Works Applications Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; CEO: Osamu Hata; hereinafter referred to as WAP) is pleased to announce that Sumitomo Electric Industries, Ltd. (Headquarters: Osaka City, Osaka Prefecture; President: Osamu Inoue; hereinafter referred to as Sumitomo Electric) has adopted WAP's new lease accounting standards solution, "HUE Lease Accounting." This adoption will enable Sumitomo Electric to steadily comply with the new lease accounting standards and establish a lease asset management system that can easily support future group-wide expansion.
[Background of Adoption] System Review Considering Future Expansion
Sumitomo Electric anticipates that the application of the new lease accounting standards will result in thousands of contracts subject to asset recognition (if expanded to the group). "HUE Lease Accounting" was adopted because of its ability to manage a large volume of contracts and support future group-wide expansion. In addition to its user-friendly screen layout and intuitive operability, its flexible pricing structure, not tied to the number of users, was also a deciding factor.
[Expected Effects] Building a Foundation to Support Company-Wide Standard Compliance
With the introduction of "HUE Lease Accounting," the company will steadily advance its compliance with the new lease accounting standards at Sumitomo Electric. Furthermore, by leveraging the flexible pricing structure to create an environment that easily accommodates future group-wide expansion, they aim for smooth standard compliance across the entire group.
<Comment from Representative in Charge, Accounting Department, Sumitomo Electric Industries, Ltd.>
Our company aims to achieve both smooth compliance with the new lease accounting standards and improved operational efficiency across the entire group. In our selection process, we evaluated the system's excellent UI and its support for tax processing, which led to our decision to adopt it. Additionally, the flexible pricing structure, not limited by the number of companies, was a significant attraction, considering its intended use across our extensive group companies. Moving forward, we will proceed with compliance with the new lease accounting standards and work on establishing an operational foundation that anticipates future group-wide expansion.
[About HUE Lease Accounting]
HUE Lease Accounting is a SaaS solution for large enterprises that makes compliance with new lease accounting standards "easy and simple." It supports a wide range of functions, including accounting processing based on contract information, automatic creation of journal entries and disclosure information, and tax compliance. Developed based on WAP's expertise in providing fixed asset and lease management systems for over 15 years, it can be implemented starting from ¥30,000 per month.
Click here for the HUE Lease Accounting product page.
[About Works Applications]
Works Applications was founded in 1996 as Japan's first ERP package vendor. Through innovative solutions such as no-customization and free version upgrades, we have supported the growth of our customers, primarily large Japanese corporations. Believing in the potential of individuals, we aim to become a "growth engine" that maximizes the value of both companies and individuals, pursuing the transformation of "work" into "creation" and making "jobs" enjoyable.
Works Applications Co., Ltd. Website: https://www.worksap.co.jp/
*Company names, product names, and service names are trademarks or registered trademarks of their respective companies.
*The content published in this release is current as of the date of announcement and is subject to change or withdrawal without notice. Furthermore, information regarding forecasts and future outlooks published in this release is uncertain, and actual results may differ. Please be aware of this in advance.
Inquiries regarding this matter
TEL: 03-3512-1400 FAX: 03-3512-1401 Email: pr@worksap.co.jp Public Relations Department, Works Applications Co., Ltd.
FACT BOX
- Source: PR TIMES
- Category: 採用