JUCY is a New Zealand-founded travel and tourism business operating campervan and motorhome rentals across New Zealand and Australia. Its vehicle-intensive operations generate a significant volume of asset and financial information for its finance team to manage.
Complying with IFRS 16 added an ongoing layer of responsibility. Beyond calculating lease liabilities and right-of-use assets, the team needed to account for new leases, process changes and modifications, validate calculations, and produce reliable accounting outputs at reporting time.
For JUCY, the challenge was deciding how best to manage these requirements. IFRS 16 needed to be accurate and well controlled, but developing and retaining specialist lease accounting knowledge internally would take resources away from the finance team’s broader responsibilities.
The business needed access to the right technology and expertise without making lease accounting an internal specialisation.
Traditional lease accounting software could provide the calculations, but JUCY would still need people to operate the system, maintain the lease data, and understand the accounting treatment behind the results.
JUCY chose LOIS Managed Services, combining LOIS's IFRS 16 platform with support from experienced lease accounting professionals.
Rather than introducing another finance system for its internal team to learn and administer, JUCY gained access to both the software and the specialist capability needed to support its ongoing lease accounting requirements.
Importantly, this did not mean handing over ownership of its IFRS 16 requirements. JUCY’s finance team retained oversight and control of its financial reporting, while LOIS took on much of the specialist work required to maintain the underlying lease accounting position.
The managed service brings together the LOIS platform and a team that understands the accounting behind it.
The software provides the calculations, controls, reporting, audit trail, and accounting outputs required for IFRS 16. Alongside this, the LOIS Managed Services team works with JUCY to maintain its lease portfolio, process recurring changes, and support its reporting requirements.
This approach goes beyond outsourced administration. It gives JUCY access to professionals who can help manage the accounting implications of changes to its leases, rather than simply entering information into a system.
It also means that specialist system and accounting knowledge does not need to sit with one person within JUCY’s finance team, helping reduce key-person risk and provide continuity as requirements change.
With LOIS Managed Services, JUCY can manage IFRS 16 as a controlled finance process without having to build and maintain a dedicated internal specialisation. The finance team retains visibility and ownership, supported by the technology and specialist resources needed to manage the ongoing work.
The approach helps JUCY reduce recurring lease administration, access specialist knowledge, and respond to changing requirements without adding permanent headcount.
For JUCY, the value is not just in having software that performs the calculations. It's in having people available who understand the accounting behind those calculations, allowing its finance team to remain focused on the wider business.
"IFRS 16 is something we need to get right, but it didn't make sense for us to build specialist lease accounting capability internally. With LOIS Managed Services, we have the system and expertise available when we need it, while our finance team can stay focused on the wider business."
— Matt Veal, Financial Controller, JUCY New Zealand
LOIS Managed Services combines lease accounting software with specialist support to help businesses manage their ongoing IFRS 16 requirements. Learn more about how LOIS can support your finance team with the technology and expertise to manage lease accounting, while keeping oversight and control within your business.