Accruent Selected by JetBlue as Lease Administration and Accounting Software Provider

Airline's First Centralized Solution to Manage Leases and Ensure Compliance with New FASB Standards

Accruent, the world's leading provider of physical resource management solutions, announced today that JetBlue Airways JBLU has selected Accruent's lease administration and accounting software to manage their lease processes and ensure FASB/IASB compliance.

With flights to more than 100 destinations across the US, Caribbean, and Latin America, the airline delivers the JetBlue Experience to 40 million customers annually. Accruent's lease administration and accounting software solution allows JetBlue to manage and monitor the highly sophisticated lease agreements between the airline and airport terminals from which they lease space and equipment.

"With hundreds of assets to account for, we needed a solution that would help automate our processes, ensuring that we don't overlook important dates and notifications," said LeAnna Buchwald, Assistant Controller, JetBlue. "JetBlue has had lease management solutions in the past. Accruent is the airline's first centralized solution. This software will simplify our processes, making sure we are in compliance with FASB reporting standards."

With new FASB and IASB standards set to take place effective January 1, 2019, public companies must ensure that every single lease is accounted for and recorded on their balance sheet – a daunting task for airlines that have hundreds of leases to maintain. As a result, companies like JetBlue are taking steps to tighten up their administrative processes to ensure that compliance is met.

In addition to enabling JetBlue to process and report core financial data in accordance with the new FASB standards, Accruent's software provides enhanced visibility and control over rent and expense obligations across the enterprise.

"Complying with the new FASB/IASB standards can be extremely challenging for companies with sophisticated lease agreements," said John Borgerding, CEO, Accruent. "With Accruent, JetBlue can use a single provider and build on one platform to support compliance, mitigate risk, and gain transparency into their entire lease portfolio."

About Accruent

accruent.com, @accruentllc

Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. Its innovative, industry-leading cloud-based software and services enable organizations to optimize all stages of real estate, facilities and asset management, from capital planning through to IoT-based monitoring and control. With a proven track record across two decades, Accruent has created the only integrated SaaS-based framework and reporting platform for full lifecycle physical resource management. More than 10,000 global customers depend on Accruent solutions to drive out hidden costs, extend asset lifecycles, protect their brands, ensure compliance and deliver on the missions of their organization. Headquartered in Austin, Texas, Accruent serves a wide range of industries in more than 150 countries around the world.

About JetBlue

JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles (Long Beach), Orlando, and San Juan. JetBlue carries more than 40 million customers a year to 102 cities in the U.S., Caribbean, and Latin America with an average of 1,000 daily flights. For more information please visit jetblue.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181016005061/en/