Innervision gears up for fundamental shift in leasing

“We’ve been helping businesses revolutionise the way they lease for years and are trusted by some of the world’s most respected brands. It was high time that our image matched the expertise and knowledge our client’s rely upon to save time and money and achieve full accounting compliance with their leases,” explains Martin Kennard, director of Innervision.

Innervision currently manages a lease portfolio in excess of €1billion on their cloud based software LOIS, primarily for multinationals, and with a growing number of clients outside the UK.

Record years

“We targeted future growth of 15% this year and are already exceeding that, on the back of two successive record years. The business is evolving – whereas three or four years ago, most of that growth was in the UK, now the UK makes up less than 50%  of our new lease volumes,” Kennard reported.

Kennard cites the publication of the new leasing standard developed as a result of the joint International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) project as marking a transformation with the leasing industry, since for the first time lessees will have to produce comparative accounts and present all leased assets on balance sheet.

“Large groups in particular are going to need to find way to bring together all the information about leases centrally in order to manage and organise how they use leases and to prepare reports, and at the moment much of that data tends to be fairly disparate and on different systems,” Kennard pointed out.

In some instances, multinationals may elect to use existing SAP or similar enterprise systems, but Kennard says specialist provision offers additional advantages.

“A lot of companies will need to devote a great deal of resources to a system  upgrade or re-designing internal processes. In our experience, they will also need to spend a lot of effort in just trying to find  the details of all the leases spread around their organisation,” Kennard said.

The new leasing standard will push compliance to the top of the agenda, but Kennard argues that by using specialist lease management services, organisations will reap wider benefits.

Business intelligence

“The difference with our approach is that we can support clients to look at this opportunity to handle leases more efficiently by automating processes and reducing the amount of time spent on reporting, as well as delivering cost savings by giving greater visibility about how much is being spent where on leasing,” he said.

Innervison has added business intelligence software, for example, to its core lease management software (LOIS), to offer significantly enhanced reporting. Many companies have long wanted to rationalise and fine tune their approach to leasing but have lacked the time or funding to do so. The release of the new leasing standard provides the opportunity, the budget  and the will to do so and tailored reporting allows organisations to see how leasing spend is spread across divisions and geographic regions.

“The changes to lease accounting are set to have a big impact on the way lessees record and manage their leases. We aim to drive technology in our industry forward as more companies move toward a SaaS (Software-as-a-service) approach to manage their lease portfolios. We’ve made it our mission to make sure lessees have the tools in place to make this transition simple and beneficial,” Kennard stated.

As part of this approach, Innervision has rebranded and added more resources to its website, with the aim of creating an information centre for industry updates with downloadable content on various leasing related topics.

Innervision’s new look website is here: http://www.innervision.co.uk