Bondi Junction-based company LeaseInfo has developed technology with the support of the NSW Government to help companies comply with a new global accounting standard.
LeaseInfo has developed its 'Accurait' system with CSIRO's Data61 and with the support of Jobs for NSW and the NSW Government's Boosting Business Innovation
Accurait is a lease contract management system that reads hard copy commercial leases, franchise contracts and other commercial documents and then stores the
information in a database.
The system uses leading optical character recognition (OCR) software and new artiﬁcial intelligence and machine learning technologies to accurately recognise language within contracts and lease clauses.
Accurait will help companies comply with a new global accounting standard (IFRS16) that comes into force in 2019 requiring key data to be digitised and extracted from
leases to allow companies to bring leases onto their balance sheets.
Currently preparing lease data is a time consuming manual process. Once entered into a computer, the data needs to be checked by comparing it with lease documents. The Accurait system will automate the process with accuracy.
LeaseInfo Managing Director Simon Fonteyn said Accurait would help many businesses with commercial leases including real estate agents, tenants, retailers, business and private landlords, lawyers, accountants, banks, government agencies, ﬁnanciers and commercial agents.
'Accurait is quite simply a game-changer. It will redefine the way businesses manage leases and, in fact, can have application for any form of standardised contract. For head offices of franchised business and companies managing multiple leases the savings in time and productivity are significant.'
Deputy Premier and Minister for Small Business John Barilaro said the Accurait system was developed with the assistance of a $25,000 Minimum Viable Product grant from Jobs for NSW, and a $15,000 TechVoucher grant from the Boosting Business Innovation Program.
'Through Jobs for NSW and the Boost program, the NSW Government is making smart investments to help create the businesses and jobs of the future for the people of NSW and helping companies drive innovation,' Mr Barilaro said.