Financial management for companies covers the number of domains these days as the complexity of accounting requirements and regulations has increased. This has primarily been caused due to need to streamline costs and ensure profitability over numerous lines of business.
One of the important areas that need to be considered is fixed assets which refer to those items which are currently owned and are not easily converted into cash, which include such things as factories, equipment, and land.
This is why a growing SMB needs a financial package that includes accounting for fixed assets since they have to be accounted for in the cost & revenue structure of an organization.
In order to support this requirement, we at ITQlick have reviewed numerous accounting solutions which support fixed assets accounting. Factors we have considered include the types of accounting methods and scope of functionality supported, the extent of fixed assets accounting available in the package, how well asset valuation & depreciation is accounted for, and the type & number of assets supported.
Additionally, we have also looked at the technology investment & infrastructure required and considered the cost of the package. Based on this review we can recommend the following solutions.
This product has been designed to support the full fixed asset lifecycle from its purchase to its retirement. Its features include asset accounting & budgeting, capital cost control, inventory & asset tracking, asset maintenance & repair review, and forecasting. Asset4000 supports a variety of financial standards including GAAP, IFRS & ACE to mention a few, and is also fully compatible with state and federal tax regulations.
Additionally, there is support for a variety of depreciation methods based on asset type & period, and also includes a reporting module for asset analysis as well. The solution is available as an on-premise or cloud-based solution and is scalable to the needs of an SMB.
2. Multiview Financial
Multiview Financial is a full financial accounting package with fixed assets accounting. It supports valuation and control of both fixed and nontangible assets by focusing on costing & depreciation, tax liabilities, period analysis, maintenance history, and regulatory compliance.
The product also includes a financial reporting module to track asset valuation and is a good option for SMBs that want only the standalone fixed assets accounting module. As well, it is a scalable solution giving SMBs the option to standardize with the Multiview Financial suite or easily integrate with other third-party accounting & ERP systems.
The main focus of Planguru is for budgeting & forecasting in any size of business, and the product comes with a free product trial with a sixty-day money-back satisfaction guarantee. While it does not support full fixed assets accounting requirements, the software can be used as a forecasting tool to determine asset cost valuations over multiple periods.
In addition, its budgeting feature can help SMBs determine the best asset allocation strategies to maximize revenue achievement. This product is suited for those companies that do not need comprehensive fixed asset accounting but need a specialized tool to enhance their asset forecasting capabilities.
This is a cloud-based accounting package that is focused on SMBs and offers a free product trial. It provides companies a full suite of financial tools which includes, asset management which tracks them throughout their operational lifecycle, and determines costing allocations.
Also, the software automatically determines the depreciation based on user-configured depreciation methods. Additionally, Xero offers a development toolkit that offers users the ability to build specific add-on functionality to enhance fixed asset accounting. There are also options to integrate it with third-party software if required.
5. Sage Fixed Assets
Sage Fixed Assets is a comprehensive tool that supports fixed asset accounting. It includes over fifty pre-configured asset depreciation methods along with full compliance with numerous fixed asset accounting methods as per GAAP, SOX, GASB, and many more.
Additionally, it can handle asset group depreciation and provides mobile device access to track in real-time asset location for proper valuation & costing. There is a planning tool to plan asset allocation & service to minimize costs, address disaster recovery for unexpected asset failure, and ensure full control over the asset lifecycle from acquisition to disposal.
Finally, it provides SMBs with a scalable solution to meet growth requirements and can help them obtain cost savings through efficient asset utilization.