Cravia Group is using Leasify to manage their IFRS 16 reporting

How can a growing business with an international presence ensure smooth and accurate lease accounting under IFRS 16? For Cravia Group, one of the Middle East's leading franchise companies, Leasify became the obvious choice to simplify their accounting and ensure compliance with IFRS 16 standards. 

About Cravia Group

One of the Middle East's leading franchise companies, Cravia Group, was founded in 2001 and has grown from a single Cinnabon restaurant in Abu Dhabi Mall to a prominent name in the food and beverage industry. With operations in the UAE, Saudi Arabia, Bahrain, and Qatar, the company now oversees 78 restaurants and employs more than 2,000 people. 

Brands like Five Guys, Zaatar w Zeit, Cinnabon, Seattle’s Best Coffee, and Carvel Ice Cream have made Cravia a renowned name in the industry.

Cravia automated lease reporting with Leasify

As the company grew and the number of leasing agreements increased, their previous solution became too complex. Cravia realized they needed a service that could not only ensure accurate reporting but also reduce the workload associated with lease accounting. Leasify proved to be the solution.

With Leasify's system, Cravia has gained access to features such as version management, balance checks, and logs, ensuring that their accounting is traceable and easy to review. This has not only reduced Cravia's workload but also made it simpler for auditors to verify and validate the information. 

– Leasify has made our work with IFRS 16 significantly easier. The system is user-friendly, and the automated features allow us to quickly access the information we need. It saves us a lot of time and gives us confidence that our reporting is accurate, says Harish Subramanian, Group CFO at Cravia Group.  

Contract management under control

When Cravia implemented Leasify, they introduced a system that streamlined their accounting processes while also managing contract administration – a key benefit for a business with numerous agreements. By consolidating all leasing information into one platform, Cravia achieved clearer oversight and more efficient management.

What was once a manual and time-consuming process has now been transformed into an automated and highly efficient workflow.

Leasify has greatly improved our accounting and contract management processes. Centralizing everything in one system provides peace of mind, and generating accurate reports has become both quick and seamless. I highly recommend Leasify to other companies, says Mr. Subramanian. 

Curious about what Leasify can do for your business? Let’s talk.