About Lords Group
Lords Group was established over 35 years ago as a family business. Since then, it has grown to a business operating from 45 sites with a combined turnover of over £445m.
Lords listed on the AIM market in July 2021. With that came the need to publish historic information and the requirement to meet IFRS 16 reporting standards.
The only method Lords had available was Excel. This presented a challenge when submitting year-end accounts in 2021. This was due to the amount of upkeep and a heavily labour-intensive requirement for reporting using Excel.
Lords wanted to move away from Excel and explore alternative tools to make the IFRS 16 process seamless and automated, achieving significant time-savings.
Lords also needed a flexible solution that would allow for additional fields to be added and broken down further.
Saad Shamsi, Group Financial Accountant at Lords comments:
“We wanted to move away from the time-consuming nature of Excel to a solution with consistent calculations group-wide. With a pre-built solution, you take away the perception of issue in Excel .It streamlines the process, which gives us the confidence in the accuracy of the data”.
Choosing the right implementation partner
HAYNE was able to support Lords with this journey and support them in selecting the right software.
Following initial conversations, HAYNE presented CCH® Tagetik IFRS 16, which as well as having many out-of-the-box reports, could also deliver the sensitivity analysis that Lords required.
Saad and the Lords team met other partners and looked at alternative solutions. They immediately knew that they wanted to work with HAYNE. Lords was delighted with the level of customisation and the detail in the reports that are produced using CCH Tagetik. Lords also had confidence in the solution as it could be configured to their needs, as well as providing much of the functionality straight out-of-the-box.
Saad continues:
“HAYNE clearly understood our requirements and what we were aiming to achieve. From pitching at the very early stages, it was clear they knew exactly what we needed. They were able to present this to the rest of the team at Lords and answer any questions we had. It was also clear to us that CCH Tagetik was the best solution”.
Project Success
Lords criteria for success was simple:
- The figures generated by CCH® Tagetik IFRS 16 should tie back to the original figures including historical data
- An easy-to-use system for uploading leases & lease calculations
- The ability to produce instant reports
- Time saved every month-end and year-end
- The ability to provide calculations immediately during an audit
In particular, he highlighted the time saved each month is upwards of 50% when compared to the previous manual process.
Outcomes
Lords now has an IFRS 16 solution to help manage the 150+ leases. As the business continues to grow, Lords can be confident that they have a solution that handles this growth and will ensure they remain compliant. Not only this, but they have the confidence that they will receive any support that they require from HAYNE.
Saad finally comments:
“The project ran smoothly and has done so from the outset. HAYNE has been extremely helpful and attentive and has always treated us like a priority. I’m confident that if there were any issues, I could pick up the phone and they would be dealt with straight away”.
Next steps:
- Find out more about CCH® Tagetik’s solution
- Contact us to discuss your IFRS 16 needs
- Check out more of our case studies