“With the issuance of the FASB lease accounting standard, we understood that a new solution would be required to ensure we were in compliance," said Mark Knorr, senior manager of information services at Suburban Propane.
Dallas (PRWEB) May 16, 2017
Lucernex announced today that Suburban Propane, a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, has chosen Lucernex™ as their partner for lease accounting, lease administration and equipment contract management.
Suburban Propane carries supply agreements with approximately 40 oil companies and natural gas processors at approximately 180 supply points in the United States and Canada, so with its large leased fuel delivery fleet, selecting a FASB-compliant solution was of utmost importance.
“With the issuance of the FASB lease accounting standard, we understood that a new solution would be required to ensure we were in compliance. In addition to FASB compliance, choosing a solution that included lessor functionality was also high on our list,” said Mark Knorr, senior manager of information services at Suburban Propane. “Choosing a technology partner who would ensure that all of our lease data would be migrated seamlessly from our current database to the new solution was a high priority as well.”
Selecting Lucernex’s financial contracts and compliance solutions, Suburban Propane will be supported to mitigate the risk of manual asset tracking of both leased vehicles and computers equipment, and gain visibility across its leasing portfolio through advanced reporting methodologies.
“The upcoming FASB regulations has made transparency into leases and lease accounting an immediate need,” said Michael Nuzum, chairman of Lucernex. “We are proud to partner with Suburban Propane to support their operations and ensure their financial contracts remain compliant with the new standards.”
About Suburban Propane
Suburban Propane Partners has been in the customer service business since 1928. A Master Limited Partnership since 1996, Suburban is a value-oriented company managed for long-term, consistent performance. Headquartered in Whippany, New Jersey, Suburban is a nationwide marketer and distributor of a diverse array of products to meet the energy needs of our customers, specializing in propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. With approximately 3,400 full-time employees, Suburban maintains business operations in 41 states, providing prompt, reliable service to approximately 1.1 million residential, commercial, industrial and agricultural customers through 675 locations.
Founded by the industry innovators, Lucernex™ provides proven cloud-based real estate lifecycle management as well as financial contract and compliance solutions to companies in more than 70 countries across five continents. With a 99% client retention rate, the Lucernex solutions help more than 180 brands in tens of thousands of locations globally drive growth, manage capital and access real-time data for strategic decision making leading to increased shareholder value. Lucernex is the market leader in helping customers mitigate risk through regulatory compliance of the new FASB and IASB guidelines. Please visit Lucernex.com for more information.