When your company joins Nomos One as a new customer, your team will go through our Onboarding Process to get you set up using the system. This process will include entering your data into the system, discussing how to tailor the system to your needs, and training you to manage your portfolio.
This article will explain the basic process that a customer would go through, the contributions the customer will need to make to help that process along, and some frequently asked questions regarding the Onboarding Process.
The Basic Process
The Onboarding Process usually begins once the customer contract has been signed, following the Sales demonstration process. The Onboarding Process can last from a few weeks to a few months, depending on whether anything hinders its progression. Regular communication is paramount to this process!
Firstly, the Onboarding Team will reach out to the customer directly to e-introduce themselves and organise a time to have the initial discovery call.
Secondly, that discovery call is held, during which the two parties discuss:
- The customer’s portfolio,
- What they want to use Nomos One for,
- Who from within the customer's company will be using Nomos One,
- Key financial details, including IFRS 16 transition settings, if applicable,
- Any specific details that they want included in their organisation, and
- How the customer will provide their documentation to the Onboarding Team.
This discussion wraps up with a walkthrough of what the remainder of the Onboarding Process will look like, given that it is somewhat tailored to each different customers' needs.
Following the discovery call, the customer will send all their relevant lease documents to the Onboarding Team. Using these documents, and the discussion from the discovery call, the Onboarding Team will create 2-5 prototype agreements in the Nomos One system.
The Onboarding Team will then meet with the customer to go through the prototyped agreements to demonstrate how they will appear in the system, and discuss any amendments that should be made. Following this, there is some back and forth between the Onboarding Team and the customer to ensure the customer is happy with how their lease information appears in the Nomos One system.
Once the customer is happy, the Onboarding Team will onboard all of the customer's agreements into the Nomos One system. Throughout this process, the Onboarding Team will keep track of any queries they have on a document called the Queries Report. This report allows the Team to track any questions they may have, or details that require clarification, to ensure the lease agreements have been recorded correctly in the system. The Queries Report is then sent to the customer, so they can provide the required information at their earliest convenience.
Now that the contractual information for each agreement is loaded into the system, the Onboarding Team will reach out to the customer regarding IFRS 16. If the customer has agreements included in IFRS 16 reporting, they will need to send through the IFRS 16 judgments and assumptions using a template provided by the Onboarding Team. At this point, if the customer has any General Ledger codes that they need included in the system, they will send these through using a provided template.
With this information provided, the Onboarding Team will update the accounting information for each agreement so that the relevant information can be pulled into IFRS 16 reports.
The customer will now be given Read Only access to the Nomos One system, allowing them to run said IFRS 16 reports with their agreement information. This kicks off the User Acceptance Training (UAT) period.
By running the IFRS 16 Reports with their agreement information, the customer can check whether the information was entered correctly, and the reports are outputting the correct balances. If there are any discrepancies, the Onboarding Team and the customer will discuss the issue, then the Team will work to identify the cause and rectify the discrepancy. If needed, the Onboarding Team may ask for assistance from one of Nomos One's Technical Accountants. The customer can also run the Contractual Reports during the UAT period, allowing them to check whether property, party, and general lease-management information was entered correctly.
During the UAT period, the Onboarding Team will also reach out to the Customer Education Team to organise training(s) for the customer. These training sessions are usually 90 minutes long, and cover most of what the customer will be doing in the Nomos One system. The first training tends to focus more on the contractual/lease management side of the system, and the second training tends to focus more on the financial accounting side of the system.
Once the customer is happy that all of their agreement information has been correctly added into the Nomos One system, and they have completed the standard training sessions, the Onboarding Team will grant them full access to the system. This means that the customer can begin using Nomos One for their lease management and lease accounting needs.
Please note: Given that every customer is different, the above process may be different from what you have experienced or should expect to experience. The above is intended to guide the general Onboarding Process, not to detail your exact experience.
Additionally, our Onboarding Team is always looking for ways to improve this process. Please be aware that there is a Review currently underway, and in turn, the content of this article is subject to change.
The Customer's Contribution
Throughout the Onboarding Process, the customer will need to be actively engaged and contribute to the process in order for it to progress. This will make things run smoothly for both parties, allowing the customer to get the most out of Nomos One sooner rather than later. To ensure a productive process, this contribution will include:
- Sending all relevant documentation, and only what is relevant. Accurately labelling and organising the documentation prior to sending it will greatly assist the Onboarding Team.
- Engaging with email communications in a timely manner.
- Responding to requests for information from the queries report.
- Running financial reports during the UAT period and communicating to the Onboarding Team any disparities between the information in Nomos One and the information the customer has.
- Working with the Onboarding Team to correct any discrepancies and/or variances.
- Engaging with the training done by the Customer Education Team, whether that be through videos or live training sessions.
Frequently Asked Questions
Given that as a new customer, you and your team are likely brand new to Nomos One, you may have some questions about the Onboarding Process and the Nomos One system. This section aims to address some of those questions, but if there's anything else you'd like to know, please reach out to your contacts in the Onboarding Team.
Q: How long does the Onboarding Process take?
A: The process can take anywhere from four weeks to a few months. The length of the process usually depends on the level of engagement from the customer, as well as the size of their portfolio.
Q: How do I log in to Nomos One for the first time?
A: If you have been added to a Nomos One Organisation for the first time, you will receive an email inviting you to set up a password that you will then use to log in to Nomos One. To learn how to set up a password, check out this article: Signing In to Nomos One as a New User.
Q: During the User Acceptance Testing (UAT) period, what reports should I be running in the Nomos One system?
A: The Journal Report and the Agreement Balances Report are great reports to check whether your financial balances are accurately represented in Nomos One. To check contractual/lease-management focused information, we recommend running reports like the Custom Agreement Report and the Custom Events Report.
Q: What is the main form of communication between the Onboarding Team and the customer?
A: Email. The Onboarding Team will look to schedule weekly catch ups with the customer, along with any additional calls required, both conducted via Microsoft Teams.
Q: Can I ring the Onboarding Team member I've been dealing with?
A: No, we communicate with the customer using email or video call meetings conducted via Microsoft Teams.
Q: What else can I do to help this process along?
A: Some common issues that the Onboarding Team see during the Onboarding Process are caused by a disconnect between property-focused and finance-focused teams. If these teams are not communicating with each other throughout the Onboarding Process, there can be disparities in information, inaccurate understanding of the system and why you are joining it, and delays in getting documents/information sent to the Onboarding Team.
Nomos One does not provide or purport to provide any accounting, financial, tax, legal or any professional advice. Nomos One is not responsible or liable for any claim, loss, damage, costs or expenses resulting from your use of or reliance on these resource materials. It is your responsibility to obtain accounting, financial, legal and taxation advice to ensure your use of the Nomos One system meets your individual requirements.