How much time do you spend entering fixed asset data into spreadsheets? Hours? Days? Once the data is in there, are you manually calculating and tracking depreciation? Are you then manually entering journal entries into your accounting system? If so, it’s time to think about a solution that unifies fixed asset management with core financials.
A fixed asset solution that’s unified with your core financial system delivers automation from acquisition to disposal, provides complete control over the asset lifecycle, and serves up insights to make better decisions.
Let’s see how a unified solution gets you out of the day-to-day slog of managing fixed assets so you can focus on your business.
Spreadsheets: Add hours of manual processes
Spreadsheets and finance have gone hand-in-hand for decades. But when it comes to fixed asset management, it’s time to move on. Due to the complexity of information, calculations, and schedules that are tracked, errors are almost guaranteed. Since spreadsheets live outside of your core financial system of record, creating assets, posting journal entries, and asset disposals are time-consuming manual processes.
Unified solution: Automate everything
Leading cloud fixed asset management solutions are unified with your core financials, eliminating duplicate data entry. A leading fixed asset solution can:
- Generate the asset master as assets post to Purchasing, Cash Management, or Accounts Payable, to account for every asset.
- Automatically calculate, track, and post depreciation to ensure accuracy and compliance.
- Post recurring journal entries and use predefined, or userconfigured, methods to automate financial and tax depreciation.
- Increase flexibility and accuracy when disposing of assets with complete, partial, and mass disposal
With automation from acquisition to disposal, you can spend up to 50% less time on your year-end processes.
Spreadsheets: Decentralized data limits your control and increases risk
Fixed asset data that lives in multiple systems or siloed spreadsheets presents an array of challenges. Without a centralized asset register, you can’t track and report on crucial asset information such as condition and warranty status. You also open yourself up to risk with limited security, access to data, and visibility into changes that are being made.
Unified solution: Increased control, reduced risk
You can take back control over your data and processes while reducing risk, with a cloud fixed asset solution.
- Access critical information such as condition, warranty, dates serviced, and insurance status, across all your locations, with a central asset register.
- Know that your data is always secure and accessible, thanks to world-class security, cloud backups, and disaster recovery.
- Automatically generate schedules when you change an asset’s cost or useful life.
- Ensure accuracy and accountability whenever changes are made, with complete audit trails.
With control over your processes, visibility into your assets, and clear audit trails, you can slash even more time off your monthly close cycles.
Spreadsheets: Stale data could be holding your business back
With the volume of data generated and tracked throughout a fixed asset’s lifecycle, it can be easy for things to get lost in the shuffle and hard to pinpoint the information you need to make informed decisions. Without the most up-to-date information, you’re making decisions that could impact your bottom line based on stale data.
Unified solution: Rich, real-time insights to guide your business
Unifying fixed asset management and core financials gives you access to the real-time data you need while enabling you to report across solutions. For example, with a unified solution you can:
- See the complete lifecycle of an asset by drilling down to the fixed asset record directly from general ledger transactions.
- Discover how asset costs are distributed by location, department, project, and more, with dimensional tagging.
- Quickly and accurately reconcile net book values with a single view of accumulated depreciation, additions, and disposals across your business.
So with all this in mind, let’s see how Sage Intacct Fixed Assets can support your organization and streamline fixed asset management.
Streamline your fixed asset management
Sage Intacct saves you time at every step of the fixed asset lifecycle
Acquisition: Automatically capture every asset by generating the asset master as they post from Sage Intacct Purchasing or Accounts Payable.
Depreciation: Eliminate hours of manual work with recurring journal entries and automated calculations for financial and tax depreciation with predefined or user configured methods.
Inventory: Slash monthly close cycles by as much as 90% with clear audit trails, total control over your processes and costs, and visibility into your assets.
Reporting: Reconcile net book values in minutes at period end with a roll forward report that provides a single view of accumulated depreciation, additions, and disposals across all dimensions.
Disposal: Save hours and improve depreciation accuracy with complete, partial, and mass disposal of assets. While, automatically generating gain or loss, depreciation, and disposal journal entries while partially disposing of an asset
Sage Intacct gives you one system for complete, flexible, automated fixed asset management
When it comes to fixed asset management, finding a solution that is unified with your core financial system is going to help free you up to spend more time driving your business forward. Sage Intacct can help you increase your automation and productivity by:
- Capturing every asset automatically
- Accelerating monthly closes by 50% to 90%
- Eliminating hours of manual work per month
- Enabling real-time reporting to support decision making
Contact Microsys today to learn more about the benefits of moving to one system for complete, flexible, automated fixed asset management.
Article Source: sage.com