Black Hills Works cuts asset creation time in half with NetAsset

Inconsistent, error-prone asset management  

Black Hills Works was using a fixed asset module to manage asset accounting, but it fell short of their needs. The challenges included:

• Lack of standardization: Inconsistencies in how past team members set asset parameters, such as depreciation schedules for each asset type, led to manual fixes and inefficiencies. The team wanted a platform that would allow them to standardize depreciation per asset type.  

• Limited documentation integration: The team couldn’t attach documentation directly to assets during asset creation, hindering their ability to provide a complete financial history for each asset in a centralized place.  

• Depreciation errors and loss of trust: When Jessica noticed errors in depreciation, she lost confidence in the accuracy of their data. “What tipped us over was when our depreciation stopped running correctly,” she says.  

Navigating these challenges consumed valuable time for Jessica and Gail and left them with doubts about the accuracy of financial reports, prompting them to seek a new solution.

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Automated asset creation and standardization

After getting a live demo of NetAsset, Black Hills Works decided to make the transition. The features that solidified Jessica and Gail’s decision included:  

• Standardized depreciation schedules: NetAsset enables the accounting team to set consistent parameters for each asset type, eliminating discrepancies. “With Netgain, we were able to say, ‘for vehicles, it’s specifically X number of months,’ so it’ll maintain consistency going forward,” Jessica explains.  

• Efficient asset creation: The team can now create assets quickly and attach documentation, keeping the asset’s history in one place. “We can build a purchase order, enter the bill, and then from that bill we can create the asset,” Gail says. This automated workflow reduces manual entries and creates a reliable audit trail.

• Comprehensive reporting: NetAsset offers customizable reports for internal reviews and audits. Jessica appreciates the visibility, noting, “Some of the reports, like the waterfall report, are very important for our auditors to see.” In NetAsset, they can generate these reports with just a few clicks.  

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Confidence in financial data and more time for strategic work

Once they implemented NetAsset, Jessica and Gail noticed an immediate impact on the organization’s financial operations, including:

Significant time savings  

The new system drastically reduced Jessica and Gail’s manual work, cutting asset creation time in half. Jessica notes that creating an asset now takes only five minutes. Considering they have over 500 assets, the time savings are crucial to the team's productivity.  

"We're able to provide support for our team, and we’re able to do other tasks to get ready for audit during that time,” Jessica says.

Accuracy and reliability

With automated depreciation schedules and consistent asset parameters, the accounting team regained trust in their financial data.  

“I have more faith that everything is being built correctly, and I know I don’t have to worry about my depreciation,” Jessica shares.  

Easier audits

By simplifying asset management and report generation, NetAsset saves the team many hours during audit preparations.  

“It used to be very time-consuming to get ready for an audit. I can’t even begin to guess how many hours,” Gail says. “Now, we only have to run a couple reports and combine them. That's pretty simple compared to the way we used to do it.”  

This means no more keeping separate spreadsheets, manually verifying numbers, or investigating discrepancies.  

Smooth implementation and ongoing support

Jessica and Gail praised the implementation process, describing it as the “easiest implementation” they’ve experienced. They also appreciated Netgain’s fast and responsive support team, who resolved any issues within a day.

Continuing to improve efficiency with Netgain

The switch to NetAsset gave the Black Hills Works accounting team confidence in the accuracy, efficiency, and reliability of their asset management. The automation features and customizable reporting not only save hours of manual work but also enhance the integrity of their financial data.

With an optimized asset management process, Jessica and Gail have more time to focus on supporting the organization’s mission to help adults with disabilities live their best lives.

As they explore additional Netgain solutions, Jessica summed up their experience with NetAsset: “We are extremely happy with it. I wouldn’t change it.”