End-to-End Lifecycle Management for Plant, Property, and Equipment
NetSuite Fixed Asset Management offers an easy-to-manage, single version of truth for your fixed assets. It enables you to maintain and control the complete lifecycle across depreciating or non-depreciating assets, from creation to depreciation, revaluation, and disposal. NetSuite Fixed Asset Management supports detailed asset management, including maintenance schedules and insurance, while providing tight accounting integration to ensure your fixed asset information is always accurately presented on financial statements.
Features
Flexible Depreciation Management
NetSuite Fixed Asset Management offers flexible depreciation scheduling using any of the available standard methods, such as straight-line, fixed declining, sum-of-the-years-digit, and more. This flexibility allows businesses to choose the depreciation method that best suits their needs and accounting practices.
Workflow Management
NetSuite Fixed Asset Management provides integrated workflow capabilities that support the asset lifecycle from purchase to retirement, ensuring end-to-end management. This includes streamlining processes such as asset acquisition, assignment, maintenance, depreciation, revaluation, and disposal through customizable workflows tailored to your organization's needs.
Fixed Asset Rollforward
NetSuite Fixed Asset Management offers out-of-the-box asset summary reporting, enabling users to visualize beginning balances, changes during the period, and ending balances. This comprehensive rollforward report provides a clear overview of the movement and status of fixed assets, facilitating informed decision-making and financial analysis.
Integrated Financial Reporting
NetSuite Fixed Asset Management provides integrated financial reporting with drill-down capabilities, allowing users to seamlessly navigate from financial statements to related fixed asset transactions. This functionality enables users to gain deeper insights into the underlying details of asset transactions, enhancing transparency and facilitating accurate analysis and decision-making.
NetSuite Fixed Assets Management Benefits
- 1Flexible Depreciation: Users can utilize built-in templates or create custom depreciation scenarios with user-defined schedules, allowing for greater flexibility in managing depreciation according to specific business needs and accounting requirements.
- 2Simplified Compliance: Automation of lease payments, expense amortization, and reporting streamlines compliance with lease accounting standards, reducing manual effort and ensuring adherence to regulatory requirements.
- 3Financial Savings: The system helps identify "ghost assets" – equipment that is no longer in service but still being paid for – enabling organizations to stop unnecessary payments and realize cost savings.
- 4Comprehensive Reporting: Users gain access to detailed analysis of costs, depreciation, lease expenses, and related data across various operational domains, providing insights for informed decision-making and financial management.
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