As a business owner, one of the great challenges is understanding how to best allocate and manage company assets across different departments. NetSuite Fixed Assets Management can unlock tremendous opportunities for your organization – it’s a powerful tool that allows you to track the value of intangible or tangible property owned by your business. This comprehensive guide will help you understand everything from budgeting for large-scale projects to managing depreciation costs and utilizing fixed asset management software for optimal gains. So whether you’re running an emerging startup or an established enterprise, this guide will provide actionable steps to best manage your company’s resources with NetSuite Fixed Assets Management!
What is NetSuite Fixed Assets Management?
NetSuite Fixed Assets Management is a comprehensive suite of applications designed to help businesses manage their existing and new assets. It provides a single platform for tracking, managing, and reporting asset purchases, leases, depreciation cycles, etc. This powerful tool helps business owners make informed decisions about asset allocation that can ultimately lead to higher investment returns. The end-to-end solution includes an asset register, depreciation calculation engine, and financial reports to provide a complete view of each asset’s total cost of ownership.
Features of NetSuite Fixed Assets Management
NetSuite Fixed Assets Management (FAM) is a powerful tool designed to help businesses better manage their fixed assets. With FAM, you can track and monitor your assets, accurately calculate depreciation, streamline lease accounting processes, and generate real-time reports. In this blog post, we’ll explore each of these features in more detail so that you can understand how they can benefit your business.
Asset Tracking
NetSuite FAM provides asset-tracking capabilities that enable you to find and access relevant asset information quickly. You can create custom fields to store unique data points associated with each asset, such as serial numbers, asset tags, model numbers, and other important details. This makes it easy to track assets across multiple locations or departments within your organization. Additionally, you can assign multiple users to a single asset for easier tracking and better control over user permissions.
Depreciation
When purchasing new assets for your business, it’s important to consider the depreciation costs associated with those items over time. NetSuite FAM provides automated depreciation calculations based on the asset’s price and estimated useful life. This allows you to ensure that all purchases are depreciated at an appropriate rate according to IRS regulations and other applicable standards.
Lease Accounting
NetSuite’s Fixed Assets Management Module provides organizations with a comprehensive solution to managing the complete lifecycle of their fixed asset transactions. In addition to recording, amortizing, and disposing of fixed assets, this module also offers powerful capabilities for lease accounting to help businesses meet stringent financial reporting requirements. NetSuite efficiently captures essential lease data such as start dates, cost, and discount rate and facilitates automatic postings of both lease and interest expense, updating remaining liabilities in real time. This helps businesses accurately track all their leased assets over time, giving them improved visibility into the critical components of their financial situation.
Reporting and Analysis
NetSuite FAM provides comprehensive reporting and analysis capabilities that can help you gain greater insights into the performance of your assets. You can create custom reports to track key performance indicators (KPIs) such as acquisition costs, depreciation rates, asset life cycles, etc. This gives you a better understanding of how each asset is performing and helps you identify any areas that need improvement. Additionally, the reporting and analysis capabilities make generating essential financial documents such as balance sheets and asset-related tax returns easier.
Need help improving NetSuite for your business?
Hire a Consultant Today!
Streamline Your Fixed Asset Management with NetSuite
If you’re looking for an efficient way to manage your fixed assets, look no further than NetSuite Fixed Asset Management. This software offers a range of features that can help streamline and simplify asset tracking, maintenance, and depreciation. Let’s explore why NetSuite is the right choice for managing your fixed assets.
Accurate Tracking and Visibility
NetSuite Fixed Asset Management helps you track all the important details about each of your assets, from serial numbers to purchase information. You can easily see which assets are used, retired, or sold. You can also easily access current values for each asset to help with budgeting decisions. With this level of visibility into your fixed asset inventory, you’ll be able to make smarter financial decisions and ensure that nothing slips through the cracks.
Flexible Depreciation Settings
NetSuite allows you to adjust depreciation settings according to the specific needs of your business. For example, if you need to switch from straight-line to accelerated depreciation mid-year due to changes in tax law or other factors, you can do so quickly and easily with this software. You can also set up complex depreciation scenarios such as declining balance or sum-of-the-years digits methods without hassle.
Effective Maintenance Tracking
NetSuite allows you to keep track of maintenance costs associated with each asset over time. You can create detailed records for each repair job performed on a particular asset, so it’s easy to review when needed. This allows you to plan for future maintenance needs and catch potential problems before they become costly repairs down the road. And because all records are stored digitally in one place, it’s easy for anyone in your organization to access them when needed.
Bottom Line:
NetSuite Fixed Asset Management provides organizations with a comprehensive and efficient solution for tracking and managing their fixed assets. It offers powerful capabilities for lease accounting, reporting and analysis, flexible depreciation settings, and effective maintenance tracking. With NetSuite, you can easily monitor your fixed asset inventory and make better
