A high quality and fully functional IFRS 16 accounting tool

friendly, simple and easy-to-use user interface while fully serving the needs for an IFRS 16 applier

General introduction

SpiderPig lease accounting software is a platform-independent lease accounting tool to collect and organize your lease contracts, perform calculations and meet reporting and disclosure requirements in accordance with IFRS 16.

As entities in a group can have several ERP-systems from different vendors in their IT architecture, the ideal IFRS 16 tool needs to be able to connect different organizational units to different systems. A separate tool is therefore preferable for their wide-spread needs compared to a solution within one of the existing ERP systems.

Our aim was from the very beginning to develop a complete IFRS 16 solution for recording and maintaining lease contracts, validating the coherence of data, running all IFRS calculations, producing the necessary reporting and providing the required posting entries to SAP and non-SAP ERPs or existing group IFRS consolidation and reporting tools.

SpiderPig is a plug-and-play, pre-configured and platform independent tool that is based on PHP and MySQL technologies. It can be installed and configured in any kind of IT architectures, end user only needs a web browser to operate it efficiently. The use of these wide-spread and commonly used technologies ensures that smaller IFRS users can avoid the need to invest into a separate server, infrastructure, licenses, and facilitates the installation and maintenance of the tool. SpiderPig fits seamlessly into your current environment and enable you to easily meet IFRS 16 requirements.

SpiderPig is a plug-and-play solution that enables you to simplify the implementation of IFRS 16 for lease contracts. It is a powerful engine with a user-friendly design that automates complex calculations such as the calculation of the initial right-of-use asset and lease liability amounts, the effect of reassessments and modifications, the amount of liability arising from dismantling obligations (ARO), etc. Despite it has a full pre-configured IFRS 16 functionality, the technology offers the possibility to integrate additional custom needs and content and adjust it as needed.

SpiderPig is designed to meet all requirements related to lease accounting under IFRS 16 and has the following main functionalities:

Import and create

Reports & disclosures

Contract management

Calculate initially and throughout of the contract process cycle

Posting

Impact analysis and financial planning

About us

We are a startup company in Budapest, Hungary managed by two brothers. We are working to provide You with a high quality and fully functional IFRS 16 accounting tool called SpiderPig that has a friendly, simple and easy-to-use user interface while fully serving the needs for an IFRS 16 applier.

The team behind the software consists of highly educated IT and accounting experts having several years of experience, fully enthusiastic to serve Your needs and provide You with a tool that makes IFRS 16 implementation a smooth and joyful exercise.

Unlike large international companies, we are flexible and quick in case of special needs You might have during th implementation, let it be the integration of SpiderPig to your existing ERP or accounting system or adding fields that might serve your management’s needs.

Since SpiderPig is a html based solution, it can be easily installed on any computer environment, from a single machine workstation to a multinational environment having several branches around the world. The only thing necessary is a web browser.

Main functionalities of the standard tool

Import and create

All lease contracts detail necessary under IFRS 16 can be either inputted from data sources or entered directly into SpiderPig.

The built-in import functionality enables you to add leases to the system using integrated upload tool based on a Microsoft Excel template or any other format used to store key lease data. The upload tool also lowers the error probability by pre-validating the contract using our more than 100 built-in data validation controls.

Data quality is an important feature of the tool achieved through the implementation of more than 100 data validation controls, some blocking, some warning, in order to ensure that data is properly collected and IFRS calculations are processed correctly.

Optionally, master data (legal entities and groups, accounts, etc.) can be automatically integrated from the existing ERP systems to SpiderPig thus avoiding double-maintenance.

Upload your lease data with ease. Ensure all your critical lease information is centralised in one place.

Calculate

Calculate initially and throughout of the contract process cycle

To facilitate decision-making among several transition options offered by the standard, SpiderPig accommodates a powerful simulation engine. By using this, you can run all the simulation necessary for choosing between the transition methods (full retrospective or modified retrospective approach for lease liability and right-of-use asset values, practical expedients and exemption that are allowed to be applied, etc.) and you can easily evaluate the effect of selected options to your financial statements, budgets, forecasts and future KPIs.

SpiderPig includes pre-configured and compliant calculations for initial measurement of lease liability, right-of-use asset and dismantling obligation as well as all necessary functions to calculate and elaborate the effect of reassessment, modifications and full or partial terminations during the lifetime of a lease. By using its built-in calculation models, it also calculates a depreciation charge for right-of-use assets, and an interest expense on lease liabilities and dismantling obligation. Currency conversion is available for lease contracts in currencies other than the reporting currency, automatically using FX tables populated by banks or inputted manually.

Built-in data validations and robust calculation engine ensures that the lease liability and right-of-use asset amortisation schedules generated by the system initially and as a result of subsequent changes perfectly populated. During the development of SpiderPig we put extra emphasize on keeping the audit trail, therefore all calculations are easy to follow and audit and schedules are created and stored in a way that allows retrospective reporting based on the schedules in force at that time.

Calculate in a user friendly way and be relaxed, it’s compliant.

Reports & disclosures

SpiderPig offers full set of standard reports required to ensure a successful transition and compliant operation afterwards. Standard reports include:

Statement of financial position (Balance sheet)
Statement of profit or loss (Income statement)
Statement of cash flows
Full subledgers and movement tables for right-of-use assets, lease liability and ARO obligations
All required disclosures as per IFRS 16 on leases held in the system

As SpiderPig is standalone, platform independent tool, we also developed reports facilitating the reconciliation between lease payments considered and handled by the tool and the actual payments registered in your ERP system’s accounts payable module as based on our experience this area is one of the key issues that needs to be addressed during a successful implementation and integration to the existing system landscape.

Track your progress from beginning to end

Posting

Journals are created in the system during the regular month-end closing process and are separated for intercompany and 3rd party leases. SpiderPig contains features that allows you to treat intercompany deals as „operating” leases and account for them accordingly facilitating the consolidation process within the group.

As part of the general solution, SpiderPig has its own generic general ledger codes associated with each event in a lease’s life. These codes can be mapped to your general ledger accounts.

Generated IFRS 16 postings can be integrated to the existing SAP or non-SAP ERP systems (through files) or pushed onto the application responsible for consolidation.

Post easily and on a tailor-made way

Contract management

SpiderPig also serves as a lease contract management tool, ensures that your data are consistent and reliable and enables you to keep all of your lease-related data and the corresponding contracts in one place, in a consistent way.

Documents such as contracts, calculations, business case analyses and accounting memos on specific contracts can be stored together with key data. You can easily share them with your auditor by providing them with the read-only access right predefined for them and start an efficient process to implement IFRS 16.

Keep all lease related stuff in one place and manage them in an efficient way

Impact analysis and financial planning

SpiderPig has a predefined report serving as a financial effect forecasting tool enabling you to run simulations on different scenarios and measure the impact of the most important contracts on your financials, even before contracting. By using this functionality, SpiderPig can be used as a powerful and easy-to-use tool for preparing business case analyses supporting meaningful decision making.

The tool can also serve as a basis for planning and forecasting future financial performance of your lease portfolio by providing graphical view of right-of-use assets, lease liabilities, expenses, depreciation and interest expense to show impact on Balance Sheet and Profit & Loss using hypothetical or anticipated leases as well besides your living portfolio.

Make the right decisions about the financing methods you select

Demo videos

New lease recording

Catch up

Modification

Reassessment

Why SpiderPig?

The name roots from a Christmas family game, when children got some plasticine from Santa and start playing with it. The first object they made was a green pig. To make it a bit more frightening, the older ones put it into the middle of a spider web and started scaring the smaller ones with it. Since then, spiderpig become the most mentioned character in family barchoba games and inspired us naming our common child after it.

Contact us

Zsolt Katzer

CEO

info@spiderpig.hu

Peter Katzer

CEO

info@spiderpig.hu