NetSuite Fixed Assets Management: Simplify and Automate Asset Tracking

Not to mention, it’s the ultimate time-saver as finance departments can finally say goodbye to spreadsheets, manual data entry, and duplicate records. Automation leads to fewer errors and more efficient processes.

What is NetSuite Fixed Assets Management?

Located within SuiteApps and designed specifically for NetSuite users, NetSuite Fixed Assets Management is an automated solution for managing fixed assets, depreciation, revaluation, retirement, as well as insurance and maintenance.

Keeping track of fixed assets is particularly important for businesses as they have a shelf life of just over a year and therefore need to be monitored on a balance sheet. Especially if they depreciate year over year and need to be displayed on the profit and loss (P&L) statement for each budgetary year.

If an asset must be recorded, whether or not it’s a piece of equipment or another type or resource, it’s a requirement for any business. Fixed Assets Management provides a single point of reference for everything that relates to a specific asset.

Even non-depreciating assets such as software, mobile phones, or machinery can be easily tracked. For insurance, employee equipment, and maintenance schedules, having an automated application ensures all financial data is recorded and accurately monitored.

Benefits of NetSuite Fixed Assets

There are many benefits to implementing NetSuite’s Fixed Assets Management. Mainly the automated business processes, but also the end result of having complete accuracy in finance and accounting. Let’s look more in-depth about why users take their financial management to the next level.

• Complete control of asset records and the asset lifecycle
• Integrate effortlessly both asset management and accounting
• Accurate financial statements for compliance
• The necessary exit of manual data entry and copious amounts of spreadsheets
• Manage company-owned assets and lease classifications
• Stay on top of compliance for lease accounting
• Accurate reports on depreciation, expense, amortization, and valuation
• Full control of all asset data and types of leases

Discover The Complete Asset Management Lifecycle

The top fixed asset features are fully managed throughout the whole lifecycle: acquisition, depreciation, retirement, transfers, and revaluation. Additionally, NetSuite ERP users have access to comprehensive support, lease management capabilities, and integrations.

1. Full Lifecycle Capabilities

For companies in dire need of a full overview and understanding of all fixed assets, it’s highly recommended to head over to SuiteApps and add NetSuite’s Fixed Assets Management. It will track - from the moment you create a purchase order - all assets that depreciate and all the way to retirement. Whether it’s a depreciating or non-depreciating asset, the unlimited support of all asset types ensures everything is tracked. Full customization means you can create an asset and add specific properties, key fields, and details relating to that particular asset.

2. Comprehensive Depreciation Support

Two options are available to users: an out-of-the-box solution or flexible features, depending on how you choose to manage your depreciation methods. Your asset depreciation is supported by both financial records and data reporting with the freedom to create your own methods. For example: you can easily leverage support methods including straight line, sum of years digits, fixed declining, and asset usage.

3. Lease Management

The majority of companies - if not all - will manage leases. This can be real estate or equipment, but whichever it is, a company must track and optimize these processes in order to have cost-effective solutions and achieve compliance.

Cloud-based ERP solutions like NetSuite offer a lease management feature to simplify amortization, reporting, tax regulations, and accounting standards. NetSuite’s SuiteApp gives users the ability to create, update, and track operational leases. It can also separate lease and interest expenses in order to streamline the monthly close process. NetSuite charts and graphics allow users to leverage dashboards and reports to gain insight into all company-owned leased assets.

4. Efficient Business Function Integrations

Thanks to powerful integrations and NetSuite’s core accounting foundation, users don’t have to worry about losing data across multiple systems. When creating a fixed asset from a purchase order, all asset depreciations and disposals are automatically entered into the accounting system, keeping all vital data in the same place.

5. Reporting and Tracking

Finance relies heavily on accurate records in order to stay compliant and follow proper accounting procedures. Detailed reports presenting the full lifecycle are a lifesaver.

Assign and track by region, facility, department, or any other segment of your choice, as well as easily transfer assets from one subsidiary to another without losing record history. All this can be done automatically without any manual data entry. Accurate financial reports that are compliant and meet all tax requirements are easily generated.

Don’t forget to leverage other NetSuite customizations to take advantage of data slicing and dicing. For companies with extensive fixed assets that need constant monitoring, implementing NetSuite Fixed Assets is necessary to keep track of the full lifecycle. Accounting and finance are critical aspects of a company, and without proper regulations and compliance, issues can arise quickly.

Why Automate Fixed Assets Management in NetSuite?

Manual tracking increases risk and inefficiency. Automation through NetSuite ensures accuracy, auditability, and cost control, especially for companies with growing asset portfolios.

• Reducing audit risks and overvaluation
• Maintaining accurate insurance records
• Supporting compliance with IFRS and GAAP
• Freeing finance teams from manual data entry