Modern technology is changing the face of businesses in virtually every industry - from finance to food production, car manufacturing to healthcare. More and more businesses are replacing various manual tasks with digital tools and software to transform the way that they run.
The introduction of the IFRS 16 standard on 1st January 2019 is set to transform the way businesses prepare and use their balance sheets. Regarded by many as the “biggest accounting change ever,” there are only a few months until the standard takes effect and there are a lot of roadblocks to overcome.
Leases have long been used and favoured by corporations as a type of off-balance sheet financing. IFRS 16, which will come into force on January 1st 2019, will change that and provide a more transparent means for investors to analyse the financial health of a company. This gives companies just months to be IFRS-ready and the time to take action is now.
With upcoming changes to compliance standards being implemented with IFRS 16, companies will be expected to bring all leases onto their balance sheets.
Digital transformation is a hot topic for businesses in virtually every industry today. From finance to healthcare, to education, it is difficult to overstate the extent to which digital tools and services are transforming business as we know it around the world.
Whatever the reason you’re pursuing leasing, be it to secure your new office location or to upgrade your company delivery vehicles or IT equipment etc, it’s understandable that you want to know the best way to negotiate a lease.
Managing a large portfolio of leases is a complex, time consuming and cumbersome process. Left unchecked, badly managed leases can easily add up to a significant financial burden and add unnecessary strain to even the most profitable of companies.
Organisations will often find themselves in a situation where they need to decide between purchasing a new piece of equipment outright or leasing the equipment instead. But few companies completely understand the tax benefits of leasing a piece of equipment.
You might need assets such as computers, networking equipment, machinery, or even vehicles – but there are so many things you need to consider before choosing a financing option.