Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/680172
6 May 2016 • www.CPAPracticeAdvisor.com FIXED ASSET MANAGEMENT PROGRAMS Reviews Fixed Asset Management Programs By Mary Girsch-Bock A dequate tracking of fxed assets remains one of the more challenging tasks for businesses large and small. Businesses with multiple locations face an addi- tional task: keeping track of the loca- tion and quantity of their fxed assets. Add maintenance tracking, product condition, and the need to depreci- ate those assets accurately, and the task can quickly become overwhelming. While the use of bar coding assets has helped tremendously with asset tracking and management, depreciating those assets is still a neces- sity, and changing tax laws can make this cumbersome task particularly difcult for business owners. As a result of the complexity of this issue, many business owners look to their accountant to handle fxed asset management, particularly those tracking multiple asset types such as buildings and other real property, fxtures, machinery, equipment, and vehicles. Accountants, more than anyone, know just how important it is for any business, large or small, to keep track of their assets. And as more business owners are smartly deciding to outsource this service to their accountant or CPA, the sofware products that are on the market that are designed to assist with managing fxed assets have become some of the most important tools a business or an accountant can have in their tool box. Fixed asset sofware provides accountants with the ability to manage all of their clients' fxed assets from where the machinery resides, the type of machinery located at each business location, to when that machin- ery needs to be serviced. Depreciation of fxed assets is also important, and the products reviewed in this issue provide users with the ability to record the cost of each asset, create and maintain an accurate depreciation schedule, and calculate accurate tax calculations for all of those assets. For those managing multiple fxed assets, it's espe- cially important to be able to calculate depreciation in a variety of ways, including Straight-Line, Declining Bal- ance, Sum-of-the-Years' Digits, Remaining Value Over Remaining Life, and Units of Production. Each method ofers advantages and disadvantages, and may or may not be suitable for the asset that is being depreciated. Having solid asset and depreciation management in place can also impact the cash fow of any business. In this issue, CPA Practice Advisor reviewed the following products: • Bloomberg BNA Fixed Assets Desktop Pro • Wolters K luwer ProSystem fx Fixed Assets • Pro-Ware Asset Keeper • Sage Fixed Assets • Tomson Reuters Fixed Assets CS • Wasp AssetCloud (overview) In this review, we looked at various areas that can play a large part in determining what sofware product is best suited to a particular business or accounting frm. Tose areas include Basic System Functions – which provides a general summary of the product, such as deployment methods (desktop, Cloud, SaaS), ease of navigation, and customization capability. Core Asset Management Features takes a long look at the vital features such as what depreciation methods are available, unlimited transaction capability, inventory/ asset management capability, and the availability of user defned felds. Te Reporting section takes a look at system report- ing capability, report customization, and formating options. Te Import/Export feature looks at product integration capability, with both related products as well as third party applications. Te Help section looks at all of the tools available that are designed to assist the new user with everything from system setup to employee and staf training options. Te product is then summarized, with general information and pricing provided. Te products reviewed are multi-faceted, and can be used by an accounting frm that provides its clients with fxed asset management, or by a business looking to simplify this process in-house. Many of the products ofer free demos to potential users, making the process of choosing a product perhaps a litle bit easier. Whether you are researching fxed asset sofware to deploy at your frm, or to recommend to a client, there's no doubt that an having an efective asset and depreciation strategy in place can help to reduce business tax while also ensuring that any assets are accounted for properly. BASIC SYSTEM FUNCTIONS CORE ASSET MGT FUNCTIONS REPORTING IMPORT/EXPORT/ INTEGRATION HELP/ SUPPORT OVERALL RATING Bloomberg BNA Fixed Assets Pro-Ware Asset Keeper Sage Fixed Assets Thomson Reuters Fixed Assets CS Wolters Kluwer ProSystem fx Fixed Assets WASP Mary Girsch-Bock Mary Girsch-Bock began her career as an accountant in the property management and healthcare industries. 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 . See Overview On Page 8