AUSTIN, Texas--(BUSINESS WIRE)--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.”
Accruent provides software and services that enable organizations to shape, drive, manage and control their physical assets. Accruent’s solutions are at work in more than 5,800 leading organizations worldwide, including 40 of the top 100 retailers, 25 percent of the Fortune 500, 40 percent of leading universities, all 4 of the top U.S. wireless carriers, 55 percent of U.S. hospitals as well as leading service providers managing more than 15 billion square feet of property. Founded in 1995, Accruent is headquartered in Austin, Texas, with locations across the U.S. and in Canada, China, India, Israel, Germany and the United Kingdom. For more information, visit www.accruent.com.
Sephora is a leader in global prestige retail, teaching and inspiring clients to play in a world of beauty. Sephora has earned its reputation with its expertise, innovation, and entrepreneurial spirit, and has been a pioneer in an unbiased approach to experiential retail since its debut in Paris in the early 1970’s. A year after its acquisition by luxury group LVMH Moët Hennessy Louis Vuitton in 1997, Sephora expanded to North America with a revolutionary store model that broke the beauty experience mold, and continues to evolve today. Now with more than 430 stores in the Americas—including US, Canada, Mexico, and Brazil—plus nearly 600 inside JCPenney, Sephora has become a leading international beauty destination with over 2,300 locations in 33 countries, plus an award-winning website, and intuitive mobile apps. At Sephora, whether beauty is an obsession or part of a routine, clients have the opportunity to play with 14,000 products from 200 carefully curated brands, featuring indie darlings, emerging favorites, trusted classics, and Sephora’s own, SEPHORA COLLECTION. In store, the client can access personalized recommendations at the Beauty Studio through interactive technology like the IQ systems, and garner a new look with makeovers, complimentary classes, hands-on events, and one-on-one consultations, all assisted by Sephora’s expertly trained beauty advisors who offer unbiased advice on every brand, in every beauty category. Online clients interact with an inclusive beauty community on the award-winning Beauty Board, interactive Beauty Talk, and through social media @Sephora. On their mobile device, clients can get inspired to try new looks through groundbreaking digital innovations, like Sephora Virtual Artist, and access one-of-a-kind, mobile-first experiences, like The Beauty Uncomplicator and Swipe It Shop It. And Sephora Beauty Insider clients feed their beauty addiction with unique rewards and customized one-of-a-kind experiences. Sephora offers endless ways to explore beauty. With Sephora Stands, Sephora’s multi-pronged social impact program, the retailer continues to support its community and its people via Sephora Accelerate, Classes for Confidence and Sephora Stands Together. For the latest, visit Sephora.com.