Speed Group offers sustainable, flexible, and innovative solutions for complex logistics and personnel challenges, including services in transport planning, recruitment, and training.
Comprised of eight companies with a centralized accounting department, Speed Group handles financial consolidation and reporting for all its subsidiaries.
In 2019, with the introduction of IFRS 16, Speed Group needed a reliable system to manage their lease agreements. Initially, an Excel-based model was used, which proved difficult to manage as lease contracts grew more complex. This led to challenges in reporting and analysis.
Prior to using AARO Lease IFRS 16, Speed Group implemented AARO in 2020. When seeking a solution for IFRS 16 compliance, AARO Lease IFRS 16 stood out due to its comprehensive functionality, user-friendly interface, and competitive pricing. The seamless integration of AARO Lease IFRS 16 with the AARO software simplified the decision.
The implementation involved importing about 100 lease contracts, primarily focused on leased premises, into AARO Lease IFRS 16. The balance sheet impact was significant, requiring meticulous reconciliation to ensure accuracy.
“AARO Lease IFRS 16 has transformed our financial reporting by ensuring fast, high-quality, and smooth reporting processes. It has brought significant time savings and accuracy improvements, making our management and board reporting more reliable and efficient.”
Michael Langelotz, Group Accounting Manager, Speed Group
Speed Group received competent and prompt support during and after implementation, which has been crucial for their ongoing success. Despite encountering some differences during setup, these were effectively managed with the help of an experienced consultant.
The integration of AARO Lease IFRS 16 with the main AARO system significantly improved the efficiency and accuracy of financial reporting. The lease system’s functionality allowed detailed analysis and efficient handling of lease contracts, including changes, renewals, and terminations.
“AARO Lease IFRS 16 is our reliable guarantee for correctly managing IFRS 16. Analysis and follow-up are very straightforward. Questions from auditors can be answered quickly and easily, down to the smallest detail, per contract or per lease category. The possibilities are numerous.”
Michael Langelotz, Group Accounting Manager, Speed Group
Michael Langelotz and his colleagues praise AARO Lease IFRS 16’s intuitive user interface and robust analysis and traceability functions. Users find the system self-instructive, and the standard reports meet most requirements and have been very useful. The ability to easily transition between consolidated financial statements and individual lease impacts has also been highly beneficial.
Challenge
- Prior to implementing the AARO CPM as their consolidation system, Speed Group tried to identify the lease agreements within the group with MS Excel, which wasn’t a sustainable solution.
Solution
- AARO Lease IFRS 16’s seamless integration with AARO and the fact that AARO Lease IFRS 16 stood out due to its comprehensive functionality, user-friendly interface, and competitive pricing.
- Competent and prompt support during and after the implementation of AARO Lease IFRS 16.
Outcome
- Ensured compliance with IFRS 16 standards, providing reliable management of lease contracts and enabling swift responses to auditor inquiries.
- Significantly improved the efficiency and accuracy of financial reporting together with the AARO software.
- Efficient handling and detailed analysis of lease contracts, including changes, renewals, and terminations.
- Everything from budgeting, setting up new contracts, to changes in existing contracts is much faster than before.
- Highly valued user experience.
- Can report to management, board and owners with high quality.
