Whenever new regulations come into effect, businesses must adjust the way they operate. In the case of lease accounting, IFRS 16 is now the prevailing standard. It replaces older models by requiring companies to account for nearly all leases on the balance sheet. Complying with the standard can be challenging without the support of IFRS 16 software. However, simply stating that the software will fix everything isn’t always convincing. In this article, we answer the most common questions businesses have about IFRS 16 lease accounting software and its implementation.

How much is IFRS 16 software worth to a business?

Any investment must deliver a return — whether it’s monetary or operational. When purchasing or licensing IFRS 16 software, it’s natural to ask if the return is worth the spend.

According to feedback from users and case studies, the answer is yes. First, the software centralizes all lease-related data, bringing structure and visibility to accounting processes. Numbers, forecasts, and compliance-related information no longer sit across disconnected spreadsheets or systems. Most platforms also support importing historical data, such as Excel files, to ensure continuity.

Studies show that even mid-sized teams can save more than 10 hours of manual work per week. Multiply those savings by average hourly wages, and the return often adds up to five figures or more annually. So, in terms of efficiency and time saved alone, the investment can quickly pay for itself.

Is the software adaptable to business needs?

One of the most common concerns from decision-makers is whether the software can adapt to their unique needs. While IFRS 16 applies globally, every organization has different processes, structures, and reporting expectations.

The good news is that most high-quality IFRS 16 lease accounting software is modular and highly configurable. You can tailor it to reflect your workflows, data fields, and reporting formats.

Cloud-based tools are particularly strong in this area. Updates and changes can often be made quickly by your provider or IT team - sometimes within a day or two. Unlike on-premises software, which may require system downtime for updates, cloud-based platforms can be adjusted during off-hours with minimal disruption.

Will the software remain useful over time?

Businesses also want to know whether their chosen software will remain valuable in the long run. The IFRS 16 standard is relatively stable, and major changes are not expected any time soon. This makes it unlikely that your software will require constant overhauls.

As your staff grows familiar with the platform, onboarding new employees also becomes easier. Familiarity leads to smoother day-to-day operations and better long-term adoption.

It’s also important to recognize that business needs evolve. A company that avoids change and relies only on stability risks stagnation. Fortunately, most reputable IFRS 16 software providers regularly release updates to keep their platforms aligned with market demands and user expectations.

Is IFRS 16 software better than calculators?

Some businesses still rely on spreadsheets or manual calculators for lease accounting. While these tools are cheaper in the short term, they lack the functionality needed to manage more complex portfolios - especially those involving variable rates or large volumes of data.

Excel templates might work for very small lease portfolios, but they don’t scale well. They don’t receive updates, they’re prone to human error, and they rarely support critical features like audit trails, automated remeasurements, or reporting consolidation.

IFRS 16 leasing software is built to handle the depth and detail required by the standard. For growing businesses or those managing multiple contracts, it is by far the superior option.

How difficult is it for staff to learn IFRS 16 software?

Adopting new software often comes with a learning curve. Transitioning from one process to another can be difficult- especially for teams that have been using manual systems or legacy tools.

Fortunately, most software providers offer live demos, onboarding support, and training programs to help teams get started. Many modern tools, including SOFT4Lessee, are built on platforms that users are already familiar with.

For example, if your software is based on Microsoft Dynamics, the interface will feel familiar to those who use Microsoft Office. This reduces resistance to change and makes the transition smoother for both new and existing staff.

Final thoughts

IFRS 16 compliance can be a heavy lift without the right tools. But when you choose a capable, adaptable, and user-friendly solution like SOFT4Lessee, the benefits go far beyond compliance.

You’ll save time, reduce manual work, and gain better control over your lease portfolio. The software adapts to your evolving needs, integrates seamlessly with existing systems, and is built to deliver long-term value.

If you’re considering an upgrade or still relying on spreadsheets, now is the time to make the switch. The right software can transform your lease accounting from a burden into a streamlined, strategic process.