Accounting & Audit
2016 Review of Bloomberg BNA Fixed Assets
May. 24, 2016
Best Fit: BNA Fixed Assets is well suited to accounting firms of just about any size. Scalable, the product can work well for accountants handling fixed asset reporting for multiple clients, to larger businesses wanting to manage fixed assets in-house.
- Scalable product is available as a desktop and SaaS product
- Contains numerous wizards to assist users in performing system functions
- Intuitive user interface makes navigation easy
- Product offers excellent customization capability
- Is not part of a more comprehensive tax product, though it does offer excellent integration capability
BNA Fixed Assets, from Bloomberg BNA, is a fixed asset and depreciation management product that offers a complete fixed assets, depreciation, and inventory management solution. Designed to work for both accountants as well as larger corporations with complex asset management needs, the product can be deployed as a standalone desktop product, in a client-server environment, or delivered as a SaaS product. Fixed Assets Suite offers additional modules, including the Fixed Assets G/L Integrator, Asset Inventory, Fixed Assets Construction in Progress, and Fixed Assets Foreign Currency.
From the 2016 Review of Fixed Asset Management Systems.
Basic System Functions: 5 Stars
New users can determine the best installation method for BNA Fixed Assets. Users can easily download the product online and install on their desktop, or utilize the SaaS version for easy access from any location. Numerous Wizards are available for users to utilize at time, including during initial setup and when entering new assets. The user interface is easily navigated, with a series of tabs at the top of the screen offering access to system features. Below, users have access to Assets, Reports, Tasks, Import and Export functions and system setup.
BNA Fixed Assets can handle an unlimited number of companies, with the new company wizard available for quick setup of each company. BNA Fixed Assets can automatically calculate GAAP, Federal Tax, AMT, ACE, E & P, with users able to create up to 99 custom books as needed. The Import/Export feature allows users to easily import asset data from third party fixed asset applications using a CSV file.
Core Asset Management Features: 5 Stars
Product users can quickly access all assets by clicking on the asset from the comprehensive list. The list provides details such as asset status, acquisition date and cost, asset type and description, and any depreciation details including depreciation balances and accumulated depreciation totals. Users can also dispose of assets, transfer assets, and split assets from this main interface screen. Users also have the option to dispose of an entire book of assets at one time.
If similar assets need to be setup, users can utilize the Copy function to copy the main details about the asset and edit data as needed. Users can easily edit an asset by choosing the appropriate company and asset, and editing any desired fields. Users can easily choose depreciation method by period by utilizing the drop down boxes in the appropriate period.
BNA Fixed Assets contains 11 depreciation methods, including ACRS, MACRS ADS, Alternative ACRS, Declining Balance, MACRS, MACRS Straight-Line, No Calculation, No Depreciation, Remaining Balance/Remaining Life, Straight-Line, and Sum-of-the-Years’ Digits. The product also offers 5 depreciation rates, 9 averaging conventions, and 20 property types. The product also allows users to manage repair regulations, providing guidelines on which repairs can be capitalized, and which can be expensed. By linking the repair type with the correct asset, users can produce accurate reports on all repairs performed on company assets. The product also offers gain and loss calculations for 1245, 1250, and 1231 property, as well as sale of both ordinary and capital gains calculations. The Transfer Asset Wizard allows users to quickly transfer assets between companies.
BNA Fixed Assets includes a list of predefined asset types which users can choose to use as-is, or customize them to suit their own particular needs. The product contains excellent audit trail functionality, with any additions, edits and changes all tracked in the system. The product also contains over 20 customizable fields that can be utilized when setting up a new asset, and there are over 40 user-defined fields that can be utilized for more in-depth asset tracking. Optional modules such as BNA Asset Inventory make it easy to track assets such as furniture, fixtures, software, machinery and equipment, and BNA’s Fixed Assets Construction in Progress allows users to track any fixed assets such as buildings that are currently under construction.
Reporting: 5 Stars
BNA Fixed Assets offers over 30 predefined system reports including Asset Balance Reconciliation, Net Book Value, Asset Record, and the Comprehensive Depreciation Report. The product can also create consolidated reports, and users can easily customize all standard reports to suit their needs, with custom reports saved for future processing. Reports are easily viewed on screen, saved as a PDF file or HTML file, or exported to Excel. The DataView for Excel option allows users to pull data from fixed asset fields directly into Excel to create custom analytics and more comprehensive reports. The product also offers fillable forms such as IRS Form 3468, 4255, 4562, 4626. 4797, and offers the ability to also print supporting worksheets as well.
Import/Export/Integration: 5 Stars
BNA Fixed Assets integrates with other optional modules including the Asset Inventory module, Construction in Progress, Foreign Currency, and G/L Integrator, which offers product integration with just about any ERP product, as well as other tax compliance software products. The Import/Export function found in the product guides users through the data import/export process.
Help/Support: 5 Stars
BNA Fixed Assets offers users solid help functionality in the product. The liberal use of wizards makes it easy to install, setup, and add assets, as well as process depreciation, asset disposal, and importing and exporting data. Toll free technical support is available during regular business hours, and is included in the product pricing. Users have access to a variety of whitepapers, webinars and short videos, and additional training is available either online or onsite, with support provided by accounting and other tax professionals.
Summary & Pricing
BNA Fixed Assets is an easily navigated product designed for use by accountants and CPA firms, as well as large corporations looking to manage fixed assets in-house. The product offers both desktop and SaaS installation capability, along with a variety of add-on modules designed to work with the Fixed Asset product. Pricing for BNA Fixed Assets Web starts at around $1,500, and can vary based on number of users and additional modules purchased.
Overall Rating: 5 Stars
See inside May 2016
2016 Review of Sage Fixed Assets
www.sage.com/us/sage-fixed-assets Best Fit: Corporations, nonprofit organizations, and government entities that need to manage a large amount of assets in-house. The product can also be used by accounting firms that current manage client asset and depreciation. Product Strengths: Product is available online or can be installed locally Offers excellent asset management capability Integrates with other Sage […]