What Is NetSuite Fixed Assets Management?
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.
NetSuite Fixed Assets Management Features
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.
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.
NetSuite Fixed Assets Management Benefits
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