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Lucernex is a versatile software solution that addresses the challenges of lease administration and compliance with accounting standards …
Overview
What is Accruent Lucernex?
Accruent acquired Lucernex in 2017 to boost its IWMS or asset management portfolio. Lucernex Lease Administration & Accounting is a real estate lifecycle management platform emphasizing compliant financial contracts and accountancy.
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Product Details
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- Competitors
- Tech Details
- FAQs
What is Accruent Lucernex?
The Lucernex Lease Administration and Accounting
solution allows companies to manage the most complex real estate and equipment
lease scenarios, mitigate risk, and achieve ultimate FASB/IASB compliance. By
empowering companies to achieve their mission and enable better decision making,
processes become standardized and visibility into real estate and equipment
leases increases.
Accruent Lucernex Features
- Supported: FASB/IASB Compliant
- Supported: Lease Accounting
- Supported: Lease Administration
- Supported: Real Estate Leases
- Supported: Equipment Leases
- Supported: Seamless ERP Integration
- Supported: Risk Mitigation
Accruent Lucernex Video
Banfield Pet Hospital | Accruent Case Study | Lucernex
Accruent Lucernex Integrations
- Yardi Voyager
- SAP
- Oracle
- Peoplesoft
- Workday
Accruent Lucernex Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
| Supported Countries | All |
| Supported Languages | Chinese Simplified, Chinese Traditional, Dutch, English, French, German, Japanese, Korean, Portuguese, Russian, Spanish, Thai, Turkish |
Frequently Asked Questions
Accruent acquired Lucernex in 2017 to boost its IWMS or asset management portfolio. Lucernex Lease Administration & Accounting is a real estate lifecycle management platform emphasizing compliant financial contracts and accountancy.
Reviewers rate In-Person Training highest, with a score of 7.7.
The most common users of Accruent Lucernex are from Enterprises (1,001+ employees).
Accruent Lucernex Customer Size Distribution
| Consumers | 0% |
|---|---|
| Small Businesses (1-50 employees) | 5% |
| Mid-Size Companies (51-500 employees) | 40% |
| Enterprises (more than 500 employees) | 55% |
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Reviews and Ratings
(26)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
Lucernex is a versatile software solution that addresses the challenges of lease administration and compliance with accounting standards such as ASC 842 and IFRS 16. Users across various departments including Legal, Real Estate, Finance, Tax, AP, Construction, Operations, and Procurement rely on Lucernex to streamline and improve their lease management processes.
One key use case of Lucernex is in the negotiation and management of store leases. It helps users efficiently handle the negotiation of store sites, track lease-related data, process rent payments, and generate reports for lease administration purposes. Additionally, Lucernex facilitates equipment lease management for FASB/IASB compliance.
Another important use case is the centralization of lease portfolio information. With Lucernex, users can house all their leases in one place and access critical data whenever needed. This not only ensures compliance with ASC 842 regulations but also enables better control over lease-related accounting functions such as rent accruals and payment processing.
Moreover, Lucernex integrates seamlessly with ERP systems for rental transactions and supports straight-line rent and percent rent accruals. This integration enhances data accuracy and enables efficient financial reporting. The software empowers accounting and supply chain departments to adhere to FASB guidelines while facilitating lease administration tasks.
Overall, Lucernex Lease Administration & Accounting provides a comprehensive solution for tracking leases, managing lease expenses, ensuring regulatory compliance, centralizing data, and improving system controls. It is a valuable tool for organizations seeking to streamline their lease management processes and meet accounting standards effectively.
Attribute Ratings
Reviews
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September 12, 2018
Great Training on Lease Accounting Software
Lucernex Lease Administration & Accounting is being used by our company to serve as a lease document repository and Lease Admin management system as well as to manage our Lease Accounting according to the new ASC 842 regulations.
- The classroom and web-base training experience were very well-executed. Instructors and SME's in training were knowledgeable and helpful.
- Upper management oversight of the projects provides the customer with confidence knowing that if escalations need to occur, issues will be handled.
- Management was quick to make it right and switch our team when they recognized that there were some fundamental pieces missing from our initial SOW for our project.
- The sales person we worked with seemed to have some communication gaps when passing off to the implementation team.
- The implementation start was rocky due to enduring disconnect on our needs versus what was included in the SOW.
- As a client, we were not clear on what was fundamentally included in our SOW and how that would impact the end-product.
We already use another Accruent program and plan to transition additional modules next year, so we did not evaluate other companies specifically for the Lease Admin/Accounting piece. We looked at Lucernex as a whole Real Estate lifecyle and it offered us the most in terms of configuration for all of our real estate needs.
September 12, 2018
Lucernex implementation off to a great start!
Initially, we are using Lucernex to implement the new ASC 842 accounting standard. Once it is up and running, we will be utilizing it as a lease portfolio oversight tool for management. Our organization had a very decentralized lease administration process prior to implementing the software. Once it is up and running, we will have a much improved lease administration process.
- Accruent provides us with continuous customer support throughout our implementation of Lucernex by having running weekly calls with us to talk through and problems we may be having and to keep us updated on changes in the system.
- The software is custom, so you can fit the software to your specific needs as a company. For example, we will not be utilizing the payment functionality. Accruent works with you to ensure the system is set up for the way you plan to use it.
- The mix of in house and online training is perfect for our busy schedule.
- Experience with the software: from what we have witnessed thus far, there are a lot of new hires at the company that are still getting a handle on the software. This will only improve with time, as I am sure the new accounting standard caused a mad scramble to ensure the appropriate amount of resources are available for the influx of customers looking for a lease accounting solution.
- Compartmentalized training may be an issue. We noted that a more advanced reporting training is available, which was not included in our scope of work. In addition, training on the equipment side of the software was not included. The training provided should be comprehensive of the way you are using the software.
SAP and IBM's offering was overly intricate for our needs. Their costs were out of our budget range. We also looked at services from external audit firms, which showed the same result.
September 12, 2018
We chose Lucernex for our FASB accounting and reporting needs
Lucernex is being used by our organization primarily to support our adoption of FASB ASC 842 and to manage our leases through a software solution versus Excel.
- Lucernex provides a great platform for linking all key lease data together and generating the related accounting detail and the reports that will be important for our financial reporting purposes. The system will enable us to also manage the day-to-day maintenance of our lease contracts and will streamline our audit processes as well.
- For our particular organization, since we are not able to integrate Lucernex with our ERP, there are more manual requirements that we will need to find work-arounds or some efficiencies to navigate. For example, since we will not be integrated to our accounting system, once we post the accounting entries from Lucernex, we will be required to manually update each contract record in Lucernex to indicate that it has been processed/posted so that future calculations work correctly.
- We have also identified instances in which we need to input the same data in multiple screens to update the contract/records. These are informational fields (not used for calculations), but we are unsure why the data we enter in one section of the contract is not routed to flow through to the other informational sections as well. This could save duplicative work if it could be corrected.
- In-person training
The capabilities of Lucernex fit our needs and it appears to be a cost effective choice.
September 12, 2018
Getting ready to implement...
We are currently implementing Lucernex Lease Administration in our accounting department to assist with the adoption of the ASC842 guidelines. We hope to achieve better business processes and reporting.
- The system appears to be highly configurable to meet our needs.
- The system covers all aspects of leases imaginable providing functionality for all situations that may come up.
- We haven't used the system yet to provide any example.
- Online training
We felt Lucernex had a good balance between real estate leases and equipment leases.
We currently use LX to house over 800 store leases, mainly for use by our Corporate Accounting and Real Estate departments. We pay all rental transactions through the system, which integrates to our ERP. We book straight-line rent and percent rent accruals and are now in the middle of the transition to FASB 842. Real estate uses the system to run reports used in lease negotiations, or lease admin, such as notice dates. Our Financial Reporting department utilizes many different reports within LX for disclosures in our SEC reporting packages.
- Large product family allows them to use technology from one product to improve another
- Helpdesk/Ticket system is very user-friendly, Support team responds very quickly to answer issues
- They have been very receptive and inviting to user feedback as far as improvements to the software
- Would like to see more webinars/online training or best practice sessions and documentation on various modules within Lucernex
- Lease negotiation process has improved, we are able to make quicker, sound decisions with all the data at our fingertips
- Internal and external reporting has been enhanced through the use of the reporting module. Reports can be easily made and tailored for reporting needs
- Percent rent and straight line accruals are now automated through the system which cuts down on manual user error from previously using spreadsheets
- Online training
- N/A
I cannot recall exactly what other products we reviewed before choosing Lucernex, but one of the leading factors was how highly customizable the software was. We had previously been using Retail Lease which was an older program with buckets of data stored everywhere. During the data mapping process, we were able to easily find a home for all of this "random" data.