of the first to be launched in the market exclusively for leasing standard compliance. The firm attracted new clients which created a new revenue stream. The firm’s clients achieved statutory compliance, gained better control over their lease portfolio and process efficiency, and improved security with the hosted model.
By putting our TRIRIGA expertise into the ultimate test of custom tool creation, our lease accounting experts have been able to further demonstrate ValuD’s expertise at all things TRIRIGA- a fact that was acknowledged by the accounting firm who commented,” If we weren’t going to build in-house, we wanted a partner that would practice the same high-level of development rigor we use, …We found that in ValuD. Their people have deep technical knowledge of the TRIRIGA application, and they take that expertise the extra mile.” For more information on how ValuD can help with your facility management needs, contact us at firstname.lastname@example.org.
Organizational changes and realignment is quite common in most organizations but it is the logistics involved in such reassignments that turn out to be a tricky affair. For instance, say the sales department moves from one business unit to another in an organizational shuffle. What happens to those notifications and approvals associated with the sales department? What if there are hundreds of records assigned to a contact role in that department?
It is critical that the organization’s facilities software reflects this new organizational structure. This means that, as per our example, associated sales resources (like people, assets etc.) will need to reflect the organizational hierarchy of the new business unit. Making these changes can be cumbersome and some of the records might get missed.
IBM TRIRIGA allows you to accomplish these tasks easily and effectively. Expert TRIRIGA knowledge is not needed. A basic understanding of Microsoft Office products is all it takes for your administrator to perform these tasks in the TRIRIGA system. Take a look at our ‘clip-tip’ below to learn how…
To know more on how you can do similar tasks with IBM TRIRIGA, enroll in ValuD’s IBM TRIRIGA Portfolio Administration course . This one-day training course will give you an overview on the use and application of data templates, TRIRIGA security, TRIRIGA licensing and an introduction to approvals and document manager.
This course is one of our most highly sought after courses and helps serve as a foundation for students to learn the capabilities and limitations of the system. We are offering this class either virtually, on site at your location, or at our training center in Dallas. If you would like to learn more about this class or any of our other classes, please email email@example.com.
IBM Interconnect 2017 When:March 19th – 23rd, 2017 Where:MGM Grand & Mandalay Bay Las Vegas, Nevada
In our earlier post, we gave you a preview of Umpqua Bank’s IBM TRIRIGA SaaS implementation session at IBM InterConnect 2017. If that piqued your curiosity about ValuD’s expertise with all things Cloud, then our second customer session with Utah Department of Natural Resources’ SaaS Implementation will surely leave you asking for more.
The Utah Department of Natural Resources includes three agencies that own and manage lands – Forestry, Fire and State Lands, Parks and Recreation and Wildlife Resources. Though land management for all three agencies were for different purposes and statutes, there was a significant overlap in terms of project, process, and information management needs. The three divisions collaborated to establish a single, comprehensive land management system that would automate the management and tracking of all their business processes, maintain robust internal controls, audit trails, and provide a high level of geospatial information access. Utah DNR preferred a Commercial-off-The-Shelf (COTS) software with robust OOTB capabilities which could be leveraged for other DNR projects and initiatives in the future. Ease in configuration was a prerequisite for DNR since they preferred to support and modify the platform on their own in the future and programming was just not an option.
ValuD together with IBM and Sirius leveraged the OOTB capabilities of IBM TRIRIGA to create DNR’s first enterprise IT system. Cloud hosting proved economical and enabled faster deployment of the software.
Walk into Mandalay Bay North, Level 0 – Tradewinds D at IBM Interconnect, 2017 where Buck Ehler of Utah Division of Forestry, Fire and State Lands and ValuD’s Kirk Howcroft discuss the finer aspects of inter-agency partnering process and the benefits of the cloud for IBM TRIRIGA implementations. Mark your calendars for March 22,2017 between 09.00 and 09.45 AM to join us and get the whole picture.
IBM Interconnect 2017 When:March 19th – 23rd, 2017 Where: MGM Grand & Mandalay Bay Las Vegas, Nevada
One of the biggest, most exciting events, IBM Interconnect 2017, is around the corner and ValuD cannot wait to showcase our TRIRIGA, Maximo and IoT expertise.
Cognitive and Cloud will be the buzzwords at IBM InterConnect and ValuD’s proficiency at on-premise, and Cloud implementations will be showcased by our customers in two sessions. Umpqua Bank is sharing their experience of working with ValuD on their IBM TRIRIGA SaaS implementation.
Umpqua Bank is the largest Oregon-based bank in US and has over 350 branches spread across the country. They were using multiple systems for managing real estate, facilities and lease portfolio-related activities which had increased the complexity of their real estate process. Replacing these legacy systems with a single, robust Real Estate and Facilities Management solution with Out-of-the-box functionalities could easily eliminate these redundancies and also improve efficiency. Umpqua, in particular, wanted capabilities such as advanced reporting and planning, streamlined rent and lease commitment scheduling and real estate financial metrics, in their Real Estate solution.
ValuD helped Umpqua streamline their real estate business processes by leveraging the Out-of-the-Box functionalities of IBM TRIRIGA IWMS. The implemented solution was not only comprehensive enough to meet Umpqua’s requirements but also proved to be highly cost-effective. Hosting TRIRIGA as a SaaS solution on the IBM SoftLayer environment reduced costs further, as it helped Umpqua eliminate their IT infrastructure.
Join us at Mandalay Bay North, Level 0 – Tradewinds D at IBM Interconnect 2017 and listen to Umpqua Bank’s Tony Bailey and ValuD’s Kirk Howcroft as they provide a detailed, behind the scenes walkthrough on how ValuD managed to bring this SaaS implementation project to fruition. Mark your calendars for March 21stbetween 4:45 to 5:30 PM to get the inside scoop.