Prada is an Italian luxury fashion house, specializing in leather handbags, travel accessories, shoes, ready-to-wear, perfumes and other fashion accessories, founded in 1913 by Mario Prada.
Prada S.p.A. required a tool in which they could store all the contracts affected by the IFRS16 principle: rental / leasing of real estate, car rentals, hire / leasing of office equipment, hire / leasing of industrial equipment. This tool had to manage both the legal and the financial information, in order to provide the cash-out plan and, therefore, the value of the right of use – the starting point for the accountancy journals needed to comply with the IFRS16 principle. The customer also requested that the solution could manage the registration of invoices and the calculation of accruals and deferrals, since some of the group’s companies will not draw up their financial statements complying with the IFRS principles.
Prada S.p.A. decided to start a software selection for a tool that draws up the financial statements in compliance with the IFR16 accounting principle. Akeron and Tagetik proposed a solution that combined the management of both contracts (Akeron Contract Management) and accounting journals (Tagetik IFRS16). This met the needs, in terms of both data and process management, of the 100 companies of the Prada group.