Fixed asset management, centralized

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Fixed asset management basics

What is fixed asset management?

Fixed asset management is the process of tracking and maintaining a company's tangible assets to ensure they’re used efficiently and accounted for correctly over their lifecycle. This includes inventory tracking, maintenance, depreciation accounting, and tax compliance.  

Effective fixed asset management helps businesses make informed decisions about purchasing, maintaining, and replacing assets, and it ensures tax and audit readiness.

Definitions

What are fixed assets?

A fixed asset is a long-term tangible asset that a business owns and uses in its operations to generate income. These assets are not expected to be converted into cash within a year. Instead, they’re used over several years and are subject to depreciation. Examples of fixed assets include buildings, machinery, office equipment, vehicles, and land.

What is depreciation?

Depreciation is the practice of spreading out the cost of a tangible fixed asset over its useful life. This concept is used to account for the reduction in value of an asset over time due to factors like wear and tear, obsolescence, or age.

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Manual fixed asset management can be time-consuming

If you have fixed assets on your balance sheet, you know how much work they can create for your accounting team. Some of the major challenges are:

Countless hours spent manually creating vital reports like roll forward and waterfall reports

Tasks falling through the cracks because responsibilities are spread across team members using disparate systems

Time wasted compiling and double-checking data that lives in your ERP, on Excel spreadsheets, and in third-party software

Many fixed asset solutions are focused on operations, leaving gaps in accounting functionality

There's a better way

Fixed asset management software solutions simplify the process

The right fixed asset management system can solve these issues, giving your team:

Automated fixed asset roll forward reports for auditability and waterfall reports for depreciation forecasting

Proper segregation of duties within your ERP, simplifying workflows and improving data accuracy

A single source of truth to track your assets across the entire lifecycle, eliminating context-switching

Tailored asset accounting features like custom depreciation formulas, flexible asset revaluation options, and CIP build-up functionality

Netgain’s fixed asset management solutions

Ready to discover powerful fixed asset management software? Netgain eliminates inefficient processes and gives your team time back to focus on strategic business decisions.

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Fixed asset management resources

We believe fixed asset accounting can be simple. Explore our resources and free templates to start streamlining your processes.

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