NetSuite Fixed Asset Management

NetSuite Fixed Asset Management Modules helps businesses ensure accurate depreciation calculations and reporting in accordance with Generally Accepted Accounting Principles (GAAP). The module also provides on-demand asset tracking, detailed audit trails, maximum control over assets and more.

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Features of NetSuite Fixed Asset Module

NetSuite's Fixed Asset Management Module not only automates the accounting and administration processes associated with fixed assets, but it streamlines the entire process of proposing, acquiring and onboarding new company assets.

Managing Proposed Purchases for Fixed Assets

NetSuite's Fixed Asset Management Module allows businesses to proactively manage proposed purchases of fixed assets. This feature provides total visibility into spending on equipment, hardware, machinery and other tangible assets. The module's procurement system allows a company to create purchase orders, receive goods, manage invoices from vendors and pay bills all in one place.

Managing Asset Onboarding and Tracking

NetSuite's Fixed Asset Management Module provides businesses with an easy way to track and manage their company's fixed assets. The module helps companies assign owners and locations to each asset, add images of the asset and even create custom fields for asset tracking such as serial numbers, warranty information and lease details.

Automating Depreciation and Reporting

The Fixed Asset Management Module from NetSuite automates the process of depreciation calculation and reporting. The module allows businesses to select their preferred GAAP compliant formula, schedule depreciation based on parameters such as cost, asset life and salvage value, manage insurance and other costs associated with assets, create detailed reports on asset value and more.

Manage Planned Maintenance Schedules

The FAM Module provides businesses with the tools to manage their planned maintenance schedules for different asset types. This feature allows companies to set up regular maintenance and service notifications based on elapsed time or asset usage, track service costs and generate reports on asset performance and profitability.

Analysing Asset Performance

NetSuite's Fixed Asset Management Module also helps businesses analyse asset performance in order to determine the financial viability of their assets. This feature allows businesses to track utilisation rates, calculate total asset cost over the lifespan of an asset, compare asset costs with revenue generated and more.

Manage Compound Assets

Easily manage complex compound assets, such as fleet vehicles with detachable parts. This feature enables companies to track all the individual parts associated with a vehicle individually, and as a compounded asset.

Fixed Asset Allocations

NetSuite's Fixed Asset Management Module allows businesses to allocate assets easily and accurately. This feature helps companies assign the right asset to the right department or location/team member. The module can also be integrated to GPS tracking solutions to provide real-time location information.

Improved Tax Compliance

NetSuite Fixed Asset Management module enables businesses to maintain compliance with their regulatory and tax requirements. The module allows businesses to track asset information and provide reporting in accordance with local and international regulations.

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Benefits of NetSuite Fixed Asset Management Module

Managing fixed assets on platform with NetSuite FAM helps businesses to keep all information including asset details, accounting impacts and planned maintenance in a centralised location, and report on asset valuations in real time.

Streamline Fixed Asset Accounting Processes

NetSuite's Fixed Asset Management Module helps streamline accounting processes by integrating with financials. All assets are tracked, depreciation calculations are automatically performed, and all related expenses can be managed in one place.

Reduce Compliance Risk

NetSuite’s FAM module helps businesses reduce their risk by helping them ensure compliance with local and international regulations. The module provides businesses with the tools to track and manage insurance contracts and costs and generate reports in accordance with regulatory requirements.

Enhance Visibility

Gain visibility into assets by providing comprehensive asset tracking features. This feature helps companies assign ownership, analyse asset performance and find the best use for each asset.

Improve Decision Making

NetSuite’s FAM module helps businesses make better decisions by providing them with detailed insight into their asset portfolio. This feature allows companies to track utilisation rates, compare asset costs with revenue generated and create profit and loss statements at the asset level.

Increase Efficiency

NetSuite helps businesses increase efficiency by automating the process of onboarding, maintaining and disposing of fixed assets. By creating standardised processes for fixed asset management, you can help your accounting team to work more efficiently and reduce errors.

Maximise Asset Lifespan

Maximise asset lifespan by providing tools to track usage and maintenance activities. This feature allows businesses to monitor asset performance over time and make decisions on when it is time to replace or upgrade their assets.

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