I have been getting a lot of email traffic and calls regarding our upcoming IT Solutions conference later this month, so I thought I would try to address some of them here with a more broad-based answer. First, to clarify what is probably the most common question, this conference primarily focuses on the back-end accounting systems – no, we are not exploring front-end applications (maybe another time).
As many of you are aware, there has been a big push to asset-based accounting over the past several years, especially in the aftermath of Sarbanes-Oxley and Basel II. Several new accounting systems also have been developed and put on the market by companies such as CHP, Enable Us, Odessa, Oracle, and SAP, to name but a few. The established legacy systems, such as APAK, IDS, LeaseTeam, McCue, all have kept pace with these changes and introduced comparable functionality or have, in some cases, had it all along. The new players and the shift to asset-based programs, however, have resulted in a reconsideration of accounting applications in general, as CIOs and CFOs have begun thinking about whether to remain with the legacy systems or convert to something new. I think it is safe to say that there is a great deal of uncertainty in the market surrounding these concerns.
This issue is at the core of what we are trying to do with our conference – that is, answer the questions of “What functionality do I need to remain competitive and compliant?”, “What applications are available out there, and do they provide this functionality?”, and “Should I convert to a new system, or am I better off with my legacy application?” Of course, everyone claims to have the end all, beat all answer, so Oracle, McCue, IDS, and CHP are going to prove at our conference that they can provide this functionality. BearingPoint, CapGemini, and others with deep experience will help analyze the conversion issue and factors to consider.
During the conference Oracle, McCue, IDS, and CHP will provide General Ledger entries of a contract with 10 assets that has, in various combinations, some assets securitized, some assets impaired, an early buyout, some assets sold, some renewed, and some refinanced. Quite a task, but these are things that go on in your business every day, and we want to see who has the chops to actually meet these real-life situations.
Sound interesting? I think so, and hope this post helps answer some of your questions. If you have more, email me, call Bonnie Johnson in our office at 801-322-4499, or review the IT Solutions conference brochure. Who knows, I may even offer a LeasingNotes discount.
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