Herc Rentals has selected Lucernex Lease Administration and Lucernex Rent Accounting to manage its real estate leases. Because of upcoming FASB Topic 842 and IASB IFRS 16 effective dates, transparency into leases and lease accounting is extremely important. Lucernex Lease Administration and Rent Accounting solutions provide visibility through a cloud-based solution, the company said.
The Lucernex platform is designed to enable administrators to proactively manage leases and contracts to stay in control of their real estate costs.
“When looking at real estate software options, Lucernex’s reputation and products stood out above the rest,” said Anne Maria Burchill, director of real estate and lease administration at Herc Rentals. “We needed a solution that could integrate with the ERP, provide comprehensive reporting, and meet FASB and IASB requirements. Lucernex’s integration, reporting and calculation capabilities add tremendous value. We will greatly be able to improve our internal processes and save time and money.”
The programs include portfolio analysis, rent forecasting, sublease management and percentage rent calculations. The programs facilitate Herc being able to be sure it is paying correct amounts to landlords for rent, common area maintenance and more.
“FASB and IASB’s new regulations will be impacting all companies with leases and these companies need to have one source of truth throughout the transition,” said Lucernex co-founder and president Joe Valeri. “Lucernex software will be that resource for Herc Rentals and we look forward to supporting them through their continued success.”
Lucernex produces analytics, market planning, site selection, real estate contact management, equipment contract management, project management, facility management and maintenance management solutions.