WorthIT Software — WorthIT Fixed Assets

From the Dec. 2008 Review of Fixed
Asset Systems

The fixed assets management applications from WorthIT Software are designed
to give businesses and financial service providers such as accountants a streamlined
asset management system for location tracking, depreciation accounting, projections,
capital budgeting and financial analysis. The primary Fixed Asset management
mod-ule in the WorthIT Software suite offers support for U.S. and Canadian accounting
requirements, can be used to track and maintain all asset life events, including
self-constructed assets, capital projects, and provides client-ready reporting
and GL export options. Pricing for WorthIT Fixed Assets starts at $2,000 for
a single-user license. Other modules available as integrated components include
a BarCode Gallery for inventory reconciliation: a Report Gallery for fully customized
report writing, and the Image Gallery, for unlimited image and document attachments
for each asset. WorthIT’s Lease Manager and Lease Analyst systems complete
the Worth-IT Capital Advantage Suite.

NAVIGATION/EASE-OF-USE – 4 Stars
WorthIT Fixed Assets offers friendly setup tools, including wizards and smart
entry features for utilizing during company setup, as well as creation of locations,
divisions and other sub-entities. The system also guides data import tasks and
asset entry. The primary interface for WorthIT Fixed Assets opens within a resizable
window that defaults to the most recently used company database of assets. This
master list displays a tabbed screen of all assets in a spreadsheet view with
columns housing date in service, acquisition costs, descriptions and other user-defined
information. A toolbar provides icons for key system functions, such as accessing
asset detail screens, location, service records, tasks and other options. The
tabs on the asset list offer quick drilldown to snapshot information for a selected
item.

During asset entry, the Keys tab screen allows users to perform various tasks,
such as assigning business units/subunits and assigning accounts and sub-accounts
to assets for Journal Voucher creation. The program also allows users to copy
information from existing assets, including asset depreciation profiles, which
can speed manual entry functions. The Main Asset Detail screen offers generally
intuitive navigation between asset records, with the ability to view depreciation
results and histories using the Financial Inquiry button. Virtually every screen
and data-entry window in the program includes an icon for accessing task-specific
Help.

MANAGEMENT FEATURES – 4.5 Stars
WorthIT Fixed Assets supports multiple companies within the same database and
permits each to have an unlimited number of subsidiary units, including departments,
geographic locations, divisions and asset groups. Likewise, it can support any
number of assets, which can be transferred be-tween groups, categories and business
unit, or split, disposed or exchanged using the disposal function. The disposal
feature also provides users with a corporate book projection screen that shows
gain or loss on disposal. WorthIT can also track constructed assets, services
and associated manufacturing costs.

The program allows up to four depreciation profiles (also known as books)
per asset, with two that can be user-defined. Users can apply ACRS, MACRS, mid-month,
mid-quarter, half-year or mid-year conventions. In addition to straight-line,
modified straight-line, units of production, compound, sum-of-the-year’s
digits and declining balance, WorthIT allows custom depreciation on individual
assets or at the category level. WorthIT produces GL journal voucher reports
or can create an exportable file that can be imported by external accounting
applications. The system can also be used for asset and capital budgeting, since
it has tools that enable planning of acquisitions by business unit and asset
type, comparison of actual acquisitions, variance analyses, depreciation forecasting
and other financial management functions. The optional Barcode Gallery provides
additional tracking functions.

INTEGRATION – 4 Stars
WorthIT Fixed Assets offers two-way asset data exchange with the other financial
management programs offered as a part of the WorthIT suite, most notably its
Report, Image and Barcode options, and provides GL and AP transaction integration
with Sage Accpac and Micro-soft Dynamics GL accounting systems. The system does
not directly link to any tax compliance systems, but does offer data import
and export from/to Excel and text formats that can be used by most write-up
and trial balance systems.

REPORTING – 4.5 Stars
WorthIT Fixed Assets provides a built-in reporting mod-ule that offers good
customization options across its collection of 27 reports, which include budget
forecasting and variance analysis reports, asset details, detail and summary
financial output, depreciation, period reporting, acquisitions, dispositions,
basis, reconciliation and projection options. The reporting utility offers sort
and filter options, along with several included templates. Report settings may
be saved for future use, or may be ex-ported to other reporting applications.
WorthIT Report Gallery provides additional report customization features.

HELP/SUPPORT – 3.5 Stars
WorthIT Fixed Assets’ extensive task-specific Help functions are a great
assistive tool, while the program also utilizes wizards for key tasks. The company’s
website offers only a FAQ section and product upgrades, while live technical
support is included for 13 months with licensing of the program and is renewable
annually, which includes all product updates and interim version releases. Training
and other value-added services are also available.

2008 OVERALL RATING: