Asset Lifecycle Management
Assets are tracked through every stage of their lifecycle, from acquisition to disposal. A complete history of each physical asset streamlines the financial and tax management, while ensuring accuracy and consistency.
Acquisition – Input of newly acquired assets assigns financial and descriptive information to each asset. Adding and editing new assets can be done quicker with inline editing, while preventing novice users from making errors.
Depreciation – Allows multiple depreciation configurations for your Internal and Tax Books, such as:
(i) depreciation methods (ie. Straight Line, Declining Balance, Sum of the Years’ Digits, Units of Production)
(ii) depreciation conventions (ie. full/mid year, full/mid quarter, full/mid month), and
(iii) posting frequency (ie. yearly, quarterly, monthly)
Revaluation – Revaluation and reassessments are assigned to the existing asset without losing the asset’s financial history.
Split – Split an existing asset into two or more smaller assets. Splits can be performed by dollar amount or by quantity.
Transfer – Move assets from one physical location or between departments and/or personnel without losing track of their history and information.
Maintenance – Assign single and repeated maintenance orders to individual assets, and record maintenance history throughout the asset’s lifecycle.
Retirement – Write off assets at the end of their useful life. Fixed Asset Connect ensures write offs are easily trackable so the tax benefits can be claimed accurately.
Report – There are several reports related to fixed assets that are of use in monitoring their remaining carrying amounts, where they are located, who is responsible for them, and whether they should be replaced.
Fixed Asset Tracking
Never lose track of your assets, no matter where they are in their lifecycle. Fixed Asset Connect can track your asset through asset ID, serial number, department, geographic location, or any other information you wish to assign to it.
Using the Fixed Asset Connect mobile app, tracking mobile assets is easy. You can tag your asset with Bluetooth or RFID devices and all the assets are displayed in real time on an interactive Google Map. No more idling assets sitting in your office or warehouse.
Fixed Asset Management prepares your business for audits, both internal and external. The date and time of any change to book data is recorded, along with who made the change. You can define separate depreciation configurations for your internal and external reporting.
Supporting files and documents, such as invoices, maintenance orders, insurance, leasing, and other important documents, can be attached to assets to better support audits – cutting out time wasted searching for paper documents in office or digging through unwieldy electronic filing systems.
Support Multiple Depreciation Methods and Conventions
With built-in depreciation methods and conventions, Fixed Asset Connect automate depreciation calculations and journal entries posting so you can be confident your books are accurate. It also supports bonus depreciation and section 179 calculations.
Fixed Asset Connects integrates seamlessly with other cloud-based accounting systems to synchronize your internal or tax books. So you can gain control, achieve greater productivity, and optimize depreciation benefits.
Integration with QuickBooks Online and Xero Accounting
We built Fixed Asset Connect to work with your existing systems, not force them to fit us. With this in mind, the app synchronizes with your email and calendar tools. Important dates such as lease renewals are automatically added to your calendar to improve organization, and email alerts can be programmed to minimize late fees and charges.
Fixed Asset Connect also integrates via API with other cloud accounting services such as Quickbooks Online and Xero Accounting to bring your fixed asset management and regular accounting together.
Hosting Fixed Asset Connect within the cloud means no costly setup costs upfront, and completely eliminates the need for new server equipment and maintenance costs. You can access Fixed Asset Connect with just an internet connection and a web browser.
We regularly backup your data to several locations, you’ll never risk a catastrophic data loss again. Additionally, upgrades can be rolled out almost instantly and at the times least likely to impact your business operation.
Fixed Asset Document Management
Use Fixed Asset Connect to store, manage and track electronic documents and electronic images of your fixed assets. Title records are too valuable to keep on site, where they may be stolen, lost, or destroyed. Fixed Asset Connect provides a secure and electronic lock box for your fixed asset documents.
Avoid any risk of destroying the paperwork associated with a fixed asset that may still be on the premises. Instead, use Fixed Asset Connect document retention for eliminating these documents only when the related assets have been disposed.