Fixed Assets Software

Choosing between your finance system fixed assets add-on and specialist software

Most leading finance systems offer at least a basic fixed assets module, however very few offer a comprehensive solution. Making the choice between specialist software to work alongside your finance package or simply using the add-on module can have a significant impact on both your costs and productivity.

Beyond the basics of fixed assets

The basics of an asset register are simple enough and if you are only tracking a small number of assets and using simple depreciation, then a basic fixed assets module will probably be sufficient. If you require a bit more from your system, then you need to consider a specialist package.

Here is a simple checklist of some of the most common issues with basic fixed asset add-on modules:

Fixed Assets Checklist:

✓ Multiple companies  – Do you need to manage assets across multiple legal entities?
✓ Multiple currencies  – Do you need to report on and track assets using multiple currencies?
✓ Multiple books  – Do you need to keep more than one set of books e.g. different lives for IFRS, UK and US GAAP?
✓ Asset events  – Can your system handle all asset life cycle events such as partial disposals and revaluations?
✓ Maintenance  – Do you need to track and manage preventative or reactive maintenance?
✓ Lease accounting  – Do you need to track lease agreements for your assets?

Specialist software: is it worth it?

If you are struggling with your current asset register but are not sure how to build the case for a specialist fixed asset system, then here are some of the key factors you should consider:

Enhanced functionality

The fixed assets add-on modules within large finance systems are seldom considered a core business function and as such development and functionality are usually limited. Specialist software can significantly cut costs and increase time efficiency while also improving accountability and corporate governance compliance.

Cost

In many cases, going for a specialist fixed asset system can save money, even though it offers significantly more features. Because you are not restricted to one provider, there are more options available to you meaning you are more likely to find a suitable solution within your budget.

Sector specific software

Finance and ERP systems generally design fixed assets add-on modules to fit around the limitations of the core system. While this may help to create a good fit with the parent system, it can result in a poor fit with your market sector requirements.

Specialist providers will dedicate a lot of energy and resource to ensuring that their solutions are flexible enough to meet the needs of all sectors. Also, if you require additional features, development is more likely to get prioritised where it will be beneficial to other clients in your sector as well.

FMIS Fixed Assets Software:

FMIS Fixed Assets is a powerful and flexible specialist asset accounting and tracking system. As part of the wider FMIS Enterprise Asset Management solution, FMIS Fixed Assets offers enhanced fixed asset tracking, accounting and life cycle management.

If you would like to know more about FMIS Fixed Assets or any of our other solutions, please get in touch with us via email or call us on +44 (0) 1227 773003

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