Comply with IFRS 16 & ASC 842
Accounting Standards Faster
Lease Administration by NAKISA® provides a fully guided lease management, accounting, and reporting solution that supports compliance with new lease accounting regulations while saving businesses on the significant costs coming from payment penalties, past-term leases and lost equipment. Lease Administration by NAKISA® is a complete end-to-end solution that leverages real-time native connectivity with any ERP Financials modules including Asset Accounting, General Ledger, Accounts Payable, and Plant Maintenance.
360-Degree View of your Contract Obligations
Complete Revenue Contract Management
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a new standard for revenue recognition, which will significantly change the way by which companies record revenue. The new regulations, IFRS 15 & ASC 606 are considered among the most significant changes to accounting rules in years. For a smooth transition, early preparation is not only recommended by experts, but crucial for successful compliance. Smart companies are modifying processes and systems today, to ensure compliance and uninterrupted operations tomorrow. The new standards specify a five-step process for recognizing revenue:
1. Identifying the contract with the customer
2. Identifying the separate performance obligations
3. Determining transaction price
4. Allocating transaction price to associated performance obligations in the contract
5. Recognize revenue when (or as) the business satisfies a performance obligation Nakisa and SAP have collaborated on a solution, extending SAP’s revenue recognition and accounting capabilities. It provides a centralized repository for abstracting, analyzing, and assessing revenue contract data in a compliant manner.
Assess readiness for the new accounting standards and adopt the right tools for reporting compliance
Unify all sales contracts data into a single repository
Gain visibility into revenue-related data for better strategic planning and cost-efficient decision making
Obtain required accounting, financial, and audit validations quickly and efficiently
Built for compliance with ASC 606 & IFRS 15
Following the new five-step process for recognizing revenue, the solution helps you aggregate data into a single point of access for all contract information. Tag data entries and record any changes made throughout the life-cycle of a contract, as well as the author. You can establish and maintain an audit trail of actions and decisions made throughout the data collection and revenue recognition process to ensure full traceability, compliance and reporting.
Contract summaries for audits and approvals
By generating contract summaries, users will be given a snapshot of all information that is relevant for reviews and audits, including a summary of performance obligations that are accessible for all stakeholders
Role-based and user-friendly interface
Define user-roles and permissions to ensure compliant visibility into revenue contracts and data. Thanks to the modern, and intuitive design, the interface requires minimal user training.
Stakeholder collaboration throughout data collection process
Users can send messages, receive alerts, validate data accuracy, and quickly approve decisions throughout the lifecycle of a contract. The result is improved data accuracy and lower risk of non-compliance through the consistent review of information by legal advisers, accountants, government bodies, consultants, and other relevant stakeholders
For specific business requirements, the solution provides a configurable interface and Admin Console™ that allow you to customize revenue contract attributes. Maximizing flexibility and efficiency, it helps simplify and standardize data entry for any revenue transaction types, such as performance-based incentive fees, licenses of intellectual property, future upgrades, additional vendor obligations, and more.
Analytics & Reporting
Unify all sales contract data into a single repository so you can easily refer to accounting rational. Accelerate audit requests and provide non-accountants with revenue split and timing information