Fixed Assets Management
NetSuite's Fixed Assets Management module helps businesses manage the entire lifecycle of fixed assets—from acquisition and depreciation to revaluation and retirement. It automates asset tracking, depreciation calculations, and asset reporting, ensuring accurate financial statements. The module supports multiple depreciation methods, such as straight-line and declining balance, while allowing businesses to customize depreciation schedules to fit their unique requirements. It also integrates seamlessly with other NetSuite modules, enabling the alignment of fixed asset data with general ledger accounts, tax filings, and financial reports. By automating these processes, Fixed Assets Management reduces manual efforts, improves accuracy, and ensures compliance with accounting standards and tax regulations.
Use Cases
Software
Track and depreciate IT infrastructure such as servers, laptops, and networking equipment. By automating depreciation schedules, you ensure compliance with accounting standards while gaining visibility into the lifecycle of tech assets.
Manage intangible assets like software licenses, tracking their value and expiration dates while setting up amortization schedules for accurate financial reporting.
When upgrading your IT infrastructure, you can use NetSuite to revalue assets, ensuring accurate asset management and financial reporting.
Manufacturing
Manage the entire lifecycle of heavy machinery, automating depreciation and keeping track of asset value over time. This helps ensure that machinery is accounted for accurately, reducing manual errors.
If you operate multiple manufacturing plants, you can transfer and reclassify assets between locations, keeping track of where assets are being used and updating asset values in real-time.
When replacing or upgrading equipment in your production line, you can reclassify or retire assets, automatically adjusting your balance sheet and depreciation schedules.
Services
Track assets such as office furniture, IT equipment, and service vehicles, applying appropriate depreciation methods to manage the lifecycle of these assets efficiently.
If your company leases equipment, you can manage leased assets within NetSuite, setting up amortization schedules and tracking lease expiration dates for financial and operational accuracy.
Easily reclassify or transfer assets used in different service contracts, ensuring accurate allocation of resources and financial tracking.
Wholesale/Distribution
Automate depreciation schedules for warehouse equipment such as forklifts, conveyors, and shelving systems, ensuring assets are depreciated correctly and reported accurately on financial statements.
Track and manage the lifecycle of delivery vehicles, automating depreciation, maintenance scheduling, and eventual retirement to ensure cost efficiency.
If you purchase assets in bulk (e.g., storage units or shelving), you can use NetSuite to manage acquisition, depreciation, and revaluation of these assets in one system, improving asset visibility and financial accuracy.
Our Services
Implementation
We handle the end-to-end implementation of NetSuite Fixed Assets Management, including asset classification, depreciation schedules, and asset revaluation. We ensure the system is fully integrated with your existing NetSuite modules for a seamless workflow. Our experts will configure the system to match your specific asset management needs, including handling bulk asset acquisitions, reclassifications, and transfers to ensure accurate tracking throughout your asset lifecycle.
Integration & Data Migration
We assist in integrating Fixed Assets Management with other NetSuite ERP modules like general ledger, accounts payable, and inventory management, ensuring a unified platform for managing both financials and assets. Our team helps migrate your existing asset data into NetSuite, ensuring all assets are correctly categorized and historical depreciation data is accurately transferred to prevent any disruption to financial reporting.
Customization
We create custom depreciation schedules and rules that fit your business’s specific needs, ensuring accurate financial reporting based on the assets you manage. We help you optimize how you manage asset acquisitions, maintenance, revaluations, and retirements to reduce manual tracking and improve operational efficiency.
Vendor-Certified Experts
Our experienced team members hold multiple certifications from our key vendor partners with extensive domain and industry expertise.
Official NetSuite Alliance Partner
We are proud to be an official Oracle NetSuite Alliance Partner and often get the call when an implementation has gotten off track and requires a recovery.
Experts in Customization
We excel in leveraging our expertise to develop tailored solutions that precisely align with the distinctive needs of your business.
