Accountor: how ZenTreasury brought safety and peace of mind to IFRS 16 reporting
Accountor replaced Excel-based IFRS 16 reporting with ZenTreasury. Group Finance now coordinates while business units handle their own reporting confidently.
Customer
Accountor Holding Oy, Finland
About Accountor
Accountor offers modern software solutions and outsourcing services for financial management and human resources management. The company specializes in software solutions and outsourcing services for financial and human resources management, employing 2,350 experts across seven countries. In addition to headquarters in Espoo, the corporation operates offices in Finland, Sweden, Norway, Denmark, the Netherlands, Russia and Ukraine. The company’s business idea focuses on helping customers utilize contemporary technology and digitalization in their daily operations. In 2019, the corporation’s revenue was 244 million euros.
Excel was replaced by the ZenTreasury platform
When the IFRS 16 standard on leases came into effect in January 2019, all IFRS 16 entries were entered into an Excel sheet provided by the accountant. Information about the baseline and monthly data were registered to the document. The Financial Controller of the corporation, Elina Finnilä, explains that while there were no initial problems with the Excel sheet, it soon became laborious when existing contracts were modified or new leases were added. The risks related to mistakes and formula functions were also higher with the Excel sheet.
“It became clear very soon that we needed a separate software for the administration of the leases. We surveyed three different alternatives, and after some interviews ZenTreasury was chosen as our partner. ZenTreasury brought safety and peace of mind to IFRS 16 reporting.”
The organization was able to share reporting responsibility to different business units and employees. The service was also familiar from a previous workplace of the financial director of the corporation, who recommended the platform.
User-friendliness, cost-efficiency and co-operation as criteria
Elina Finnilä identifies the primary factors influencing the software choice as the speed of implementation, easy-to-use customer interface and competitive pricing.
“The customer service was superb as well. The challenge was in our complex reporting system.”
The customer service team worked on existing features and eventually delivered all necessary data in the correct order into the consolidation system HFM, which was essential for the organization.
“ZenTreasury seems very agile!”
Fast implementation process
Accountor and ZenTreasury signed a contract at the end of June. The implementation process was relatively quick and clear, since Accountor was already using IFRS 16 entries. Finnilä notes that learning to use the service itself took some time initially.
“We signed the contract at the end of June, and the IFRS 16 entries were already reported with the help of ZenTreasury in September. So, the implementation was quite fast, considering that the summer holiday season was going on at the same time.”
Customer service worked seamlessly throughout the process and provided indispensable support, enabling the organization to report everything according to its wishes and demands.
According to Finnilä, cooperation with ZenTreasury has ensured that the IFRS 16 numbers are correct and accounting works as planned. The platform has also saved time in several fields, as it is easy and quick to enter data and changes into the service. It is simple to share reporting responsibilities internationally through ZenTreasury.
“Business units all do their own part and Group Finance coordinates. We can rest assured that the calculations are performed correctly and that we get good value for our money.”
She emphasizes the customer service quality. All communications are replied to within the same day, and very quickly.
“When there aren’t any problems, there is no reason to be in contact. On average we communicate once a month, at most. At first, we had communications more often to make sure that the entries were done right, as we were still learning to use the software.”
ZenTreasury has met the expectations
According to Elina Finnilä, the software has met expectations regarding cost-efficiency and competitiveness.
“All three of the key points are present: service, easy-to-use software and cost-efficiency. We have been really satisfied with everything so far.”
To learn more about Accountor, visit www.accountor.com.
About ZenTreasury. ZenTreasury is the financial contract accounting engine for the Office of the CFO. Multi-entity IFRS 16, IFRS 9 amortised cost, IAS 21, IAS 37 and FRS 102 today; ASC 842 and IFRS 18 coming soon. Offices in Helsinki, Finland and Dubai.