PSAK 73 Implementation for Leading Insurance Company
Major Indonesian Insurance Company
The Challenge
A leading insurance company with over 500 lease contracts across multiple locations faced significant challenges in transitioning to PSAK 73 compliance. Their manual spreadsheet-based approach was error-prone, time-consuming, and created audit risks. The finance team spent over 200 hours monthly on lease accounting calculations alone.
Our Approach
We conducted a comprehensive assessment of their lease portfolio and implemented our BIS73 solution in phases. Starting with data migration and validation, we configured the system to handle their complex lease modifications and multi-currency requirements. We provided extensive training to ensure the finance team could independently manage the system.
Implementation Timeline
Assessment & Planning
Reviewed existing lease contracts, identified data gaps, and created migration strategy.
System Configuration
Configured BIS73 system, set up chart of accounts mapping, and defined calculation rules.
Data Migration
Migrated 500+ lease contracts with full historical data and validation.
Testing & Training
Conducted UAT, parallel run with existing system, and comprehensive user training.
Go-Live & Support
Production deployment with hypercare support and process stabilization.
Results Achieved
Reduced monthly lease accounting time from 200 hours to 50 hours.
Virtually eliminated calculation errors through automation.
Faster audit completion with comprehensive audit trails.
Annual savings from reduced manual effort and external audit fees.
Client Testimonial
"Nextera's BIS73 solution transformed our lease accounting process. What used to take our team weeks now takes days, with far greater accuracy."
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