Skip to main content

2006 Review of Fixed Asset Management Systems — Executive Summary

the Dec. 2006 Review of Fixed Asset Management Systems

This review conclusively confirms the fact that Fixed Asset software has entered
a new age — a new age where software vendors, reacting to the needs of
the marketplace, have redesigned and enhanced their fixed asset software offerings
to meet the growing needs of users, and to better take advantage of technological
advances in hardware. Leading the way are fixed asset programs that feature
intuitive features with fast learning curves.

What should you be looking for when shopping and analyzing available offerings?

What I have seen in this review is that “top-of-the-line” programs
provide simple yet powerful setup of assets (including selection of methods,
depreciation conventions, and related useful lives), support and maintain multiple
depreciation books (that may be simultaneously viewed or printed for comparison
and error checking purposes), provide asset inventory/identification/sorting
features, integrate with other programs including the ability to share data
via import and export (I am lazy so wizards are nice), provide users with strong
reporting features (including support for tax forms) and the ability to create
custom reports for an ever-changing environment. Such programs offer these items
and so much more, such as support for amortization of non-depreciable assets,
supplying users with tax return worksheets, automatic creation and transfer
of journal entries to accounting programs, forecasting, barcode scanning, and
the import and attachment of digital photographs.

Users should ask about program computational abilities such as the recalculation
of beginning accumulated depreciation (by individual asset, method or system-wide)
as well as support for bulk to multi-asset sale and exchanges. Does the program
automatically assign depreciation methods and lives and automatically assign
section 179 across new asset acquisitions? The list of must-have features and
abilities can be exhaustive. Make your own “important feature” list,
and consult your partners, staff, clients and fellow accountants to do so.

Demos of the reviewed programs (with helpful sample data) are readily available
as are product walk-throughs via web-enabled classrooms. By sampling programs
first-hand or receiving a guided tour with basic instruction, much can be learned

Without a doubt, the fixed asset program that will best suits your needs is
out there and waiting for you.