The client, a global audit, tax and advisory firm, was looking to aid their clients in implementing the new FASB/IASB leasing standards. Most of their clients used manual, disparate and inefficient lease administration systems and found the transition to the new leasing standards to be challenging. The client elected to develop and market a hosted lease management tool which would enable them to assist their clients in achieving compliance. The targeted hosting architecture had to be simple and easy to use, needed to provide fast and secure client access, and had to facilitate rapid deployment of enhancements. After their selection of IBM TRIRIGA as the software system, the client chose to partner with ValuD to benefit from our expertise. The client wanted to leverage enhanced functionalities of the TRIRIGA Real Estate Manager to develop and deploy their specialized Accounting Modeling and Financial Reporting capabilities. These enhancements would drive user adoption while also keeping costs in control.
ValuD worked with the client to identify and address the gaps in the accounting features and identified lease accounting business process improvements to improve efficiency. The , for instance, could now book entries into the new tool which streamlined their lease accounting process and enabled them to generate accurate reports. ValuD leveraged their FastStart implementation Methodology to ensure the maximum usage of the out-of-the-box functionalities of the IBM TRIRIGA Real Estate Manager, thereby reducing the number of configurations and delivering their return on investment. ValuD’s ongoing strategic collaboration with the client allowed enhancements to the tool as new lease standards were introduced. The client’s hosted delivery model meant that enhancements could be pushed out to their clients seamlessly with each new release, ensuring the latest feature availability.
The specialized and proprietary leasing tool developed by ValuD not only helped create a revenue generation model for the client but also enabled them to assist their clients in achieving compliance with the new leasing standards. In addition, it also helped them attract new clients who needed a robust leasing solution. ValuD completed the project on time delivering all the requirements efficiently and to the client’s satisfaction.
The Lead Manager for New Leases Standard Implementation shared, “ValuD had a robust understanding of what we were trying to create and brought all the right people to the table to make sure we kept moving forward. 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.”