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.

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.

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.

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: overall rating