Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/460060
FIXED ASSETS Reviews Effective Asset Management Means More Than Just Depreciation By Mary Girsch-Bock E f fectively manag ing fixed assets can be a challenge for anyone. Accurately track ing a s s e t s , c a l c u l a t i n g deprec iat ion, w hi le also keeping track of c o n t i n u o u s t a x l aw changes can overwhelm just about any business. In an increasingly challenging tax environment, many businesses turn to their accountant to handle this complex task for them. While smaller businesses may want to outsource asset and depreciation management as a convenience, it's rapidly becoming a necessity for those that need to track assets such as ofce e q u i p m e n t , b u i l d i n g s , f i x t u re s , machinery, and vehicles and heavy equipment. Add to that list intangibles such as patents and copyrights, along with real property, and investment income, and suddenly even a highly functioning corporate tax department can fnd itself overwhelmed. CPAs and accountants know how impor tant tracking assets is to a company of any size. Hav ing the correct tools to adequately track that i n f o r m at i o n i s v i t a l f o r a ny o n e charged with keeping track of assets and depreciation schedules, whether that be an accountant providing these services to clients, or a business owner wishing to track his or her assets in house. Either way, fxed assets sof- ware is one of those tools – perhaps the most important one. F i x e d a s s e t s o f t w a r e a l l o w s accounting firms to handle clients' assets, tracking such necessary data as where the asset is, who is currently using that asset, when it is due to be returned, and when maintenance is scheduled. Te sofware also records the cost of each asset, and maintains an accurate depreciation schedule, important for accurate tax calcula- tions. For some businesses, having an ef fect ive asset and deprec iat ion management strategy can signifcantly impact their cash fow. In this issue, CPA Practice Advisor reviewed three fxed asset manage- ment systems and looked at another. • BNA Fixed Assets DesktopPro • ProSystem fx Fixed Assets • Tomson Reuters Fi xed A ssets CS • Sidebar: WA SP Barcode Tech - nologies For the review, we looked at six areas: Basic System Functions – which covers everything from how easy (or not) can the product be installed, to available deployment methods. Navigation Ease is also considered at as well. Core A sset Management Fea- tures looks at some of the product highlights – how many depreciation methods are available, does it ofer unlimited transactions, are there user-defned felds available for more in- depth asset and deprec iat ion management? Te Reporting part of the reviews looks at available reports, customization capability, and format- ting capabilities. Te Import/Export feature looks at how well a product integrates with other products and the ease (or dif- ficulty) of importing or exporting data to third-party applications. Te Help section looks at the tools pro- vided to the user to make their life easier, such as free support, avail- ability of a solid help function built into the product, and training options available. Finally, we summarize the product and add general Pricing guidelines; keeping in mind that the cost listed in generally a starting point and can vary widely. On a side note, we also took a look at WASP Barcode Technologies, which ofers a terrifc mobile inven- tory management product that makes tracking physical assets quick and painless. While these products can all work wel l for those of fering asset and depreciation management to their clients, they can also be utilized by businesses wishing to get a better handle on their asset management in–house. Whatever the fnal purpose of the program, they all offer free demos to potential buyers, as well as solid help functionality. This is so important when purchasing a new sofware system – whatever the pur- pose. The bottom line is that effective asset and depreciation management ofen plays a large role in reducing a business's tax burden, or helps to e n s u re t h at a s s e t s a re p ro p e r l y accounted for. It's likely that one of these products can help accomplish one or both of those tasks. ● REVIEW SECTIONS BASIC SYSTEM FUNCTION • Installation Ease • General Navigation & Ease of Use • Industry-Specifc Templates • Industry-Specifc Features • Platform Support CORE ACCOUNTING CAPABILITIES • GL/AP/AR Functionality • Sales Tax Functionality • Payroll Functionality • Audit Trail • Multi-Currency • Multiple Language Support • Multi-Location Support • Multiple Users DAY-TO-DAY OPERATIONS • Sales/Point of Sale/Shipping • Customer/Vendor Employee Management • Inventory/Purchasing • e-Features • Remote Access MANAGEMENT FEATURES • Dashboard Overviews • Reporting • Security Features • Integration/Import/Export • Data Transfer • External Integration • Online Accountant Transfer Tool HELP/SUPPORT • Built-in Support Features • System Updates • Support Website/Documentation • U.S.-Based Support Mary Girsch-Bock Mary Girsch-Bock began her career as an accountant in the property management industry, later moving into the healthcare industry. She is now a feelance writer specializing in business and technology issues and is the author of her frst book, several HR handbooks, training manuals, and other in-house publications. She can be reached at mary.girschbock@cpapracticeadvisor.com . 20 February 2015 • www.CPAPracticeAdvisor.com