Today's Technology for Tomorrow's Firm.
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Reviews For Your Firm FIXED ASSET REVIEW REVIEW SECTIONS &BTF; PG 6TF BASIC SYSTEM FUNCTION t *OTUBMMBUJPO &BTF; t (FOFSBM /BWJHBUJPO t *OEVTUSZ 4QFDJmD 5FNQMBUFT t *OEVTUSZ 4QFDJmD 'FBUVSFT t 1MBUGPSN 4VQQPSU CORE ACCOUNTING CAPABILITES t (- "1 "3 'VODUJPOBMJUZ t 4BMFT 5BY 'VODUJPOBMJUZ t 1BZSPMM 'VODUJPOBMJUZ t "VEJU 5SBJM t .VMUJ $VSSFODZ t .VMUJQMF -BOHVBHF 4VQQPSU t .VMUJ -PDBUJPO 4VQQPSU t .VMUJQMF 6TFST DAY-TO-DAY OPERATIONS t 4BMFT 1PJOU PG 4BMF 4IJQQJOH t $VTUPNFS 7FOEPS &NQMPZFF; .BOBHFNFOU t *OWFOUPSZ 1VSDIBTJOH t F 'FBUVSFT t 3FNPUF "DDFTT MANAGEMENT FEATURES t %BTICPBSE 0WFSWJFXT t 3FQPSUJOH t 4FDVSJUZ 'FBUVSFT t *OUFHSBUJPO *NQPSU &YQPSU; t %BUB 5SBOTGFS t &YUFSOBM; *OUFHSBUJPO t 0OMJOF "DDPVOUBOU 5SBOTGFS 5PPM HELP/SUPPORT t #VJMU JO 4VQQPSU 'FBUVSFT t 4ZTUFN 6QEBUFT t 4VQQPSU 8FCTJUF %PDVNFOUBUJPO t 6 4 #BTFE 4VQQPSU Why Professionals Need to Have an Asset Strategy Meeting with Clients By Isaac M. O'Bannon, Editor T OVERALL RATING 5 BEST FIT Accounting professionals serving the asset management and depre- ciation needs of mid-sized and larger clients with potentially complex depreciation strategies. Te system is also widely-used in- house by enterprises and govern- ment entities. STRENGTHS r Global/group/departmental edit capabilities here are few profes- sionals who find fixed asset management to be an exciting area of their client service, but for some types of busi- nes ses, developing effective depreciation strategies can make a significant difference to their bottom line, as well as to cash flow on a month to month basis. Virtually all tax professionals know the value that 1040 clients can realize from having an annual tax planning engagement, and business clients can usually achieve greater success by using the growth ideas that a profes- sional may offer during a consulting engagement. Te same general prin- ciples apply to asset depreciation services. Primarily, the goals are to ensure that a business is achieving the most advantageous tax position overall, by selecting treatments and depreciation methods that are most appropriate. However, the benefits of strong asset management extend to more than just the balance sheet and the business' tax return. Physical tracking of assets is also BNA Fixed Assets DesktopPro 2012 important, and for organizations with many assets, effective management also helps ensure the existence and proper replacement of capital invest- ments, and removing "ghost assets" from the books. Studies have shown that, for large organizations, as much as 20 percent of the assets they are paying local and state property taxes on, are actually no longer in service, have been disposed of without record, or have been lost. Depending on the value of those assets, correcting asset STAR RATING EXPLANATION Each technology reviewed by CPA Practice Advisor is rated on core areas and also by subcategories unique to that type of system. For the products reviewed here, those areas are listed on the left side of this page. In addition to the overall ratings on the following review pages, you can view the detailed scores that each product received by viewing the reviews online at www.CPAPracticeAdvisor.com/10823772. and insurance records can cause a significant reduction in property taxes and insurance premium costs. Asset management systems have evolved greatly over the past decade, moving from antiquated spreadsheet lists that required extensive manual tweaking of the macros, to systems r Intuitive interface with multiple wizards for asset life manage- ment/mass actions r System can be used locally or networked on firm servers (an online version is also available) r Can manage multiple entities with consolidations r Good user cus tomi z at ion options POTENTIAL LIMITATIONS r No direct integration with tax 26 December 2012 t www.CPAPracticeAdvisor.com preparation system, although can export reports into common file types SUMMARY & PRICING Bloomberg BNA has long been a recognized expert in tax informa- tion and planning, and BNA Fixed Assets DesktopPro brings this knowledge to practice with com- prehensive depreciation manage- ment capabilities that offer tracking of unlimited books per asset, to understand the value of effective asset management. Te way to do that is not to start by talking about MACRS and ACRS, or straight-line versus accelerated depre- ciation, but by using the terms they need to know and care about: Teir botom line, potentially decreased tax liabilities and improved cash flow. ● Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/10824687 excellent customization capabili- ties, strong reporting and a user- friendly interface. The system is best suited for managing the asset bases of enterprises or entities with complex taxation and multi- departmental needs. Pricing for BNA Fixed Assets DesktopPro starts at $2,970 (BNA Fixed Assets Web starts at $1,450). 800-424-2938 www.bnasoftware.com that now provide automation of many functions and all calculations. Te programs in this review vary somewhat in their intended focus, with some intended for use by a single company and others designed for use by a firm managing many clients. However, they all offer streamlined options for managing asset deprecia- tion, including incorporation of the latest tax laws, and all provide varying methods of asset location monitoring. Te key, of course, is to get your clients