Case Study

Biotechnology Leader Amgen Customer Story for SAP Leasing Solution by Bramasol

Amgen A biotechnology innovator since 1980, reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.

Objective

A publicly traded company with locations all around the world, Amgen needed to be compliant with the new accounting regulations for ASC842 and IFRS 16 pertaining to its movable and non-movable leases by the deadline date of Jan 2019.

Key Challenges

With hundreds of leases of different types for thousands of assets housed within excel and third party systems, the administration and accounting of these leases was a very time consuming and labor intensive operation.

A single solution was needed to onboard and administer the leases while ensuring accurate accounting per ASC842 and IFRS16 standards.

Key Challenges

With hundreds of leases of different types for thousands of assets housed within excel and third party systems, the administration and accounting of these leases was a very time consuming and labor intensive operation.

A single solution was needed to onboard and administer the leases while ensuring accurate accounting per ASC842 and IFRS16 standards.

Solutions

The SAP leasing solution was designed to provide proactive lease administration including lease classification and accounting, as well as simplified lease modification was the solution.

It provided the templates needed to onboard the lease data and its integration with SAP Finance helped ensure that the accounting entries for operating leases would be reflected within the balance sheet

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How Bramasol Assisted

The solution was developed and delivered in a matter of few months and enabled Amgen to report its operating and finance leases on its balance sheet well in advance of the compliance deadline

Key Highlights:

Bramasol partnered with Nu skin to provide advice, guidance and implementation of the solutions. Successful GO live that enabled Nu skin to get a better view of their business and turn compliance into competitive advantage.

Feedback / Customer Says:

We faced significant challenges, but together with Bramasol, we managed to overcome them. With Bramasol on the project, we had the right mix of expertise and skills. Also, the personal fit with our team was great.

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Find out more about how we can help your organization navigate its next. Let us know your areas of interest so that we can serve you better.