Implementing IFRS 16 eased a number of MINIT’s pains;
Managing a large volume of leases
CCH Tagetik’s IFRS 16 automated this process
Handling leases from multiple geographical areas
The solution means this can easily be handled
Addressing the requirements of their Consolidated reporting of leases under IFRS 16
Their new solution is fit for purpose to achieve this
Carrying out automated IFRS 16 calculations, taking into account any lease complexities
With the automation, MINIT can be confident in the accuracy of these calculations.
About MINIT
MINIT is one of the world’s most trusted brands in household and personal services offering everything from shoe repair and key duplication to engraving and smartphone repairs. Established in 1957, they launched their first ‘Heel Bar’ in a Brussels department store in Belgium. Half a century later they now fix over 7 million problems annually, have over 700 shops in Europe and several subsidiaries.
The Challenge
In January 2019, a fundamental change in accounting for leases was implemented and it affected the part of lessees. Leases that were once treated “off-balance” as operating leases were required to be recognised on-balance, resulting in enormous impacts on financial figures. With the implementation of the new standard, MINIT was faced with large-scale procedural challenges. MINIT realised that their current solution, an Excel spreadsheet, was not going to be enough. They needed a more sophisticated, automated solution to manage their global, complex, and high volume of leases to meet IFRS 16 demands. They needed a solution that provided accurate reporting and disclosure for Group consolidated accounts reported under IFRS 16.
The solution – CCH Tagetik IFRS 16 software
After researching, MINIT chose CCH Tagetik’s IFRS 16 software solution, which met all their needs and more. Key features that led to MINIT choosing CCH Tagetik was how the user interface seemed simple to use for those without a finance background, it was intuitive. It also didn’t need much intervention or support from precious IT resources. A major win is how the solution automatically carries out IFRS 16 calculations, reducing major manual work and input mistakes. Another big win for MINIT was the workflows, and how they made things easy to use and understand.
Phillip Plaatjes, Group Financial Director comments,
“We needed a system to provide accurate reporting and disclosure for our Group Consolidated Accounts reported under IFRS 16. CCH Tagetik delivered exactly what we were looking for – it’s easy to use interface, automation, and reporting capability meaning that we can now accurately consolidate and report to meet the requirements of IFRS 16.”
Choosing the right implementation partner
Choosing the right IFRS 16 software was the first step for MINIT. The next was choosing the right partner to help with implementation and rollout. HAYNE Solutions were the partner of choice, having been long term partners of Tagetik, and having a successful track record of delivering best-in-class Tagetik implementations.
Philip continues,
“We chose HAYNE Solutions as our implementation partner. I enjoyed working specifically with Natasha who is very good at what she does, from consultancy to support. HAYNE have been very accommodating and flexible to our needs and requirements and overall a positive experience”
Taking the pain out of IFRS 16 compliance
MINIT now has a suitable, fit-for-purpose IFRS 16 solution which means they can handle compliance with less pain, more automation, and less risk.
If your business is trying to tackle IFRS 16 with Excel or an unfit solution, then contact HAYNE Solutions today, we can help you find the right IFRS 16 Software solution for your business. Let us help you to take the pain out of IFRS 16 compliance.
Why choose HAYNE?
We specialise in a number of solutions that incorporate IFRS 16. We don’t just sell the software, we become your partner and provide all the resources required for implementation; project management, consultancy, training and ongoing support.