After a demo from ZenTreasury, ALEC had more clarity of what was needed. This was the lease accounting software they were looking for.
Like most companies ahead of the IFRS 16 implementation date, ALEC started to calculate the impact of the company manually in Excel. Although this was not ideal, it was necessary to get figures for their operations to plan for IFRS 16. It was not sustainable, however. They realised they needed a long-term solution for their problem and began looking for alternatives.
Having answers to questions not even thought of
After a demo from ZenTreasury, ALEC had more clarity of what was needed. This was the lease accounting software they were looking for, and furthermore, the knowledge ZenTreasury had would help them significantly, since IFRS 16 was unknown to most companies at the time.
“I was impressed when I saw that ZenTreasury had prepared even the notes that were required. I come from a reporting background and I would have struggled with the notes. You were the only provider, back in 2018 or 2019, that was ready and prepared.” Says Reem Abu Namous, the Financial Reporting Manager at ALEC.
ZenTreasury offered ALEC an all-in-one solution that ensured they were not only IFRS 16 compliant, but also able to stay IFRS 16 compliant going forward. This was strengthened by the fact that the solution from ZenTreasury was not only easy to use, but also a subscription service with little risk as an investment for their company.
ZenTreasury is a continuous solution
With ALEC being based in Dubai, they were concerned about the communication and service support they would need from ZenTreasury. The geographical location of ZenTrasury in Finland made the time difference insignificant. ALEC was continuously impressed with ZenTreasury’s knowledge and service.
“I was impressed with the knowledge. And I found very good customer service from the beginning. Everyone answered my questions very promptly.” Says Alexandra Nicolescu, Senior Accountant at ALEC
ALEC, part of the Investment Corporation of Dubai (ICD), is a large construction company with related businesses operating in the GCC with a presence in Africa. ALEC has consistently evolved and grown over the last 20 years to become a trusted partner for the execution of complex and iconic construction projects. ALEC, creates projects across diverse segments, including airports, retail spaces, hotels and resorts, and high-rises. ALEC has operations in the U.A.E., Saudi Arabia, Oman, and Ethiopia. ALEC has delivered 89 projects covering over eight million square meters, including Concourse A at Dubai International Airport, Dubai Hills Mall, City Center Mirdif, and Doha Festival City. In August 2021, ALEC Energy—a subsidiary of ALEC—won the contract to provide a solar photovoltaic solution for the Dubai Electricity and Water Authority’s new headquarters.
ZenTreasury Ltd is a FinTech and SaaS company located in Helsinki, Finland. We provide a modern finance platform for treasury management and lease accounting. To learn more about ZenTreasury Oy please visit https://www.zentreasury.com