LeaseWorks, a provider of cloud-based software products, and Core Financial Systems, a software-as-a-service aircraft leasing financial software solutions provider, are collaborating to deliver an integrated solution experience for clients in the aircraft leasing industry.
The collaboration intends to deliver an integrated accounting experience for lessors’ finance and accounting teams, enabling them to generate financial transactions in LeaseWorks and export the transactions to Core Financial Systems.
“We are excited to collaborate with Core to provide the necessary tools to enable lessors to gain more value from their software investments and facilitate their coordination and growth,” Haseem Vazhayil, CEO of LeaseWorks, said.
“Through this collaboration, our smart SaaS-based financial solutions are constantly adapting to the needs of their users,” Tony Salmon, managing director of Core Financial Systems, said. “This optimizes their operation and creates economic and operational benefits. The basis for this is the seamless connectivity of data, a ‘Core strength of the Core Solution.’ As part of our group strategy led by our group CEO, Pat Toner, we are working on collaborative opportunities with a suite of comprehensive solutions in the market to further develop and use the technologies in practice.”
As part of the collaboration, LeaseWorks and Core Financial Systems will integrate their two product sets:
• LeaseWorks’ Aeris Asset suite of products provides a platform to centralize and streamline asset management across technical, contract and finance operations. Its finance module is built purposely to facilitate financial transactions around accounts receivables, payables, loan management and settlements, combined with executive reporting capabilities.
• Core Financial Systems’ suite of products enables finance organizations to manage a multitude of accounting operations and workflows. Its general ledger stores books and records and captures journal entries specific to aircraft leasing operations.
The integration will allow customers to set up their chart of accounts, entities, dimensions, accounting periods, book codes and bank accounts. Customers will also be able to map the system’s aviation sub-ledger onto the Core general ledger to facilitate the generation of debits and credits into Core based on financial events entered in LeaseWorks. Accounting profiles configured by a customer’s chart of accounts can be set up and linked to a specific lease for accounting configuration on a lease-by-lease basis.
“Building on our mutual vision to empower the aviation industry’s transition into the digital world, the LeaseWorks and Core teams are thrilled to be able to combine our well-respected expertise and knowledge of accounting operations to help lessors focus on improving their decision-making and increasing their platforms’ agility in unprecedented times,” Vazhayil said.
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