TrustRadius Insights
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
(1-6 of 6)Companies can't remove reviews or game the system. Here's why
September 13, 2018
My day of training at Accruent
We are using Lucernex for all our tower, ground, easement leases (over 900). We previously were using Siterra but are moving to this platform.
- Easily able to maneuver around the site - resembles Salesforce platform that I am very familiar with.
- Ability to enter in both landlord and tenant leases, current system we are only able to enter in landlord leases.
- Offsets, alternative rent set ups are easy to set up and manipulate.
- Only thing so far we need to figure out is setting up split month escalations.
- Had glitches in the e-learning training as site would freeze.
September 12, 2018
Lease Accounting Software Review
We are using this product for straight-line rent schedules and the new FASB lease accounting standard.
- Great at interacting with clients at regular intervals.
- Very hands-on with training.
- It seems like we will be very confident in using the program once hand-off occurs.
- A lot of the kickoff event focused on walking us through the web platform. This was nice, but it would have been better if this had occurred after the on-site training in Austin.
- The kickoff event walked us through our database, but we had not loaded any data yet. It was a bit confusing not to have any sample data to review.
- The user interface with the online web training that was a pre-requisite before the on-site training was pretty awful. Not being able to log-in a pick up where you left off was annoying. Also, I completed the training, yet it showed as not being complete.
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.
September 12, 2018
Hope for a Promising Software, but Have Implementation Concerns
We are in process of implementing Lucernex in the accounting/finance department to assist in the adoption of ASC 842.
- The user interface is up to date and is relatively intuitive.
- We were misled that we would be utilizing Lucernex employees on our implementation. We have subcontractors from Sense Corp who do not seem that they are very familiar with the software. They often have to take questions away to ask (presumably Lucernex employees).
- The implementation process is very inefficient. The upload templates are not straightforward, and there are "required" fields that are not designated as "required". Also, the sheer number of upload templates that need to be populated does not seem like the best way to get our information into the software. A guide to denote what each field on the template actually represents would be helpful.
- You can tell that Lucernex is benefiting from the influx of business from ASC 842, and is trying to onboard as many clients as possible at the same time. This has caused a lack of attention to our implementation, and it shows with some frustration on our side with the implementation process.
September 12, 2018
Lucernex review
We are only in the implementation phase, but the goal is for this to be used by the accounting and supply chain departments. The intent behind using the software is to address concerns over new FASB standards as well as facilitate lease administration overall.
- Involved implementation team
- Narrowing down fields to only those necessary initially would make the program easier to use for first time users. The fact that it is so configurable seems to be working against us as a lot of the fields/tabs seem ambiguous and redundant (i.e. expense group, expense type, expense category; having to enter term dates and then having to update the detail screen with commencement date/end date.
- The system doesn't seem to flow easily between areas. It would be more helpful to have a sequential set of inputs that it automatically prompts you to take. Currently it seems like there are multiple steps that you have to just remember to complete one after the other.
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.