We chose Lucernex for our FASB accounting and reporting needs
Anonymous | TrustRadius Reviewer
September 12, 2018

We chose Lucernex for our FASB accounting and reporting needs

Score 8 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

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.
We are implementing Lucernex primarily as a solution for our FASB ASC 842 compliance. We were previously using Excel for tracking and calculating our lease accounting, so we are looking forward to using the Lucernex solution for calculating, reporting, etc. in compliance with ASC 842.
  • In-person training
The trainers were knowledgeable and engaging in presenting the materials, and their emphasis on important concepts was helpful (I would rate the trainers themselves a 9!). However, I do not believe there's anything we learned in the in-person training that could not have been taught via live web-classroom. Traveling a significant distance (in our case) to Austin, TX for only approx. 12 hours in the classroom was (in my opinion) not necessary, since the same material could have been presented via live web-classroom and saved us the expense and travel-time. I would encourage Lucernex to consider moving to a live web-classroom format in the future; an online live format would still allow for participation and questions from the participants while saving clients' time and money.
The capabilities of Lucernex fit our needs and it appears to be a cost effective choice.
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.