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.
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LeaseAccelerator
Score 7.0 out of 10
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LeaseAccelerator
provides enterprise lease lifecycle automation software that ensures long-term
compliance, improves operational efficiency, and frees up cash flow. The vendor states their Software-as-a-Service (SaaS) platform currently manages and
automates 800,000 real estate and equipment leases valued at $200 billion across
5 million assets in 172 countries that generated 8 billion journal entries.
LeaseAccelerator presents its platform as a solution for
growth, with a…
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.
Lease naming convention - Real Estate - Spacebase lease identifier along with an area indicator is used to identify real estate leases. The area indicator will appear as a suffix to the lease identifier as -AREA-XX where XX is a number. This convention is used in the event of a real estate lease that is tracked as a single lease in Spacebase that might be required to be a separate lease for accounting purposes in LeaseAccelerator. Note that for other integration requirements, the lease identifier is copied into the External Id field as well.
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.
LeaseAccelerator is very user friendly and easy to understand. Even if there are some new people who wants to learn this application can easily learn it and work on it.
Mostly its available. As there are not any outages, but as it's a software only so there are some errors which may have come but we they were not that much noticable.
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
I cannot recall exactly what other products we reviewed before choosing Lucernex, but one of the leading factors was how highly customizable the software was. We had previously been using Retail Lease which was an older program with buckets of data stored everywhere. During the data mapping process, we were able to easily find a home for all of this "random" data
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.
