Case Study: TIP Trailer Services achieves on-time IFRS 16 lease accounting compliance with Planon Universe (Planon)

TIP On-time and in-budget IFRS 16 lease accounting compliance with Planon Universe

TIP Trailer Services, founded in 1968, is a leading provider of trailer leasing, rental, maintenance and repair with a 70,000-asset fleet across 102 locations in 17 countries. Faced with the complexity of achieving IFRS 16 compliance via a full retrospective transition while lease data was managed locally on Excel spreadsheets, TIP needed to centralise contract management, improve data integrity and drive local engagement across multiple finance and operational teams.

After a competitive selection TIP implemented Planon Universe (with KPMG for functional implementation) in an eight-month rollout. The solution now manages ~9,000 leases representing €158 million, exports lease postings to the ERP, and met the targeted January 2019 go-live. Benefits include elimination of spreadsheets, faster updates, fewer errors and audit costs, improved contract administration and reporting, strong end-user adoption and full IFRS 16 compliance.

TIP Trailer Services

Ion Diaconu

Senior Accountant and Project Manager