Independent automotive and equipment leasing company to individuals and businesses.
Client Location, Areas Served
Eastern Canada serving mostly Ontario and some other provinces
RM/Cobol based software supplemented by a mix of manual Word document templates and Excel spreadsheets to track lease payments, invoice clients, and prepare correspondence.
Problems to Resolve
The current system lacked the ability to track and generate a customer payment schedule based on actual due dates and payment intervals. Valuable time and resources were allocated to manually track late payments, post payments due and prepare invoices. Preparing origination lease documents was cumbersome and time consuming as lease data had to be manually transferred into the documents from other data sources. The client realized that the current system would not be sustainable as their lease volume continued to grow.
Stated Business Needs
✓ Retain their unique amortization markup calculation that could not be altered
✓ Conserve their report requirements and formats that could not be changed
✓ Track and manage lease information in one database
✓ Have ability to produce customer documents from one integrated database
✓ Streamline overall lease administration
✓ Gain back valuable time and resources from mundane data entry tasks
✓ Access comprehensive data by all users in real-time
✓ Obtain timely period end accounting reports
Ryznware™ Implementation Results and Benefits
By implementing a tailored Ryznware™ software solution the client was able to retain all of their unique processes and data presentations while regaining valuable time previously lost on data entry and mundane tasks. The Ryznware™ amortization schedule was customized to allow the client to keep their unique markup income component calculation. This resulted in a two-fold benefit from having both the accurate income calculation and customer payment stream within the same schedule facilitating income reporting and tracking of payments due. The Origination module provided them with an automated document creation process with tracking of new lease requests through to final signed documents. The result was a fully integrated lease management system with a seamless work process from origination thru to termination.
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