Review of Fixed Asset Software — 2005

In years not so far past, most accountants used spreadsheets. Yes, the duct
tape of the accounting profession, spreadsheets and their macros, have been
created, manipulated, tweaked, pieced together and (insert almost any other
verb here). Spreadsheets have sufficed, but just like duct tape, they shouldn’t
be used as a long-term solution. Software developed specifically for managing
the depreciation of fixed assets offers the real solution, with built-in support
for complex calculations, regulations, limits and exceptions.

Fixed asset management software helps companies maintain accurate records for
regulatory agencies, and assist in managing events such as acquisitions, splits,
consolidations, partial dispositions, mass dispositions and many other asset
life matters. They simplify scenario planning and projections. Some programs
also offer integration with accounting and tax preparation systems, reducing
data entry. And they are much easier to update when there are significant changes
in regulations, which has happened almost every year in recent years.

As with any other type of software, fixed asset management systems vary widely
in the functions they provide, the intended user and cost. The programs reviewed
here reflect this wide breadth, from programs that can automate the management
of millions of assets with complex issues, to programs geared for smaller entities
with fewer assets and more simple needs. If you are familiar with this software
area, you may notice that a couple of products have been renamed: the former
Creative Solutions Fixed Asset Solution is now Fixed Assets CS; and Best Software’s
FAS line has been rebranded in accordance with the renaming of the company to
Sage Software. With input from professional accountants, the products in this
review were scored on the following areas:

Navigation/Ease-of-Use. This area covers the design and layout
of the interface, including accessibility to primary program functions and data
entry, as well as general operation of the program, thereby providing an overview
of how easily a user could get up and running and be proficient with the system.

Management Features. This section identifies the number of
books supported by the software, as well as depreciation methods available,
asset editing functions, and various capabilities including splitting assets,
mass edits and dispositions. Additionally, whether or not the program supports
barcode scanning technologies is addressed.

Integration. The ability of the program to integrate or provide
export/import capabilities can save significant time during tax season. This
section identifies the program’s ability to share data with tax software,
GL programs and other accounting systems.

Reporting. Asset management and depreciation activities need
a paper trail (even if it is a paperless paper trail). This section looks at
the reporting functions of the program, including customization and report writer
features, as well as support for various IRS forms and schedules.

Help/Support. This section assesses a program’s built-in
Help utilities and gauges available support options and whether they are included
with the software license or require an additional purchase. It also examines
whether updates are included or must be purchased as well as the frequency and
method of delivery of the updates.

Finally, a Summary section wraps up the review, identifying
the program’s most
noted attributes and shortcomings, with a suggestion as to what type of professional
the program is best-suited. A summary of all products and their scores for each
category is available on page 32.