Fixed Asset Management
Full lifecycle fixed asset management with multi book multi currency multi company depreciation and barcoding
Cloud hosted in SAS-70 datacenters with a free trial to help you get started

Fixed Asset Management Software

Summary

  • Asset Register
  • Asset Lifecycle - Procurement to Disposal
  • Fixed Asset Management
  • Consolidate data from all sources to provide a single holistic repository
  • Depreciation and Asset Accounting
  • Barcoding
  • Planned Maintenance and Work Order Processing
  • Configurable
  • Scalable to millions of assets and hundreds of users
  • Browser Based
  • Cloud hosted or on-premise
  • Compare IFRS, US GAAP, UK GAAP and Canada GAAP side-by-side

Overview

Correct management of Fixed Assets can have a substantial impact on the profitability of any company. Corporate taxation and insurance can be cut substantially by removing retired assets from the depreciation schedule. Manpower is saved through easy access to the corporate asset register, enabling staff to quickly locate and deploy assets as needed. Safety, risk and asset life are optimised through correct retirement and servicing, and money is saved through asset reuse, increased reliability and effective procurement.

xAssets Fixed Asset Management is a browser based Fixed Asset Register with functions covering Asset Management, Depreciation and Asset Accounting, Maintenance, Barcoding and Asset Lifecycle Processes including Procurement and Disposal.

The product can be used out of the box to deliver a comprehensive solution to Fixed Asset Management and Depreciation for medium sized enterprises and can also be extended if needed to meet the needs of large enterprises and customers with more complex requirements.

Key Functions

xAssets Fixed Asset Management includes the following functions. All functions listed are Optional.

Fixed Asset Management - Asset Register Wheel Graphic
  • Asset register includes all lifecycle processes
  • Procurement covers request and PO approval
  • Receiving and Deployment Processes
  • Multi company/currency/book depreciation
  • Financials include valuation and disposal
  • Planned Maintenance with sensor feeds
  • Service Management and Task Management
  • Barcoding and handheld scanning support
  • Contract includes leases and warranties
  • Storage and Spares Management
  • Disposal and Obsolescence

Any function from any other xAssets solution can also be included, see the list of functions for more information.

Asset Lifecycle Processes

xAssets Fixed Asset Management covers the entire asset lifecycle from Procurement to Disposal, including all financial aspects of those lifecycle elements.

Fixed Asset Management Solutions Flowchart

Benefits

  • Get control of all corporate assets easily
  • Meet compliance objectives including SOX
  • Easy analysis of asset inventory
  • Cover all asset processes in one application
  • Management reporting and graphical drilldown
  • Get email notifications on any event
  • Covers all financials and depreciation
  • Management reporting and drilldown
  • Rapid deployment at minimal cost
  • Configurable to meet any requirements

Features

  • Fully Customizable Asset Register
  • Browser Based Client
  • Forms specific to Asset Type and Profile
  • Create New Asset Data Fields on Any Type
  • Intelligent Defaulting
  • Unlimited Books
  • Multi Company and Multi Currency
  • Barcoding and Scanning
  • Depreciation Formula Builder / Modeller
  • Supports US based MACRS depreciation

Financials

The financials engine offers flexibility to implement depreciation calculations based on any mathematical formula and the formulae can include calls into scripts and functions to ensure that any calculation requirement is met in an efficient way. Underlying transactions are stored individually and once periods are closed transactions can no longer be changed (but adjustments can be posted into future periods). This ensure the financial integrity of the asset register in an industry standard way.

  • Comprehensive Depreciation Calculation Engine
  • Model depreciation and amortization formulae
  • Track Total Cost of Ownership (TCO) of assets
  • Multi Company, Multi Currency, Unlimited Books
  • Unlimited Books
  • Each user can move forward and back in time
  • Supports unusual accounting periods and year end changes
  • Define posting rules to specify exactly how transactions are posted
  • Create Journals for Purchase, Depreciation, Disposals and Transfers

IFRS and US GAAP, US Tax, UK GAAP and Canadian GAAP

IFRS presents substantial challenges to global organisations and any company with operations in multiple countries or in countries which are adopting IFRS. xAssets helps companies to meet these challenges not only through established reporting across multiple books but also we can accept each client's own interpretation of IFRS, GAAP and Tax books and implement those interpretations for the customers through a short implementation project.

The financials and depreciation engine within xAssets Fixed Asset Management can be configured to meet any requirements surrounding International Asset Accounting, IFRS, GAAP and Tax calculations, and has the configuration capability, scalability and stability to meet the needs of mid sized and large enterprises.

Canadian Companies

Canadian companies have moved to IFRS on the 1st January 2011 and they now have to report IFRS and Canadian GAAP side-by-side. xAssets can meet these requirements and follow each customers transition, rules interpretations and reporting strategy with a short implementation project.

US Corporations

A description of IFRS requirements for US Corporations is here. Although IFRS is in general not a strict requirement in the US, it makes sense to put flexible depreciation and asset accounting systems in place which can meet the evolving requirements of IFRS and the changes in GAAP as the authorities attempt to align US GAAP to IFRS. This aids potential foreign acquisition scenarios and the benefits of IFRS reporting can be gained even though the rules are not strictly enforced.

xAssets Financials and Depreciation engine is also capable of supporting all the conventions applied by US depreciation for tax book calculations. We fully support MACRS, ACRS, ADS, ACE and AMT. We can apply straight line MACRS, GDS via table lookup or GDS calculated, and we support partial month, mid month, whole of month, mid quarter, half year and any other conventions. These calculations can always be reported alongside GAAP, IFRS and other accounting books.

UK Companies

UK companies face fewer challenges because UK GAAP is similar to IFRS (but not the same!). However companies must still look for differences in componentisation requirements and there are potential differences in several areas including assets held for sale, treatment of asset impairment and revaluations, plus deferred tax on revaluation gains.

Configuration

xAssets Fixed Asset Management is based on the xAssets Enterprise Framework, which is the most configurable and scalable asset management soltions available. All menu items, queries, profiles, integrations, data movements, triggers, business rules, reports, forms and processes can be configured from within the user interface. This flexibility makes the software ideal for large enterprises with complex requirements, whilst also providing the flexibility for medium sized enterprises to adjust the system to meet their exact requirements.

Pricing

The product is priced on the basis of a fixed server license fee, plus a per concurrent user or per named user license, and additional scalability pricing applies to very large implementations.

Click Here to get a Quote.

xAssets Fixed Asset Management is available as both a Hosted "Software As a Service" application and as an onsite server installation installed within the customers firewall.

Configuration Options

To learn more about the functions and features available to IT Asset Management, Cloud Asset Management, Fixed Asset Management and Enterprise Asset Management customers, Click Here

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