GWG Gesellschaft für Wohnungs- und Gewerbebau AG
Three Questions for Birgit Martin
What was your starting point?
The new accounting standard for leases, IFRS 16 Leasing, has made detailed contract management mandatory since 2019. Being a member of the R+V insurance group, we need to classify the relevant lease arrangements and weigh up possible solutions. We chose Saxess and CP-DataFactory as the database because here we can model the forecast and planning figures as well as the initial measurement and the accounting entries.
What are your highlights?
During the implementation, we found the weekly project meetings delightful. We always knew where we stood. At those meetings, it became clear too that the project schedule issued at the start was realistic. The project was therefore completed on time. The solution itself is an impressive IFRS 16 management tool, in which we not only have the initial measurements of our leases, but also the forecasts and plans. With it, we can cover all matters relating to IFRS 16.
What lessons have you learned?
Having chosen the software, you then need to take a look at the existing IT environment and the data flows. How are they connected? How do they interact? As with all projects, you need to think of the change and the vision from the perspective of the goal while not losing sight of your original intentions.
About GWG Gesellschaft für Wohnungs- und Gewerbebau AG
GWG Group in Stuttgart is a housing company with approximately 11,000 properties of its own plus 5,000 managed by third parties in Stuttgart, Munich, Hamburg and Düsseldorf. Its shareholder is R+V Versicherung in Wiesbaden.
Solutions: Finance Management, Consolidation, Operational Controlling
Industry: Real estate
Sites: Stuttgart (Germany)
Employees: 200
„With the solution, we can depict all matters relating to IFRS 16 – without going to very much effort. We can now accurately plan and calculate the rights to use the leased objects as well as the lease liabilities."
Birgit Martin, Head of Controlling and Company Secretary
