The technology used in this case study is a combination of SAP FICO and a contract management system called SLAN.
In this case study, SAP FICO was used to manage the company's financial data and processes, including accounts payable, general ledger, and fixed assets.
SLAN (Lease Administration System) is a contract management system specifically designed for lease administration. The purpose of SLAN is to be able to comply with the new IFRS16 and 842 accounting standards which state that the operating leases should also be recorded as ROU assets and shows on the balance sheet instead of just as an expense item in the P&L. SLAN mainly integrates with GL, Fixed assets and Accounts Payable. As part of the pre-requisites ROU Asset Classes, GL accounts, Transaction types are configured in SAP to accommodate the postings from SLAN.
SAP FICO and SLAN were integrated to provide a comprehensive solution for managing lease assets and complying with accounting standards. The data is uploaded to the SLAN system via excel upload templates and the system runs the payments for these contracts in a batch input method in the background for catch-up. This ensures that the lease assets are recorded correctly and in compliance with the accounting standards.
Overall, the combination of SAP FICO and SLAN provided the company with a comprehensive solution for managing lease assets, ensuring compliance with accounting standards, and providing them with the information they needed to make better financial decisions.
Customer Success Outcomes:
Compliance with accounting standards: The SLAN system helped the company to comply with the new IFRS16 and 842 accounting standards for lease assets, which ensured that their financial reporting and decision-making were accurate and in compliance with the regulations.
Improved lease asset management: The SLAN system provided a comprehensive solution for managing lease assets, which helped the company to determine the correct accounts to be used, establish a process for manual depreciation, and ensure compliance with accounting standards.
Increased visibility into lease assets: The SLAN system provided the company with a clear and accurate view of their lease assets, which helped them make better financial decisions.
Improved data integration: SLAN system integrates with the company's general ledger (GL), fixed assets, and accounts payable systems. This helped the company to have accurate and timely financial data.
Efficient process for lease management: The system uses excel upload templates for data upload, mass approvals, assessment and classification of lease assets, and payments for contracts. This helps the company to have an efficient process for lease management.
Reduced manual workload: The system allows for mass approvals and batch input method for payments, which reduces the manual workload and improves efficiency.
Overall, the customer was able to comply with accounting standards, manage lease assets more effectively, and provide them with the information they needed to make better financial decisions. The SLAN system helped the company to have accurate, timely, and compliant financial data and improved the process for lease management.