Red Moon Solutions — Fixed Assets Manager

From the Dec. 2007 Review of Fixed Asset Systems

The Fixed Assets Manager (FAM) system from Red Moon Solutions (initially developed, used and offered by Arthur Andersen) is a high-end asset depreciation and management system designed for use by professional accountants who service midsize to large entities with complex asset bases that may be spread across multiple divisions, cost centers and other tracking areas. The program provides comprehensive support for tracking assets across multiple books and handles all traditional depreciation treatments and methods. In addition, it maintains high speed even through high volumes of assets and provides strong customization options and other flexibility. Pricing for Red Moon’s FAM starts at $1,000 for a stand-alone implementation. The system can be deployed across networks, and the vendor also offers a remotely hosted version of the product. Red Moon also offers a version of FAM specifically designed for integration into the SAP Business One system.

Navigation/Ease-of-Use - 4.5 Stars
Initial installation of Red Moon’s FAM is simple and quick, and the program uses wizards and templates to help guide the user through initial company and asset tasks. Assets can also be easily duplicated when entering many similar items. Entry and editing of detailed asset information and the assigning of classes and setting of treatments is performed on well-designed screens within the primary interface.

The program provides a modern interface with a master window divided into the work area and a menu panel that provides expandable Explorer-style navigation folders. Additionally, primary system functions can be accessed from icon and pull-down menus at the top of the screen, while forward and back navigation buttons are also available when working within client asset files. The system’s spreadsheet-style asset list offers options for sorting, filtering and searching and displays basic asset data, while a pane at the bottom of the screen displays assets resulting from searches.

Individual asset screens allow simple selection of depreciation methods and treatments and allow users to track items by location, type and description, with the ability to add images to asset records. All calculations are automatically performed in real time as users change classification, life span or other asset characteristics, and users can view multiple books for assets simultaneously. Users can customize data fields for tracking special data.

Management Features - 5 Stars
The basic version of Fixed Assets Manager can support up 30,000 individual assets for an unlimited number of client companies and entities, and it supports an unlimited number of standard and customized books per asset. The program automatically includes the four books for Federal tax, AMT, ACE and Accounting with the ability to add custom books for states or foreign entities. All of these books are viewable at one time on a single screen, and all calculations and reports are GAAP- and FASB-compliant.

Red Moon’s FAM includes built-in calculations for MACRS; ACRS; Sum-of-the-Years’ Digits; Passenger Automobiles, Trucks, SUVs, Vans and Other Listed Property subject to Code Sec. 280F limitations; Amortization; Straight-Line; Units of Production; Declining Balance; Section 179; and Indian Reservation Property. It also supports Indian Reservation. Users can calculate for short and partial years, and FAM handles mid-quarter conventions, recaptures and negative depreciation calculations. Users may also define their own custom depreciation calculations. It also maintains full histories and provides the ability to forecast yearly depreciation for up to 60 years out and monthly depreciation for 12 months. The program can handle virtually any disposition or asset life event, including mass and partial disposals, inter- and intra-entity transfers, splitting, unsplitting. Security features are available, and the system includes an audit trail that maintains a record of all changes over an asset’s life. Mass updates can also be easily applied.

Red Moon’s FAM is one of the few asset management systems that is also available as a hosted service, which can result in a faster system since the heavy lifting and database-driven components are on the vendor’s computing systems and accessed online from anywhere. The program is also automatically updated by the vendor, reducing IT maintenance requirements. Red Moon noted that support for Canadian tax will be available in 2008.

Integration - 4 Stars
The program provides a utility for exporting GL transactional data, and users can import asset data into the system from most common formats, including Excel, Access, spreadsheets and text. The system is scheduled to integrate with the Vertex Domestic Compliance tax system for the upcoming tax year (first release February 2008), and also offers integration with accounting and ERP systems.

Reporting - 5 Stars
Among its standard reports, FAM offers traditional reports for depreciation by summary and detail, acquisitions and disposals, adjusted basis, reconciliation, group/departmental lists, consolidated reports, and forecasts, all of which can be customized to the needs of the client. The program also enables the creation of custom reports and can print fileable versions of IRS Forms 4684, 4562, 4797 and 6252. Red Moon also offers an OLAP tool as an add-on module to Fixed Assets Manager for ad-hoc reporting, analysis and modeling.

Help/Support - 4.5 Stars
The program includes a traditional Help menu and right-click menus, while online support options provide tutorials, FAQs, access to FTP file transfer support functions and external web resources. The company offers conversion and implementation services, and technical support is included with program pricing and annual updates. The company noted that all technical support calls are answered live, by senior tax/technical support representatives with a minimum of seven years experience with tax depreciation and the FAM software.

Red Moon’s Fixed Assets Manager is powerful and handles all aspects of asset depreciation, from selection of appropriate strategies to year-end reporting. The system is geared toward larger entities and is in-use by the Big 4 and by many Fortune 500 companies. But it is also scalable to smaller entities with somewhat complex fixed asset management needs, especially those with multiple divisions or geographic locations. The hosted version of the program is also a great option.

2007 Overall Rating: 4.5 Stars