Accounting & Audit
2016 Review of Sage Fixed Assets
May. 24, 2016
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 is available online or can be installed locally
- Offers excellent asset management capability
- Integrates with other Sage financial products
- Constant updates ensures the product offerings are current
- Offers excellent help and support options
- Most tax system integration needs to be completed via import/export functions
Sage Fixed Assets from Sage Software offers comprehensive asset management capability, including Planning, Depreciation, Reporting, Services, and Tracking options within the product. The product is available in three versions, Single User, Network, and Premier, and is well suited for both accountants offering fixed asset management services to clients, as well as for businesses that desire to manage fixed assets in-house, the product includes several updates which address the Protecting Americans from Tax Hikes (PATH) Act of 2015. Also added is an updated user management system that allows management to easily activate and deactivate users from a central user management screen.
From the 2016 Review of Fixed Asset Management Systems.
Basic System Functions: 5 Stars
Sage Fixed Assets is available in an online version, as well as a single user and network installation. The main user interface screen allows users to choose from various system functions, including Tasks, Assets, Reports, System Administration, and the Sage Assistance Center. Clicking on the Tasks bar allows users to quickly add or import an asset, calculate depreciation, post depreciation journal entries, along with other related tasks. An overview of all assets is displayed on the screen, with users able to access one of the tabs below to display asset detail, print an asset list, or export the list to Excel.
A time and date stamp is available when recording a new asset and notes can be added to any asset as desired. The Asset Detail list provides users with a tremendous amount of information on each asset, including related asset and expense account numbers, as well as detailed book information. Smart lists are available throughout the product, so users can simply choose from an available list of options for specific categories. Users can categorize assets using the default categories included in the product or simply create a custom category. Once asset detail has been entered, Sage Fixed Assets will automatically calculate depreciation calculations, displaying the calculations in blue at the bottom of the screen.
The work area of the user interface is easily customized to suit the needs of the user, and users can choose to add images and other documents to each invoice added to the system.
Core Asset Management Features: 5 Stars
Sage Fixed Assets includes up to seven books for each asset, including Tax, Internal, State, AMT, ACE, and user defined books. The product is comprehensive in scope, offering over 300,000 IRS tax and GAAP rules built in, and supports more than 50 depreciation methods including MACRS 150 percent and 200 percent, ACRS, Straight-Line, Modified Straight-Line, Declining Balance, Sum-of-the-Years Digits, as well as any user-defined depreciation methods. Uses can easily import existing asset and related data into Sage Fixed Assets, and with the Universal Link, the product can integrate with just about any GL application.
The Assets Snapshot in Sage Fixed Assets provides a detailed review of all assets currently being managed in the system, including total acquisition value of all current assets, disposed assets, inactive, and transferred assets. A graph displays detail on specific areas such as In Service by Quarter, Investment by Remaining Life, Acquisition Comparison, and Depreciation Comparison. Users can easily transfer assets from one location to another, and both partial and full disposals are easily processed in the system as well. The History tab offers users a complete audit trail of all system functions performed for every asset currently managed.
The Tracking function in the product allows users to easily track and manage a physical inventory of all assets, with a series of wizards available to guide users through the inventory process. Mobile barcode readers make it easy to track inventory at multiple sites, and users can assign security levels to products so that only authorized personnel have access to equipment and other valuable assets.
Reporting: 4.75 Stars
Sage Fixed Assets includes over 45 standard reports, including Annual Activity, Fixed Asset Summary, Quarterly Acquisition, Replacement Value, Asset Basis, and Annual Projection. Reports are easily processed, with users able to choose from the list of system reports, or create batch reporting. Choosing a report will display a brief description of the report, as well as display the report on the screen. Users can choose to customize any report to suit their needs, and save the custom report in the system for future use. All reports can be viewed on screen, printed, or saved as a PDF or exported to Excel for further customization. Sage Fixed Assets also contains built-in tax forms and worksheets, including Form 4562, 4626, 4256, 3468, 4626, 4797, and T2S8, with users able to fill in forms with the appropriate information, and file the form with the appropriate agency.
Import/Export/Integration: 4.75 Stars
Sage Fixed Assets provides complete integration with popular Sage products, including direct integration with Sage 50 and Sage 100. An Import/Export Assistant assists users in importing data from other applications, and the Universal Link, mentioned earlier, makes it easy to integrate with just about any GL solution. Using the export functions, users can export data from Sage Fixed Assets into CSV format as well.
Help/Support: 4.75 Stars
The new Sage Assistance Center is a repository of tools designed to assist system users with system setup, and also contains various productivity tools such as creating SmartLists, grouping assets, and setting up and running batch reports. The Assistance Center also provides links to software systems and enhancements, as well as quick links to system support and training. The Resource Center offers access to Sage City Communities, where users can share information and ask questions, as well as Sage University, where a variety of training options are available. Users can also access the Knowledgebase, as well as download any product enhancements from the Resources screen. Sage offers a variety of Business Care Support Plans for users to choose from, and product support is available during regular business hours, or through local and regional resellers.
Summary & Pricing
Ideal for businesses looking to bring asset management capability in-house, Sage Fixed Assets is available online, as a single user system, or as a client/network installation. Pricing is available from Sage upon request, and generally starts at about $1,500 per license.
Overall Rating: 4.75 Stars
See inside May 2016
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