CPA Practice Advisor - 24

REVIEW: FIXED ASSETS

By Mary Girsch-Bock

Time to Ditch the Spreadsheets

machinery, heavy equipment, tools, vehicles, and even real
estate. You may have a single fixed asset or you might be
responsible for thousands.

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BLOOMBERG FIXED ASSETS
CCH PROSYSTEM FX FIXED ASSETS
INTUIT PROSERIES FIXED ASSETS
MONEYSOFT FIXED ASSETS PRO
PROWARE ASSET KEEPER
THOMSON REUTERS FIXED ASSETS CS

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Of course, there are other reasons
why using fixed asset software can be
beneficial:
■ In the past, fixed asset software was
used primarily to track assets and
manage depreciation schedules. In
recent years, most applications have
added the option to track assets such
as tools and equipment that are used
or assigned to multiple areas.
■ Fi xed asset soft ware can also
track things such as maintenance
schedules, repairs, and warranties,
so you'll always know the true status
of every asset you own.
■ You'll be able to finally toss all of
those spreadsheets. While keeping a
spreadsheet for depreciation purposes
is common even today, you'll be able
to eliminate the need to use multiple
spreadsheets to track where assets
are, how much depreciation you'll

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In any case, the assets need to
be managed. Management can mean
anything from calculating depreciation
to keeping track of where those assets
are. Fixed asset management also
includes maintaining maintenance
schedules, current condition, repairs,
and depreciation schedules. If assets
are used by others, you'll also need to
track where they are and when they
should be returned.
Because fixed assets are long-term
assets, there needs to be a way to
properly manage them throughout
their useful life until they're retired
or disposed of. In past years, fixed
asset management consisted of
depreciation schedules entered into
spreadsheet software. Today, with the
use of barcode technology and related
software, it's much easier to track the
whereabouts of each asset at any time.

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Mary Girsch-Bock is a freelance writer
specializing in business and technology
issues and is the author of her first book,
several HR handbooks, training manuals,
and other in-house publications. She
can be reached at mary.girschbock@
cpapracticeadvisor.com

por t

they can include items such as laptop computers, printers,

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value that is estimated to last for more than one year,

Some of the applications are designed
for businesses to manage their internal
fixed assets while others are designed
to track assets that are constantly in
motion or are located outside the office.
Many of the applications can also be
used by CPA firms for tracking and
managing their client's fixed assets.
Several of the applications we've
reviewed also offer a free demo that
you can test drive in order to get an
idea of exactly what the application
can do and if it includes the features
that you're looking for. We recommend
that you do so.
It's 2020. Time to ditch the
spreadsheets and start managing your
fixed assets the right way. Check out
the reviews, download a few demos,
and find the application that is right
for you. ■

Impo

be properly managed. Since fixed assets are anything of

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need to expense, and which employee
is currently using which laptop
computer.
■ Reports will be more accurate. Imagine
how easy it will be to just enter a
few report parameters and have an
accurate fixed asset report.
The products reviewed in this
issue vary widely, with a focus on
fixed asset applications that can be
used as a stand-alone fixed assets
management solution. While products
such as Acumatica Fixed Assets and
Sage Intacct Fixed Assets are robust,
powerful fixed asset management
applications, both are designed to be
used solely within a financial suite
and not as a stand-alone application,
so programs such as those are not
included in this year's reviews. The
products reviewed in this issue include:
■ Bloomberg Fixed Assets
■ CCH ProSystem fx Fixed Assets
■ Intuit Pro Series Fixed Assets Manager
■ Moneysoft Fixed Asset Pro
■ Pro-Ware Asset Keeper
■ Thomson Reuters Fixed Assets CS
A chart that includes major
features and functions is also available,
highlighting the availability of features
such as deployment method, multiple
book support, multiple depreciation
methods, and integration capability.

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IF YOU OR your clients have fixed assets, they'll need to

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*WITH OPTIONAL MODULE													
**HOSTED ONLY													

24

AUGUST 2020 ■

www.CPAPracticeAdvisor.com

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