Seeking to increase visibility of lease portfolio and assure IFRS compliance.
Austin, TX, October 29, 2019 - Accruent, the world’s leading provider of intelligent solutions for the built environment, announced today that Schneider Electric, the leader in digital transformation of energy management and automation, has selected Lucernex Lease Administration and Accounting to manage its real estate and equipment leases and assure compliance with IFRS 16 lease accounting provisions.
While the world’s top 50 leasing markets have seen business volumes increase by 16.6% year-over-year, a December 2018 Deloitte global survey found that only 6% of companies surveyed indicated that they were fully prepared for upcoming changes to lease accounting standards. Adapting to new standards is a challenging task, especially for organizations that engage in many real estate and equipment leasing transactions. Additional challenges arise when companies manage leases on a global scale and must account for different languages and currencies. However, some organizations are taking advantage of the new compliance requirements and making lease management and accounting a strategic part of their business – looking at ways to create processes to generate efficiencies and provide transparency leading to making better decisions and fostering communication across the organization.
Headquartered in Rueil-Malmaison, France, Schneider Electric is a Fortune Global 500 company with annual revenues in excess of $28 Billion, more than 1,000 different sites and various types of operations in more than 100 countries. Because Schneider Electric has a sizeable portfolio of leased equipment and hundreds of real estate leases, the company made the strategic decision to implement a global lease management solution as part of a transition from a variety of information systems to an integrated and agile solution. By implementing a comprehensive lease administration and accounting solution, Schneider is now able to automate workflows, increase visibility of their global lease portfolio, and improve the speed and quality of lease management decisions, whilst seamlessly exchanging data between operational lease management and accounting modules.
Schneider sought a best-in-class cloud-based software that would provide audit trails, meet technical and information security requirements and a software vendor that could deliver a fast, cost-effective implementation. After thorough review, Schneider selected Accruent’s Lucernex Lease Administration and Accounting solution.
Accruent’s Lucernex Lease Administration and Accounting helps hundreds of companies track their leasing obligations to assure compliance with FASB, IASB and GASB requirements as well as make informed business decisions to maximize the return on lease investments. Accruent’s Lucernex software manages both real estate and equipment leases for some of the most recognizable brands in the world.
“Schneider Electric is the leader of the digital transformation of energy management and automation,” notes Andrew Schafer, Senior Vice President, International, Accruent. “Their digital transformation will allow them to dedicate more resources to making energy more affordable and reduce the environmental impact of energy usage. We are excited to work with them.”