Works Applications Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; CEO: Osamu Hata; hereinafter “WAP”) is pleased to announce that Sumitomo Electric Industries, Ltd. (Headquarters: Osaka City, Osaka Prefecture; President and CEO: Osamu Inoue; hereinafter “Sumitomo Electric”) has adopted WAP’s new lease accounting standards solution, “HUE Lease Accounting.”With this adoption, Sumitomo Electric will steadily proceed with compliance with the new lease accounting standards while establishing a lease asset management system that can easily accommodate future expansion of use across the entire group.

[Background of Adoption] System Evaluation with an Eye Toward Future Expansion

　Sumitomo Electric anticipates that, with the application of the new lease accounting standards, the number of contracts subject to asset recognition could reach several thousand (if rolled out across the Group). “HUE Lease Accounting” was selected because it was highly regarded for its ability to handle the management of a large volume of contracts and accommodate future Group-wide deployment.In addition to its easy-to-understand screen layout and intuitive usability, the flexible pricing structure—which is not tied to the number of users—was a key factor in the decision to adopt the system.

[Expected Benefits] Building a Foundation to Support Group-Wide Compliance

　Through the implementation of “HUE Lease Accounting,” the company will steadily advance its compliance with the new lease accounting standards at Sumitomo Electric Industries. Furthermore, by leveraging the flexible pricing structure to establish an environment that facilitates future group-wide rollout, the company aims to ensure a smooth transition to the new standards across the entire group.

<Comment from a representative of the Accounting Department at Sumitomo Electric Industries, Ltd.>
Our company aims to achieve both a smooth transition to the new lease accounting standards and improved operational efficiency across the entire group. In making our selection, we valued the system’s user-friendly UI as well as its support for tax processing, which led to our decision to adopt it.Furthermore, given our plan to deploy the system across our extensive network of group companies, the flexible pricing structure—which is not limited by the number of companies—was a major draw. Moving forward, we will proceed with our implementation of the new lease accounting standards while also working to establish an operational infrastructure with an eye toward expanding its use across the group.

[About “HUE Lease Accounting”]

HUE Lease Accounting is a SaaS solution for large enterprises that makes compliance with the new lease accounting standards “simple and easy.” It offers a wide range of features, including accounting processing based on contract information, automatic generation of journal entries and notes, and tax compliance support.Developed based on WAP’s expertise gained from over 15 years of providing fixed asset and lease management systems, it is available starting at 30,000 yen per month.

Click here for the HUE Lease Accounting product page