Netsuite Fixed Asset Management

How to Automates NetSuite Fixed Asset Management?

If you are looking forward to automating fixed assets of your business then NetSuite Fixed Asset Management is what you need. NetSuite enables you with the power to remove the use of spreadsheets and manual processes. It is tedious for companies to manage assets. NetSuite gives you complete integration and makes it easy to manage assets and finances related to it. Provides an easy to work single version platform which gives you reach to an array of features. The features include Assets visibility, the engine to calculate the value of a flexible fixed asset, reporting of assets and others.

NetSuite fixed asset management empowers you to manage and maintain the complete life cycle of an asset from its start to its depreciation. It provides a detailed timeline which gives an overview of the following:

  • Multiple asset value track of depreciation,
  • Managing both non-depreciating and depreciating assets
  • Maintaining schedule based on assets role
  • Check on lease and insurance

It enables you with the flexibility to select which account period can be selected. Consider an example, with seasonal withdrawals of fixed assets and depreciation you have the ability to choose not to depreciate using the asset lifetime option. Tax depreciation option helps you to enable corporate or tax reporting of an asset. 

In NetSuite, fixed asset management with the default types makes it easy to create assets. It also allows us to specify the asset nature and maintain important fields of that asset. NetSuite fixed asset management enables you to:

  • Manage all transactions associated with the company assets. This includes creation, proposal, depreciation, transfer, disposal or revaluation.
  • Tracking of depreciating and non-depreciating company assets made easy.
  • With unlimited types of asset forms as a library, you can create an asset as per your need.
  • Manage all relevant assets which include insurance, maintenance schedules and lease
  • You get automated default functions to create, depreciate or retire an asset with least effort.
  • You can track the components used. It has the ability to depreciate them based on its depreciable cost.
  • Allows you to track asset expenses which occur in asset creation
  • Reassessing the increase and decrease of asset value based on current market value
  • Design user-defined, custom made depreciation modes.
  • For comprehensive valuation use the chain depreciation methods

NetSuite FAM enables you to leverage the full potential of NetSuite dashboard. It helps to analyze and report on the company assets in real-time. It provides a solution which sends out of the box reports with the flexibility to build any type of asset report. Depending on the business needs NetSuite gives:

  • Exclusive reports over assets, depreciation and valuation
  • Slice and dice assets over the location, asset type and more.
  • Process the configured reports which include asset register, report stats, depreciation schedule and report status.
  • Run the prebuilt saved searches on timely depreciation, asset disposal, asset register, asset addition and others.
  • Ability to customize reports based on business needs,
  • Ability to assign an asset to many account books and generate a specific ledger
  • The ability to depreciate or revalue assets to one or more sets of account ledgers. It lets you get ledger specific entries.

NetSuite is the best application to simplify the process under CRM and also the best in managing fixed assets. Get a real-time picture of assets and track their progress and add photos from a web-enabled device. It makes a huge difference in creating assets, managing the assets, and many more. Also, the asset has its own profile for asset maintenance and ease of management. It is reliable to take care of asset migration along with the support and training of a team of specialists. If you have any other query, please contact the world best NetSuite Consultant Company

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