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Accruent Lucernex

Score7.9 out of 10

26 Reviews and Ratings

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Community insights

TrustRadius Insights for Accruent Lucernex are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.

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.

Reviews

19 Reviews

Great Lease Accounting System

Rating: 9 out of 10
Incentivized

Use Cases and Deployment Scope

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.

Pros

  • CAM/RET reconciliations
  • SL rent schedules

Cons

  • 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.

Likelihood to Recommend

I do not have any scenarios yet, as we are just in the middle of implementing.
VU
Verified User
Manager in Corporate (5001-10,000 employees)
Vetted Review

Good value for our needs

Rating: 8 out of 10
Incentivized

Use Cases and Deployment Scope

Lucernex is used to house our real estate and equipment leases to prepare for ASC 842 adoption.

Pros

  • Training

Cons

  • Focusing on customer needs rather than trying to "upsell."

Likelihood to Recommend

Lucernex is well suited for real estate leases, particularly companies with a large portfolio of leases to accumulate.
VU
Verified User
Manager in Finance and Accounting (1001-5000 employees)
Vetted Review

My day of training at Accruent

Rating: 9 out of 10
Incentivized

Use Cases and Deployment Scope

We are using Lucernex for all our tower, ground, easement leases (over 900). We previously were using Siterra but are moving to this platform.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

Great for Leasing especially when you have a lot of leases
CE
Charlotte Eddy
Leasing Coordinator in Engineering at Educational Media Foundation K-LOVE & Air1 Media Networks (201-500 employees)
Vetted Review
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Lease Accounting Software Review

Rating: 9 out of 10
Incentivized

Use Cases and Deployment Scope

We are using this product for straight-line rent schedules and the new FASB lease accounting standard.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

This seems to be a large, robust program that assists companies in all aspects of leases.
VU
Verified User
Account Manager in Corporate (5001-10,000 employees)
Vetted Review
Accruent Lucernex
1 year of experience

I really enjoyed the review!

Rating: 9 out of 10
Incentivized

Use Cases and Deployment Scope

We use Lucernex for accounting and for our leases for the new ASC 842 .

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

I like that we can run detailed reports through Lucernex and I believe that it will be very helpful.
AG
Austin Gant
Accountant in Corporate at Surgery Partners, Inc (5001-10,000 employees)
Vetted Review
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Good Tool, So Far . . .

Rating: 8 out of 10
Incentivized

Use Cases and Deployment Scope

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.

Pros

  • Data Aggregation and Centralization.
  • Ease of Use.
  • API Integration for ERP.

Cons

  • 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.

Likelihood to Recommend

Lease Accounting.
VU
Verified User
Program Manager in Finance and Accounting (501-1000 employees)
Vetted Review

Solid tool, intuitive platform

Rating: 8 out of 10
Incentivized

Use Cases and Deployment Scope

Lucernex is going to be used across the organization, and it allows us to centralize our lease portfolio information.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

It's well suited to manage a lease portfolio.
JM
Joseph Mroczek
Finance Team Lead in Finance and Accounting at Jump Trading LLC (201-500 employees)
Vetted Review
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Great Training on Lease Accounting Software

Rating: 7 out of 10
Incentivized

Use Cases and Deployment Scope

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.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

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.
VU
Verified User
Manager (1001-5000 employees)
Vetted Review

Lease Accounting Solution

Rating: 10 out of 10
Incentivized

Use Cases and Deployment Scope

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.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

Professional demo, and good training program that walks you through processes.
VU
Verified User
Professional in Finance and Accounting (1001-5000 employees)
Vetted Review

Lucernex implementation off to a great start!

Rating: 9 out of 10
Incentivized

Use Cases and Deployment Scope

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.

Pros

  • 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.

Cons

  • 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.

Likelihood to Recommend

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.
BK
Bryan Kelly, CPA, CFE, MBA
Sr. Financial Analyst in Finance and Accounting at MSA - The Safety Company (1001-5000 employees)
Vetted Review
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