NetSuite Fixed Assets Management makes financial reporting more timely and accurate by automating fixed-asset depreciation and lease accounting. Develop a comprehensive list of existing assets, including relevant data like acquisition cost, in-service date, estimated useful life and more, and track lease agreement details like contract value, duration and discount rate. Fixed Assets Management lets you manage the entire asset lifecycle, from acquisition to retirement, with ease — and without spreadsheets and time-consuming manual processes. Save time by eliminating spreadsheets, manual effort and duplicate data entry. NetSuite Fixed Assets Management automates depreciation and lease accounting, resulting in fewer errors and a faster close process. Out-of-date information can lead to overvaluation of fixed assets and overpaying for insurance. Fixed Assets Management makes it easy to maintain accurate records of depreciating and non-depreciating assets. NetSuite Fixed Assets Management covers the entire asset lifecycle, from procurement to disposal, helping companies maintain up-to-date records, accurately record depreciation data and comply with lease accounting standards. Fixed Assets Management works seamlessly with NetSuite Procurement and Advanced Financial Management to automate the creation of new assets and posting of depreciation and lease expenses. Develop an accurate listing of depreciating and non-depreciating fixed assets, and maintain detailed records over the entire asset lifecycle. Assign and track assets by region, facility, department or other reporting segment. Transfer assets from one subsidiary or business unit to another while retaining the complete history without manually reentering data. Fixed Assets Management automatically calculates depreciation expenses using standard or custom methods and schedules and lets finance teams choose how and when to apply depreciation. With usage-based methods, for instance, NetSuite gives you the option to not depreciate an asset during seasonal downtime, when equipment is offline. Standardise lease accounting and ensure compliance with financial reporting requirements. Capture key lease details, including start and stop dates, total cost and discount rate, and amortise lease expense over the duration of each agreement. NetSuite automatically posts separate journal entries for lease and interest expense and updates remaining lease liability. Produce accurate financial statements that meet tax and accounting requirements, generate standard fixed-asset reports or leverage SuiteAnalytics to slice and dice asset data by location, subsidiary or other criteria. Steven Marks Use built-in templates or develop custom depreciation scenarios with user-defined schedules. Automate lease payments, expense amortisation and reporting, easing compliance with lease accounting standards. Identify “ghost assets” and stop paying to ensure equipment that is no longer in service. Get detailed analysis of cost, depreciation, lease expense and related data across virtually any operational domain. Automated fixed-assets management solution removes complexity and makes finance teams more productive. Track fixed assets from acquisition to disposal and compile data in real-time for more accurate reporting. Depreciation rules are applied consistently, on the correct schedule, using the appropriate model — all the time, for every asset. Automatically post depreciation and lease expenses to the general ledger, saving time and preventing data-entry errors. Capture lease details, amortise lease expenses and track remaining liability automatically. What Is NetSuite Fixed Assets Management?
Increased Efficiency
More Accurate Records
NetSuite Fixed Assets Management Features
Asset Tracking
Depreciation
Lease Accounting
Reporting
“NetSuite gives us the ability to integrate all our systems, throughout the world, to give us accurate and up-to-date financial numbers that I need to really make the right decisions for my business.”
Founder/CEO, Guzman y Gomez NetSuite Fixed Assets Management Benefits
Flexible Depreciation.
Simplified Compliance
Financial Savings
Comprehensive Reporting
Challenges NetSuite Fixed Assets Management Solves
Inefficient Processes
Maintaining Accurate Records
Inconsistent Results
Closing Delays
Lease Accounting Complexity
Resources
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