Our Lease Accounting Wizard addresses the needs of OCI Nitrogen and provides them with other valuable features.

OCI Nitrogen is part of OCI Global, which is headquartered in the Netherlands and listed on Euronext in Amsterdam, and is global leader in nitrogen, methanol and hydrogen. To diminish the administrative burden for its finance department, OCI Nitrogen has chosen for the Zuyd Finance Lease Accounting Wizard to manage the accounting over its lease contracts and to comply with IFRS 16.

Overcoming the challenge

In the past OCI Nitrogen used Excel to account for its leases. Due to the growth of the company, the lease portfolio was growing simultaneously. Considering this growth together with regular contractual changes to be processed, the company felt that they needed a robust solution to account for its leases in accordance with IFRS 16.

“After a demo of the Lease Accounting Wizard, we were convinced that this application would help us to manage our contracts in a more efficient way.”

Karen Loos, Team lead accounting and reporting OCI Nitrogen

A fast and smooth implementation process

The implementation of the Lease Accounting Wizard went fast and smoothly for OCI Nitrogen. Zuyd Finance incorporated some custom configurations for OCI’s internal reporting requirements.

“The project phase and the GO-live were well prepared and executed, which resulted in a limited need for aftercare.”

Karen Loos, Team lead accounting and reporting OCI Nitrogen

The Zuyd Finance Lease Accounting Wizard enables OCI Nitrogen to manage and report their leases in an efficient manner in accordance with IFRS 16. OCI Nitrogen has been working with the Lease Accounting Wizard for more than a year and experiences the application as very user-friendly.

Using the application saves OCI Nitrogen time and adds value to their month-end closing process.

“By using the Lease Accounting Wizard and the integrated contract management dashboard, the focus of our work changed from spending time on updating Excel sheets towards pro-actively controlling and reporting over our lease contract portfolio.”

Michel Hanssen, Manager accounting and reporting OCI Nitrogen

OCI Nitrogen states that the Lease Accounting Wizard is a user-friendly application, working stand-alone, with flexible reporting capabilities enabling them to upload journal entries directly in SAP.

“The employees of Zuyd Finance are willing to go the extra mile for their clients and continuously seeking for possibilities to improve their application.”

Karen Loos, Team lead reporting and accounting OCI Nitrogen

Interested in how the Zuyd Finance Lease Accounting Wizard can help your company to report effectively over its lease portfolio and stay in compliance with IFRS 16? Please contact us for more information.