Case Study

Engine Lease Finance selects specialist fixed asset software

Engine Lease Finance (ELF) has selected MRI Software to optimise its fixed asset accounting processes. Moving away from a spreadsheet system that had been well established within the business for many years proved a difficult decision, but ELF decided that deploying MRI’s software would allow it to benefit from flexible depreciation calculations and in-depth reporting capabilities.

Founded in 1989 and based in Shannon, Ireland, ELF is the leading independent engine financing and leasing company in the world. The company supplies spare engine support packages and aims to provide low cost and flexible financing options for airlines. ELF is a group company of Mitsubishi UFJ Lease & Finance Company Limited.

Barry O’Connor, Fixed Asset Accountant at ELF comments, “The asset base is low volume but high value and we have always aimed to ensure that information is entirely accurate. Whilst we had a system in place previously that was managing this data adequately, moving over to MRI’s specialist software will reduce the risk of errors and provide more detail regarding each asset’s history.

When discussing what appealed to ELF about MRI’s software, Barry comments, “MRI offers a scalable, robust system that is also flexible. We are looking forward to benefiting from a high level of functionality as well as a wide range of analysis reports, versatile depreciation methods and the system’s advanced forecasting capability. The audit trail feature will be particularly useful.”

ELF has been impressed with the interactions that it has had with MRI’s dedicated technical support team. Barry comments, “On the rare occasion that we have had to get in contact for assistance, the support provided has been perfect. We have only had a few technical queries thus far and, for me, the beauty of the software is that it just works.”

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