Lucernex implementation off to a great start!
Bryan Kelly, CPA, CFE, MBA | TrustRadius Reviewer
September 12, 2018

Lucernex implementation off to a great start!

Score 9 out of 10
Vetted Review
Verified User
Review Source

Modules Used

  • Lease Administration & Accounting for Real Estate
  • Lease Administration & Accounting for Equipment

Overall Satisfaction with Lucernex Lease Administration & Accounting, an Accruent company

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.
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.
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.
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.