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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.https://dudodiprj2sv7.cloudfront.net/product-logos/2l/gy/HQD2LEW5C0CK.JPEGLucernex 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.,9,FASB compliance is our sole reason for using Lucernex. The significant amount of data requirements that go into the calculation would be most accurately stored in a system that will perform calculations and lease administration for you. Lucernex does a great job (thus far) of showing us how we are going to be able to utilize that data in the software.,I would chose Lucernex again and again - great vendor relationship and excellent product functionalityWe 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.,10,Lucernex will be handling the management of the new FASB/IASB standards for our company. We were very pleased with its management of our Straight Line rent accounting and look forward to its management of the new standard.,Lucernex manages all of our store and equipment leases extremely effectively.,Lucernex was able to complete our business objective to manage and process all of our Lease Accounting entries within the software. Lucernex has enabled all of our departments to become better connected, work together to create synergies and transparency to better meet business objectives.,CoStar Real Estate Manager, Tririga and AMTdirectLucernex reviewWe 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.,5,ASC tests and schedules.,My day of training at AccruentWe 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.,9,Will be utilized when we completely implement.,In-person training,7,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.,9,It will be an important piece in our compliance with FASB.
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Lucernex Lease Administration & Accounting, an Accruent company
25 Ratings
Score 7.7 out of 101
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Lucernex Lease Administration & Accounting Reviews

Lucernex Lease Administration & Accounting
25 Ratings
Score 7.7 out of 101
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Bryan Kelly, CPA, CFE, MBA profile photo
September 12, 2018

Lucernex Lease Administration & Accounting Review: "Lucernex implementation off to a great start!"

Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
I believe Accruent is well suited for companies with a large amount of leased assets that need to be accounted for under the new accounting standard. Companies with fewer leases would not need an intricate tool of this size. It is suited for both real estate and equipment leases, which makes up the entirety of our portfolio.
Read Bryan Kelly, CPA, CFE, MBA's full review
Kimberly F Williams, Esq. profile photo
July 09, 2018

Lucernex Lease Administration & Accounting Review: "I would chose Lucernex again and again - great vendor relationship and excellent product functionality"

Score 10 out of 10
Vetted Review
Verified User
Review Source
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.
Lucernex is well suited to meet our company's need to manage our multiple retail concepts. Because we manage our own field and pages, we can configure the system to meet our different needs across our concepts and our ever-changing business needs.
Read Kimberly F Williams, Esq.'s full review
Jennifer Day, CPA profile photo
September 12, 2018

Lucernex Lease Administration & Accounting: "Lucernex review"

Score 5 out of 10
Vetted Review
Verified User
Review Source
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.
We haven't fully implemented yet, so this is still to be determined, but overall I would like the system to be more intuitive/user friendly.
Read Jennifer Day, CPA's full review
Charlotte Eddy profile photo
September 13, 2018

Lucernex Lease Administration & Accounting Review: "My day of training at Accruent"

Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
Great for Leasing especially when you have a lot of leases
Read Charlotte Eddy's full review
Austin Gant profile photo
September 12, 2018

Lucernex Lease Administration & Accounting: "I really enjoyed the review!"

Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
I like that we can run detailed reports through Lucernex and I believe that it will be very helpful.
Read Austin Gant's full review
Joseph Mroczek profile photo
September 12, 2018

Lucernex Lease Administration & Accounting Review: "Solid tool, intuitive platform"

Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
It's well suited to manage a lease portfolio.
Read Joseph Mroczek's full review
Trina Tarczy profile photo
September 12, 2018

Lucernex Lease Administration & Accounting Review: "Let's go Lucernex!"

Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
Lucernex is well suited for FASB compliance, lease tracking and lease accounting.
Read Trina Tarczy's full review
No photo available
September 12, 2018

Lucernex Lease Administration & Accounting Review: "Great Training on Lease Accounting Software"

Score 7 out of 10
Vetted Review
Verified User
Review Source
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 are having to re kick-off due to not having the appropriate scope the first time. Once the Accruent team recognized the miss in our implementation, they were quick to escalate and provide us with a project reset to ensure its success.
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September 12, 2018

Lucernex Lease Administration & Accounting Review: "Hope for a Promising Software, but Have Implementation Concerns"

Score 6 out of 10
Vetted Review
Verified User
Review Source
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.
While we have not used the software, there is a lot of frustration with the implementation process. Based on this alone, I would, at this time, be reluctant to recommend the software.
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September 12, 2018

Lucernex Lease Administration & Accounting Review: "We chose Lucernex for our FASB accounting and reporting needs"

Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
Lucernex appears to be well-suited for companies with many Real Estate leases to manage. We are still in our implementation process and do not have enough information yet to determine scenarios in which Lucernex may not be an appropriate choice.
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September 12, 2018

Lucernex Lease Administration & Accounting Review: "Getting ready to implement..."

Score 5 out of 10
Vetted Review
Verified User
Review Source
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.
I think Lucernex is worth looking into due to its highly configurable and detailed components. We also like that it can be used for leases and equipment. We have not used the system yet, but through the training it seems that the reporting will provide the information we need for our quarterly financial statement needs.
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September 17, 2018

Lucernex Lease Administration & Accounting Review: "Great Lease Accounting System"

Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
I do not have any scenarios yet, as we are just in the middle of implementing.
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September 14, 2018

Lucernex Lease Administration & Accounting Review: "Good value for our needs"

Score 8 out of 10
Vetted Review
Verified User
Review Source
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."
Lucernex is well suited for real estate leases, particularly companies with a large portfolio of leases to accumulate.
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September 12, 2018

Lucernex Lease Administration & Accounting: "Lease Accounting Software Review"

Score 9 out of 10
Vetted Review
Verified User
Review Source
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.
This seems to be a large, robust program that assists companies in all aspects of leases.
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September 12, 2018

Lucernex Lease Administration & Accounting Review: "Good Tool, So Far . . ."

Score 8 out of 10
Vetted Review
Verified User
Review Source
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.
Lease Accounting.
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September 12, 2018

Lucernex Lease Administration & Accounting Review: "Lease Accounting Solution"

Score 10 out of 10
Vetted Review
Verified User
Review Source
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.
Professional demo, and good training program that walks you through processes.
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William Rose profile photo
April 05, 2018

Lucernex Lease Administration & Accounting Review: "Lucernex! Providing You A Lease On Life. The Real Estate Life."

Score 8 out of 10
Vetted Review
Verified User
Review Source
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
The Lucernex software can be perfectly tailored to suit a company's needs. If certain data needs to be captured within your portfolio that isn't delivered out of the box, data fields and customization can easily be placed on pages to house this data. I think any company large or small could use Lucernex, as little or as much as they want to. As a company, we started out planning to use it for tasks A & B, and now use it for C,D,E & F! It also works as a great tool for our Lease Admin folks to keep track of lease renewals and terms.
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Jessica Mihm profile photo
April 04, 2018

Lucernex Lease Administration & Accounting: "Lucernex Review"

Score 10 out of 10
Vetted Review
Verified User
Review Source
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.
A retail company with at least 100 leases that need to be tracked - might be cost effective with a smaller company.
Read Jessica Mihm's full review
No photo available
April 06, 2018

Lucernex Lease Administration & Accounting Review: "Not for everyone"

Score 1 out of 10
Vetted Review
Verified User
Review Source
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
From what I've been told this is a more appropriate program for retail companies. It's less appropriate when you want the program to be tailored to your specific needs.
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Lucernex Lease Administration & Accounting Scorecard Summary

About Lucernex Lease Administration & Accounting

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.

Lucernex Lease Administration & Accounting Features

Has featureFASB/IASB Compliant
Has featureLease Accounting
Has featureLease Administration
Has featureReal Estate Leases
Has featureEquipment Leases
Has featureSeamless ERP Integration
Has featureRisk Mitigation

Lucernex Lease Administration & Accounting Integrations

Yardi Property Management, SAP, Oracle, Peoplesoft, Workday

Lucernex Lease Administration & Accounting Competitors

COSTAR, Tririga, Lease Accelerator

Pricing

Does not have featureFree Trial Available?No
Does not have featureFree or Freemium Version Available?No
Has featurePremium Consulting/Integration Services Available?Yes
Entry-level set up fee?Required

Lucernex Lease Administration & Accounting Customer Size Distribution

Consumers
%
Small Businesses (1-50 employees)
5%
Mid-Size Companies (51-500 employees)
40%
Enterprises (> 500 employees)
55%

Lucernex Lease Administration & Accounting Support Options

 Free VersionPaid Version
Phone
FAQ/Knowledgebase
Social Media
Video Tutorials / Webinar
Email
Forum/Community

Lucernex Lease Administration & Accounting Technical Details

Deployment Types:SaaS
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