Large businesses by the very nature of their operations need to track & maintain numerous assets which can include plants & factories, machinery & equipment, commercial land, and transportation fleets. However these assets begin to depreciate in value from the time of acquisition due to usage, repair and other lifecycle related issues.
Therefore it is important to conduct proper valuation of these fixed assets to ensure they are correctly reflected in the financial accounts of a company. This is why fixed assets accounting is critical for a large businesses.
At ITQlick we understand that fixed assets accounting software needs to address the complex requirements of a large business. Therefore we have considered a large number of solutions based on some important factors. These include the flexibility of the package to integrate with the company’s current software, and scalability options to a more comprehensive financial solution if needed.
Additionally we have reviewed financial compliance support, depreciation methodologies, and the extent of the valuation process within the software. Finally we checked the type of software infrastructure needed to implement the solution and how easy it is to operate by users & managers. Subsequent to this review we have concluded that the following are the best solutions for large businesses.
For large businesses that need a specialized asset management solution that focuses on fixed assets accounting, then Asset4000 is a good option to be considered. The product includes support for most major depreciation methodologies and financial management standards.
Asses4000 supports both asset valuations & costing analysis, and is designed to map the full asset lifecycle from procurement to disposal. This includes features for capital cost management, inventory tracking, asset service & repair management, budgeting & forecasting, and retirement schedules. This is a comprehensive fixed assets accounting suite that can scale to any requirement of a large business.
2. Multiview Financial
This product is a financial accounting suite with a modular architecture. Its fixed assets accounting module can be utilized as a standalone unit, integrated with a company’s existing accounting system, or alternatively gradually expanded to include more of Multiview Financial’s own accounting modules.
Also the product supports both fixed & non tangible assets accounting as well. The product’s features include tax liability management & government regulations, multiple depreciation methods, analysis of asset valuation & costs over multiple periods, and capital costs for maintenance and repairs.
There is also a comprehensive financial reporting tool to display asset financial status dashboards, and costing & revenue KPIs. For those large businesses that need both fixed assets accounting with a comprehensive financial package, Multiview Financial is a good option to consider.
3. Sage Fixed Assets
Sage Fixed Assets is part of the enterprise application portfolio provided by Sage which offers large businesses the opportunity to consolidate on a leading enterprise platform if required and is scalable to any size of business requirement. Additionally the software includes one of the most comprehensive suite of depreciation methods with over fifty currently available and more being added all the time.
In terms of accounting standards, all major standards are supported and large businesses can apply them across multiple companies if needed. While Sage Fixed Assets supports the full asset lifecycle, it also includes a planning feature to handle capital cost optimization, and asset recovery costing for unexpected downtimes due to breakdown or natural disasters. The product can be provided as both an on premise and cloud based solution, and is also accessible via mobile devices for real-time asset monitoring.
4. Bassets eDepreciation
This product offers a free trial and is scalable for large business requirements with four editions based on the number of assets to be managed. The fixed assets accounting package supports a variety of depreciation methods which are closely integrated with the asset valuation & costing functions.
Bassets eDepreciation allows valuations across multiple periods and can handle asset transfers, shared assets, asset adjustments, and support for bonus depreciation based on the age of a given asset. Another good feature is the depreciation audit which allows companies to validate all depreciation allocations and ensure proper reporting in the fixed assets accounting system.
For those large businesses looking for a specialized solution which they can integrate to enhance their existing accounting package, then Bassets eDepreciation should be considered as an option.