Lease manager upgrades to single platform
- 03 March, 2004 08:52
After scouring the market for three years to find a suitable supplier of lease management systems, Macquarie Capital (MC), a division of Macquarie Bank, is finally moving to a single software platform.
Anticipating significant growth in the next few years MC had to overcome the problem of using an antiquated set of databases and systems such as its mainframe leasing system, Comlease.
Macquarie Bank executive director Andrew Gee said running different add-on, stand-alone systems including Comlease, which is 14 years old, created real problems for a company that has operations in 14 Australian and international locations.
"More than anything we are looking to reduce the risk in our processes for securing leasing contracts, by installing one, end-to-end solution.
"There were a lot of opportunities within a siloed systems database for things to break down, and things to go wrong [unless we] improved integration with our general ledger [system]," Gee said.
MC's other objectives during the system overhaul were to improve the quality of financial reports, to have central-source accounting and tax reporting in order to deal with generally accepted accounting principles and jurisdictional issues, and achieve timely, accurate billing in order to maintain the company's cash flow.
"With Oracle we found an end-to-end common platform to manage our leasing business and allow us to interface with other divisions within Macquarie Bank. Oracle was a 70 percent out-of-the-box fit for us. And this platform [will] allow us to grow our business over the next few years," Gee said.
Oracle's senior director for leasing development, Mike Finta, said MC is expected to go live with the lease management system this time next year.
Macquarie Capital provides leasing and asset financing solutions for more than 500 Australian and international organisations, with assets worth over than $3 billion.