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.
Recent Reviews
Product Details
- About
- Integrations
- 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% |
Comparisons
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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
(1-19 of 19)Companies can't remove reviews or game the system. Here's why
September 17, 2018
Great Lease Accounting System
We are about 1/2 way through the implementation. We will be using it to calculate our current SL rent and the new 842 schedules.
- CAM/RET reconciliations
- SL rent schedules
- You can customize it to the point it could be too customized and hard to report on the data I think.
- The configuration is pretty complex.
September 14, 2018
Good value for our needs
Lucernex is used to house our real estate and equipment leases to prepare for ASC 842 adoption.
- Training
- Focusing on customer needs rather than trying to "upsell."
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
I really enjoyed the review!
We use Lucernex for accounting and for our leases for the new ASC 842 .
- Lucernex allows for a large amount of leases to be together and reviewed.
- Lucernex has many options that fit leases and allow me to group certain leases together.
- I am interested to see how the reports will run with our leases and how we will be able to view and transport those.
- I like that there are many options but sometimes too many options can be overwhelming.
- Having questions that need answered be answered quicker so everyone can hear the solutions.
September 12, 2018
Good Tool, So Far . . .
Our firm is currently using Lucernex within the Finance department to support other business units across the firm. It is providing for us FASB compliance, ERP integration, data centralization and better system controls.
- Data Aggregation and Centralization.
- Ease of Use.
- API Integration for ERP.
- Training, Training, Training - Knowledge Base of Trainers on the Product seems limited. Training is TOO long, and can probably be accomplished via web based versus in room.
- Implementation PM/SME seems knowledgeable in accounting, but lacks the system and technical knowledge desired.
- Communication is SLOW with our PM, and makes progress seem slower.
September 12, 2018
Solid tool, intuitive platform
Lucernex is going to be used across the organization, and it allows us to centralize our lease portfolio information.
- Intuitive interface with good transparency of data.
- Ability to API with other systems to allow for more seamless data transfer.
- Clean and customizable reporting that's easy to execute.
- More interaction with PMs on implementation.
- Ability to API with external data sources for functional reference data, e.g. CPI indices.
- More transparency into the process during implementation.
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.
September 12, 2018
Lease Accounting Solution
Lucernex Lease Administration & Accounting has been procured to help accounting and reporting efforts to adhere to the new ASC 842 & IFRS 16 lease accounting standards. We are in the pre-implementation data collection stages and we hope during implementation to solve our challenges with lease tracking, and accounting for lease expense under the new standards.
- During our sales meeting where the product/content expert demoed the tool I was very impressed on how knowledgeable he was and how the lease admin tool operates and its capabilities are structured.
- The Lease Admin Tool in my opinion, is organized, and easily adaptable to our company needs. Shouldn't be a large learning curve for new hires.
- The training was great, had no issues, all trainers were knowledgeable and helpful anytime anyone had a question.
- We asked the demo expert to prepare the system to show how it would handle a real life scenario, and they were unable to do so.
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
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.
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
Let's go Lucernex!
Our organization is in the infancy of the implementation of the Lucernex Lease Administration platform. The Leasing Team will be using Lucernex to manage our leasing portfolio, as well as assisting Accounting in meeting the new FASB accounting standards.
- Lucernex has the ability to meet the FASB standards.
- Lucernex has easy to use reporting tools that will meet the needs of our organization.
- I would like to have had the ability to have access to a demo environment during the evaluation phase to get a better real world feel for the software. As I was in the selection process, there was not a lot of detailed information on the leasing modules.
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.
July 09, 2018
I would chose Lucernex again and again - great vendor relationship and excellent product functionality
We use Lucernex in multiple departments within our organization - Legal, Real Estate, Finance, Tax, AP, Construction, Operations, and Procurement. We use the product to manage the negotiation of store sites and their leases, the building of the stores, and the management of the leases - from payment of rent to the accounting for the leases. We are also now processing our equipment leases out of the product to comply with the new FASB/IASB compliance.
- Lucernex does an excellent job of listening to its customers to continue enhancing the product to make it the best in the industry and to continue to partner with their customers on this endeavor.
- Lucernex's product is an intuitive product that allows its end users to customize and manager their own fields and pages to tailor individual company's needs.
- While training classes are very in-depth and well taught - we would like to see more on-line classes offered.
- While the reporting feature is easy to use, we would like to see better training/capabilities created for more in depth reporting across modules and for more complex report features.
April 06, 2018
Not for everyone
We in Real Estate use Lucernex to house all our data and also link to Accounts Payable to pay the rent. It helps us automate the rent roll process.
- It has the capacity to store a lot of data
- It's easy to log into
- There is very little downtime
- The structure of the software as a whole is very rigid and changes/improvements are hard to come by
- Search functionality is inexplicably terrible in terms of quickly narrowing results
- The reporting system is unintuitive and cumbersome
- The user interface is difficult to change
- Getting support can be extremely slow, even when we've expressed that a matter is of high priority
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
April 04, 2018
Lucernex Review
We use Lucernex Lease Administration to track all of our lease related data and accounting functions. We use it within our leasing department and have integrations built in to communicate with our accounting system. We use the system to pay our rents, calculate accruals, and do our accounting entries for FASB compliance.
- Allows me to customize my fields, pages, and reports to meet my needs.
- Makes our accounting processes more efficient.
- Realizes how the retail world works and is able to fit the product to meet our needs.
- Training - more in depth training for users
- More robust reporting without the need for Java or advanced reporting knowledge.