Accruent Partners with Sephora to Provide Lease Administration Software
Sephora has an impressive stature in the retail market, so we’re pleased that they have selected Accruent.
Austin, Texas, May 3, 2017 – Accruent, the world’s leading provider of software and services that enable organizations to shape, drive, manage and control their physical assets, today announced that its lease administration software has been selected by Sephora, allowing the specialty beauty retailer to manage leases for more than 400 locations in the United States, Canada and Puerto Rico.
In 2016, FASB announced the new accounting standard, ASC 842, which requires non-governmental companies and organizations to include lease obligations on their balance sheets. For lessees, the recognition of lease-related assets and liabilities, as well as changes to the timing of lease expense recognition, could have significant financial reporting and business implications.
Accruent enables its customers to make needed lease reporting changes in real time by actively monitoring the changes to the lease accounting standards and incorporating them into its lease administration software. The solution manages core financial data for the generation, management and reporting of lease standards.
Additionally, Sephora will have access to other capabilities in Accruent’s software including co-tenancy, key date notifications, and robust reporting for increased visibility into the status of their leases and greater control over their lease administration.
“Sephora has an impressive stature in the retail market, so we’re pleased that they have selected Accruent,” said John Borgerding, CEO, Accruent. “By insourcing lease management with Accruent’s software, Sephora can attain greater visibility, cost savings, and ROI, much-needed advantages in today’s market.”