LOCO: Lease Management Solution

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Eastern Bank Limited
Dhaka Bank Limited

A fully integrated solution to help you meet IFRS 16 requirements.

LOCO, a lease management solution, allows you to track lease data, get automatically notified of a key dates and tasks, and uncover insights about the financial health of your lease agreement.

Benefits

  • Streamline lease payable operations and reduce cost by improving response and closure times
  • Manage landlord database
  • Handle the impact of IFRS 16 on leases
  • Manage transitional rules and the entire life of the lease
  • API available to interface IFRS 16 journals and lease payments to CBS and ERP
  • Email & SMS notification or reminders to make sure in time response
  • Create an asset class matrix and define discount rates by asset type
  • Protect brand reputation and increase landlord or partner satisfaction index by reducing Mean Time to Serve (MTTS)
  • Management time savings through single window monitoring
  • Administrative time savings through performance reports
  • Increases visibility and transparency

Track key lease data

Never miss a critical event with automated notifications, including start and end dates, break clauses, rent reviews and indexations.

Interoperability

Interoperability

Manage rent and advance payments by integrating with your CBS or ERP system.

Analytics and Insight

Ensure complete financial control by seeing a comprehensive overview of all cost-driven information.

Improve Operations

Improve business processes to drive reduction in time from initial concept to actual building use.

Features & Functionalities

  • Web Based Application

    Complete web based solution ensures maintaining and updating the system much simpler as it could all be done on the server.

  • IFRS 16:

    LOCO complies IFRS 16. A lease agreement contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

  • Lease Contract Management

    Lease start date/end dates, lease term, landlord, payee, documentation, correspondence, key events and clauses and all other data related to the management of a lease agreement.

  • Lease Contract Management

    • The agreement repository is the central database for all agreement information. It gives a complete overview of all lease agreement within the organization.
    • Easily search, find and retrieve lease agreement by e.g. category, branch or your custom properties.
    • See and maintain financial terms and payment obligations for each lease agreement.
    • Manage the complete lifecycle of rent agreement including all amendments and changes.

  • Rent Reviews

    Agreed rent steps, back dated rental calculation, flat percentage rental increases

  • Lease Payments

    Manage all charges related to the lease with the corresponding lease values, periodicity etc. i.e. rent, advance.

  • Deposits

    Including rental security deposits, guarantees, etc.

  • Workflows

    • The workflow module routes rent agreement through the necessary review and approval steps.
    • Easy to use for both the workflow initiator and the workflow participants.
    • All activities are logged and visible in an activity log.

  • Lease Level Accounting

    Audit trail for each lease of all balance sheet calculations, opening/closing liability, interest, depreciation etc. for each period in line with company-specific accounting calendar.

  • Journal Postings

    IFRS 16 journal entries per period- standard reporting or ability to interface to CBS or ERP.

  • User & Access Control:

    LOCO has an extensive user module. Besides creating user profile option is there to set user access or privilege. Users access only the functions they are permitted to.

  • Reporting & Dashboards

    • Reports, dashboards and overviews provide all relevant agreement data at a glance
    • Broad financial reporting and insights into your costs over time
    • Upcoming activities and notifications
    • Insights into rent agreement portfolio

Clients

Eastern Bank Limited Dhaka Bank Limited
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