Fixed Assets: A Look Back At 2017
Happy New Year!
2017 brought a ton of fixed asset fun! We stumbled upon so many challenges with customers who have multi locations, struggled with centralization, inventory control, mergers & acquisitions, capital project accounting, and more. Perhaps the most consistent issue we ran into was, work flow and the lack of automation.
Based on the need to improve fixed asset management work flow, we developed and introduced a few awesome fixed asset add-ons in 2017. Drum roll…
- AssetFlow: EXCITING new web portal for centralized (or de-centralized) data entry control. This allows cloud based usage to the Sage Fixed Asset Depreciation solution. In addition, approval workflow and / or electronic forms built in and can be customized to your business needs, role based user access, field level security, and more! (works with just about any on-premise fixed asset solution)
- Global PDF to Excel: if you have multi-companies in FAS, you can run the Global Task Manager to run batches across all companies (like, depreciation and other standard reports). Obviously, this saves a ton of processing time. However, many customers ran across some reporting road blocks. Global Task only kicks your reports out to either PDF or Crystal. 80% of the time, users need to kick these out into Excel – to then send off to auditors, tax directors, etc. Global PDF to Excel does just that. Allows you to take all of your PDF reports (at once) and kick out into EXCEL. We can even include additional formatting or formula rules. (Sage Fixed Assets Depreciation)
- Line Item Import for Sage Fixed Asset Planning: if you have consistent line items, or your line items are your ‘assets’ coming out of AP/PO this tool allows you to import them into the Planning module. Currently, you have to manually create all of your Line Items, then you can import your transactions (invoices) to those line items. This tool is extremely helpful for Retail, Hospitality, Gaming and anyone else that uses Capital Project Accounting as a ‘holding tank’ for all fixed assets, regardless. (Sage Fixed Assets Planning)
New fun for 2018…
With all the crazy new tax laws for depreciation and section 179, this should be an interesting year. Even though you can now expense most assets (with the exception of 39 year property and vehicles) for tax, don’t be thinking that a spreadsheet will cut it. They are NOT the greatest solution for depreciation and asset tracking. In over 20 years dealing with fixed assets, not (1) spreadsheet has ever been 100% accurate. Not one.
Remember, historical assets still need to remain on your sub-ledger moving forward with their original depreciation methods and bonus treatments. Besides, who knows what will be in store (once again) and get changed after 2018. It seems with every new administration, or even year, fixed assets get picked on.
In addition, lets not forget what else is coming down the pipeline… new lease regulations and reporting!
Be on the lookout for my upcoming blog entries for 2018. Exciting topics to come…
Keep smiling and cheers!