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M.R.S. Company, Ltd. — WorthIT Fixed Assets

the Dec. 2006 Review of Fixed Asset Management Systems

WorthIT Fixed Assets provides fixed asset management, depreciation calculations,
forecasting and analysis, and capital budgeting capabilities, along with lease
analysis and management functions available in WorthIT Capital Advantage Suite.
WorthIT Fixed Assets can be run as a standalone application, concurrent or in
conjunction with the WorthIT suite, enabling users to gain advantage through
the sharing of data, advanced reporting and imaging support. WorthIT Fixed Assets
costs $2,000 USD for the single-user standard edition.

The user interface offers a tabbed window with a sortable, filterable and searchable
asset list for a company, providing users with the ability to directly access
individual client assets. The tabbed screen simplifies the filtering of the
asset list or moving to detailed information. In addition to traditional financial
and treatment data, the detail screen also allows tracking of service histories,
capitalizations, maintenance contracts and insurance policies. During company
setup or asset addition, wizards guide the user through the process, with asset
data entered on forms via pull-down lists. WorthIT Fixed Assets pulls data including
basic information, depreciation tables, GL codes, vendor information, and task
lists from Master Lists that are created during company setup. While input screens
are busy, the many buttons and data-entry fields provide excellent support for
program functions and its database.

WorthIT Fixed Assets was clearly designed as an in-house application for companies
managing their own fixed assets. However, it can support an unlimited number
of companies, departments, divisions, and assets and can serve the needs of
professional accountants, as well. Traditional depreciation conventions are
included, such as mid-month, mid-quarter, ACRS and MACRS methods, with the ability
to set up custom depreciation methods. WorthIT allows up to four depreciation
books to be maintained per asset, two of which can be user-defined. Depreciation
books are viewable side-by-side only when running the comparison report.

Comprehensive coverage of asset disposals is provided, including partial,
transfer, splitting, consolidations, like-kind exchanges and mass dispositions,
and the program provides users with the ability to simulate the disposal to
determine which method should be utilized. Forecasting and analysis functions
are available in support of budgeting and reporting. WorthIT Fixed Assets can
manage assets constructed by the business, enabling users to track costs associated
with the asset as it is developed. Another feature of the system is the ability
to track vendor data, allowing detailed management of asset vendor relationships,
with integration possible with AP systems. Barcode scanning is supported through
an add-on module and allows the user to also track and report on projects.

In addition to sharing data within the WorthIT suite, WorthIT Fixed Assets directly
integrates with the Sage Accpac and the Solomon accounting systems for posting
of transactions to appropriate GL accounts, and into the AP module. However,
the program does not integrate with tax programs. It can export data to an ASCII
file, and report data can be saved in spreadsheet form for use by other programs.

WorthIT Fixed Assets features comprehensive reporting functions, including customizable
and flexible formatting options; sorting capability; and the ability to zoom,
preview pages and view entire reports onscreen. Pre-designed reports are grouped
into four categories: Asset Register, Administration, Financial and Depreciation.
Customized reports can be saved, and additional report writing capabilities
are available through the Report Gallery add-on module. As previously noted,
report data can be generated in spreadsheet format for use by other programs.

The Help utility provides context-specific assistance along with the a searchable
Help index, and an online FAQs section is available. Support packages, which
include program updates, are subscription based, although free technical support
is included for the first 13 months of use. Various live and virtual training
options are available.

WorthIT Fixed Assets offers more powerful reporting capabilities and tracking
options for asset data than many of the other programs reviewed here, including
vendor information, maintenance contracts and insurance policies and projects.
While the program supports only four depreciation books, this should be adequate
for use internally by many companies. WorthIT Fixed Assets’ ability to
track assets constructed by a company makes the program ideally suited to manufacturing
concerns and similar entities that require the ability to track asset costs
and related information during the construction period.

2006 Overall Rating: 4.5 Stars