CPA Practice Advisor - 28

REVIEW: FIXED ASSET MGMT SYSTEMS

By Mary Girsch-Bock

Properly Manage Fixed Assets
WHETHER YOU HAVE a single computer, or hundreds used
in multiple locations, you have fixed assets that need to be
managed. Fixed assets are anything purchased for longterm use (more than a year) and can include everything
from the aforementioned computer, to furniture, printers,
machinery, tools, vehicles, buildings, and land.

ACUMATICA FIXED ASSETS MGMT.
BLOOMBERG FIXED ASSETS
CCH PROSYSTEM FX FIXED ASSETS
INTUIT PROSERIES FIXED ASSETS
MONEYSOFT FIXED ASSETS PRO
PROWARE ASSET KEEPER
SAGE INTACCT FIXED ASSETS
THOMSON REUTERS FIXED ASSETS CS

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*with optional module
**Asset/inventory reports only

28

AUGUST 2019 ■

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accounting and financial applications.
In this issue, we reviewed the following Fixed Assets and Depreciation
products:
■ Acumatica Fixed Asset Management
■ Bloomberg Fixed Assets
■ CCH ProSystem fx Fixed Assets
■ Intuit Pro Series Fixed Assets Manager
■ Moneysoft Fixed Asset Pro
■ Pro-Ware Asset Keeper
■ Sage Intacct Fixed Assets
■ Thomson Reuters Fixed Assets CS
The chart below highlights the
major features and functionality of
each product reviewed, with features
such as deployment method, multiple
book support, multiple depreciation
methods available, and integration
capability noted in the chart. The

products included in the review can
be utilized by business owners as well
as accounting firms that handle fixed
asset management for their clients.
In addition to visiting vendor
websites to get a better understanding of the product, you may want to
take advantage of any free trials or
product demos that are offered, which
can give you a much clearer picture of
what the application can do, as well
as your level of comfort when using
the application.
In the end, whether you're choosing a fixed assets application for your
business or for your client, looking
at the reviews in this issue is a great
place to start. ■

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■ Better tracking. While business
assets are typically stationery, other
businesses need to be able to track
off-premise assets, such as laptop
computers, heavy equipment, and
tools that are used outside the place
of business. Fixed asset software
makes it much easier to track asset
location, usage, and even condition
of the asset, with some applications
offering maintenance schedules for
any asset managed.
■ More accurate reporting. Instead
of accessing those spreadsheets
again, business owners will be able
to manage their assets right along
with their other accounting tasks,
which also reduces data entry and
the potential for errors.
The products included in this
review vary widely, with some
designed as a module that works
within the core application, while others offer extensive integration options
and can be utilized with a variety of

C LO
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AVA D V ERS
IL A B ION
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It's because of that long-term
usage that business owners need a
method to properly manage their
assets. While fixed asset software
of the past typically utilized spreadsheets, newer products today allow
business owners to utilize bar code
technology to manage assets that are
used off-premise, such as employee
laptops or equipment and machinery.
With today's applications, business
owners can also track maintenance
schedules, location of the asset,
current condition, and depreciation.
These products also handle standard
depreciation calculation using common depreciation methods such as
Straight-Line, Double-Declining Balance, and Sum-of-the-Years' Digits,
and Units of Production, with businesses able to choose the depreciation
method that is best suited for the type
of assets they currently own.
Here are some additional reasons
why fixed asset software can be
useful:
■ Better organization. Having all asset
data stored in a single software
application eliminates the need for
multiple spreadsheets that track
multiple assets.

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