Whether you have a single computer, or hundreds used in multiple locations, you have fixed assets that need to be managed. Fixed assets are anything purchased for long-term use (more than a year) and can include everything from the aforementioned computer, to furniture, printers, machinery, tools, vehicles, buildings, and land.
It’s because of that long-term usage that business owners need a method to properly manage their assets. While fixed asset software of the past typically utilized spreadsheets, newer products today allow business owners to utilize bar code technology to manage assets that are used off-premise, such as employee laptops or equipment and machinery. With today’s applications, business owners can also track maintenance schedules, location of the asset, current condition, and depreciation. These products also handle standard depreciation calculation using common depreciation methods such as Straight-Line, Double-Declining Balance, and Sum-of-the-Years’ Digits, and Units of Production, with businesses able to choose the depreciation method that is best suited for the type of assets they currently own.
Here are some additional reasons why fixed asset software can be useful:
- Better organization. Having all asset data stored in a single software application eliminates the need for multiple spreadsheets that track multiple assets.
- Better tracking. While business assets are typically stationery, other businesses need to be able to track off-premise assets, such as laptop computers, heavy equipment, and tools that are used outside the place of business. Fixed asset software makes it much easier to track asset location, usage, and even condition of the asset, with some applications offering maintenance schedules for any asset managed.
- More accurate reporting. Instead of accessing those spreadsheets again, business owners will be able to manage their assets right along with their other accounting tasks, which also reduces data entry and the potential for errors.
The products included in this review vary widely, with some designed as a module that works within the core application, while others offer extensive integration options and can be utilized with a variety of accounting and financial applications.
In this issue, we reviewed the following Fixed Assets and Depreciation products:
- Acumatica Fixed Asset Management
- Bloomberg Fixed Assets
- CCH ProSystem fx Fixed Assets
- Intuit Pro Series Fixed Assets Manager
- MoneySoft Fixed Asset Pro
- Pro-Ware Asset Keeper
- Sage Intacct Fixed Assets
- Thomson Reuters Fixed Assets CS
A chart is also available that highlights the major features and functionality of each product reviewed, with features such as deployment method, multiple book support, multiple depreciation methods available, and integration capability noted in the chart. The products included in the review can be utilized by business owners as well as accounting firms that handle fixed asset management for their clients.
In addition to visiting vendor websites to get a better understanding of the product, you may want to take advantage of any free trials or product demos that are offered, which can give you a much clearer picture of what the application can do, as well as your level of comfort when using the application.
In the end, whether you’re choosing a fixed assets application for your business or for your client, looking at the reviews in this issue is a great place to start.
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Tags: Accounting, Technology
