Accounting & Audit
2016 Review of CCH ProSystem fx Fixed Assets
CCH ProSystem fx Fixed Assets offers both asset and depreciation management functionality, and is well-suited for accountants handling asset management for multiple clients. The product can be used as a stand-alone product, or in conjunction with ...
May. 24, 2016
Best Fit: CCH Pro System fx Fixed Assets is well suited for accounting firms that need to handle a diverse set of assets and depreciation management schedules for a variety of clients. The product is also well suited for larger corporations that wish to manage assets in-house.
- Product offers easy system navigation
- Solid reporting options
- Handles an unlimited number of companies and assets
- Smooth integration with CCH ProSystem fx Suite of products
- Offers excellent help and related user tools
- Though available as a stand-alone product, works best if combined with other CCH ProSystem fx applications
CCH ProSystem fx Fixed Assets offers both asset and depreciation management functionality, and is well-suited for accountants handling asset management for multiple clients. The product can be used as a stand-alone product, or in conjunction with other CCH ProSystem products for additional program functionality.
From the 2016 Review of Fixed Asset Management Systems.
Basic System Functions: 5 Stars
CCH ProSystem fx Fixed Assets can be installed on a desktop computer, through a client-network system, or accessed through a web browser. Designed to fully integrate with Wolters Kluwer’s extensive list of tax and related products, Fixed Assets can be used as a stand-alone product as well. The product offers automatic depreciation computations, can automatically calculate prior-year depreciation, and offers five depreciation books. New clients can be easily set up in the system, with users able to choose a client type, assign a tax year to the client, and enter any related data all from one screen. During the setup, users can choose from eight different books, and can set up Sec/ 179/Bonus information as well. Client data can also be imported into CCH ProSystem fx Fixed Assets, and the available Global Setting option allows users to apply to default setting to numerous categories, reducing data entry time considerably.
CCH ProSystem fx contains an intuitive user interface, with all screens offering a wide selection of data related tabs that minimize navigation. A drop down menu bar at the top of the initial screen offers access to File, View, Tools, and Help, with all functionality driven from these four areas. Once a company is chosen, users will be presented with the main screen, which contains a fully customizable tool bar with frequently used functions. Directly below, users can quickly access the Asset List, Detail, Disposition, Property Tax, Projection, and Other functions.
Core Asset Management Features: 4.75 Stars
CCH ProSystem fx Fixed Assets includes a pre-defined list of assets which users can user as-is, or customize as needed. The product allows users to add an unlimited number of assets to any company or client. The main asset list offers comprehensive detail about each system asset, with users able to easily customize the list as needed. Custom filters can be added to the asset list, and for those using additional CCH ProSystem fx products, the system is updated in real time, so all data is accurate. Depreciation details are easily managed in the product, including category, location, any related GL asset account, as well as cost center, department, custodian, as well as the option to enter user-defined data.
A grid, at the bottom of the screen allows users to enter information for property type, cost or other basis, business use percentage, life, convention, and a host of others, under eight defined book options including Federal, Financial, AMT, ACE, and State, as well as three user-defined books. Depreciation methods supported include ACRS, MACRS, Straight-Line, Declining Balance, Sum-of-Years’ Digits, Units of Production, and Amortization. The product can also calculate depreciation for short tax years, special allowance depreciation, and Section 179 Depreciation. Users can easily import asset information from other asset tracking systems, or by using an Excel spreadsheet. Asset disposal, like-exchanges, and partial disposals are also supported. All asset activity can be easily accessed and reviewed, with the product automatically calculating updated Prior and Current Depreciation totals once asset information is changed.
CCH ProSystem fx Fixed Assets easily computes both gains and losses when disposing of an asset, and can also create group dispositions. Prior year depreciation is automatically calculated in the system, and any calculation can be overridden when necessary.
Reporting: 5 Stars
CCH ProSystem fx offers an excellent selection of system reports, with reports available in several categories including Calculation Reports, Projection Reports, Activity and Status Reports, Asset Reports, and Tax Form Reports. Users can also create and run report sets, with users able to create a set from the report screen. Reports available include Depreciation Expense, Depreciation Expense Comparison, Multiple Book Projection, Current Acquisitions, Annual Activity Report, and a comprehensive Asset List. Various report filters are available to customize reports, with users able to choose report periods, various sorting and filtering options, and header/footer details. All reports can be viewed on screen, printed, exported to Engagement, or saved as an Excel spreadsheet, Microsoft Word file or PDF.
Import/Export/Integration: 4.75 Stars
CCH ProSystem fx integrates with all of the products found in the CCH ProSystem fx Suite of products. Users that purchase the system as a stand-alone product can easily import data from other fixed assets products including Asset Keeper, BNA, Fixed Assets CS, and Sage Fixed Assets. Data can also be exported into the CCH ProSystem fx Engagement application, and users can both import and export data to and from Microsoft Word and Excel, CSV and text files, as well as save data as a PDF file.
Help/Support: 4.75 Stars
CCH ProSystem fx contains excellent help functionality throughout the product. The help function takes users to the CCH ProSystem fx homepage, where they can access the product knowledgebase, news, contact support, or start a remote support session. Product documentation is available online as well, and there is also an active user community that users can connect with. Both telephone and online support is available, and all support costs are included in product pricing.
Summary & Pricing
CCH ProSystem fx Fixed Assets is an excellent option for accounting firms of all sizes. The product easily integrates with other CCH ProSystem fx Suite applications for a more completely integrated tax and asset management solution, or used as a stand-alone product. Pricing for CCH ProSystem fx Fixed Assets starts at around $2,500 for a single user license.
Overall Rating: 5 Stars
See inside May 2016
2016 Review of Bloomberg BNA Fixed Assets
www.bnasoftware.com 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. Product Strengths Scalable product is available as a desktop and SaaS product Contains numerous […]
2016 Review of Pro-Ware Asset Keeper
www.proware-cpa.com Best Fit: Pro-Ware Asset Keeper is a good fit for mid-sized accounting firms, as well as businesses of any type looking to effectively manage their Asset Keeper. As an added convenience, Pro-Ware Asset Keeper will operate on both Windows and Apple operating systems. Product Strengths Easy system navigation Product offers excellent reporting capability […]