NetSuite Fixed Assets Management offers a robust and comprehensive solution for managing the entire lifecycle of both company-owned and leased assets. By automating key processes and integrating seamlessly with NetSuite’s core accounting functionality, businesses can enhance accuracy, ensure compliance, and reduce manual workload.
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NetSuite Fixed Assets Management offers a robust and comprehensive solution for managing the entire lifecycle of both company-owned and leased assets. By automating key processes and integrating seamlessly with NetSuite’s core accounting functionality, businesses can enhance accuracy, ensure compliance, and reduce manual workload. The business benefits of this module are numerous:
NetSuite Fixed Assets Management allows organizations to manage assets from acquisition through to depreciation, revaluation, transfer, and eventual retirement. This comprehensive lifecycle management ensures that all assets are accurately tracked and managed, reducing the risk of asset loss or mismanagement.
By integrating asset management directly with NetSuite’s core accounting system, the module ensures that all asset-related transactions are automatically posted to the general ledger. This eliminates discrepancies between asset records and financial statements, providing a single source of truth for all financial data.
The module supports compliance with various accounting standards, such as ASC 842, IFRS 16, and GASB 87, ensuring that businesses meet regulatory requirements. It also maintains accurate records for audits and financial reporting, reducing the risk of non-compliance.
NetSuite Fixed Assets Management eliminates the need for multiple spreadsheets and manual data entry, significantly reducing the potential for human error. This automation frees up valuable time for finance teams to focus on more strategic activities.
The module provides detailed tracking of both company-owned and leased assets, including their current status, location, and depreciation schedules. This comprehensive tracking enhances visibility and control over the organization's assets.
Businesses can leverage a variety of standard and custom depreciation methods to suit their specific needs. This flexibility ensures that assets are depreciated accurately according to their usage and financial reporting requirements.
Acquisition to Retirement: Manage assets from initial creation, including purchase orders, through to tracking, depreciation, revaluation, transfer, and eventual retirement. This comprehensive approach ensures that all stages of the asset lifecycle are covered, providing detailed insights into asset management.
Unlimited Asset Types: Supports an unlimited variety of asset types, whether they are depreciating or non-depreciating. This includes machinery, equipment, vehicles, and leased assets, allowing businesses to manage all their assets in one centralized system.
Simplified Asset Creation: The module makes it easy to create assets by defaulting asset types and maintaining key fields and details, such as acquisition date, cost, and useful life. This streamlines the asset creation process and ensures that all necessary information is captured.
Automated Asset Creation: Automate the creation of assets from purchase orders, ensuring that all assets are accounted for accurately from the moment they are acquired. This reduces manual data entry and ensures that no assets are overlooked.
Direct Posting of Transactions: Automatically post asset transactions, including depreciation and retirements, directly to NetSuite accounts. This ensures that financial records are always up-to-date and accurately reflect the organization's asset status.
Streamlined Processes: The module streamlines related processes, such as journal posting, bill posting, and purchase order billing, reducing the administrative burden on finance teams and increasing efficiency.
Standard and Custom Methods: Leverage built-in support for all standard depreciation methods, including straight line, fixed declining, sum of years digits, and asset usage. Businesses can also create custom depreciation methods to meet specific financial and reporting needs.
User-Defined Depreciation Methods: Customize depreciation schedules to align with unique business requirements, ensuring that assets are depreciated accurately according to their specific usage and financial impact.
Multiple Depreciations: Apply multiple depreciation schedules to a single asset for comprehensive reporting, supporting both financial and tax reporting requirements. This flexibility ensures that all necessary depreciation calculations are performed accurately.
Compliance with Accounting Standards: Ensure compliance with lease accounting standards such as ASC 842, IFRS 16, and GASB 87. The module standardizes lease accounting processes across the organization, ensuring that all lease-related transactions are accurately recorded.
Amortization Schedules: Easily import existing amortization schedules or create custom schedules for new leases. This feature simplifies the management of lease payments and ensures that all lease-related expenses are accurately tracked.
Automated Journal Entries: Automatically post journal entries with separate lease and interest expense, improving the accuracy and transparency of financial statements. This automation ensures that all lease transactions are recorded correctly and consistently.
Preconfigured Reports: Run preconfigured reports to meet all fixed and leased asset reporting needs, including valuation, present value, expense, and depreciation. These reports provide comprehensive insights into the status and performance of the organization's assets.
Custom Reporting Capabilities: Create custom reports for leased payments, including net present value, interest, and principal. This flexibility allows businesses to tailor their reporting to meet specific requirements and gain deeper insights into their lease obligations.
Saved Searches: Quickly run pre-built saved searches on items such as monthly depreciation, asset additions/disposals, asset list, asset register, lease proposal history, inspection due, insurance renewal due, and expiring leases. These saved searches provide instant access to critical asset information, enhancing decision-making.
Compliance Tracking: Maintain accurate records for compliance with lease accounting standards and regulations, facilitating audit readiness and ensuring that all regulatory requirements are met.
Integrated Reporting: Leverage the full power of NetSuite dashboards and reports to analyze and report on company-owned and leased assets. This integration ensures that all asset-related data is readily available for financial analysis and reporting.
Automated Postings: Ensure that all asset-related transactions, including acquisitions, depreciation, revaluations, and retirements, are automatically posted to NetSuite accounts. This automation maintains the integrity of financial data and ensures that financial records are always up-to-date.
A NetSuite consultant plays a crucial role in helping businesses optimize their use of NetSuite software. They assess a company's business processes and needs to tailor the NetSuite system accordingly. This includes system configuration, customization, and integration with other tools and systems. The consultant also provides training and support to ensure smooth adoption and ongoing use of the system. Their expertise is vital in ensuring that the ERP system aligns with the business's strategic goals, thereby improving efficiency and productivity.
The cost of a NetSuite consultant can vary based on factors like experience, geographic location, and the complexity of the project. Rates can range from hourly fees for short-term projects to fixed prices for more extensive implementations or ongoing support. It's advisable to get quotes from several consultants or consulting firms to find a service that fits your budget and meets your specific business requirements.
To become a NetSuite technical consultant, one typically needs a combination of education, such as a degree in IT or a related field, and practical experience with ERP systems, particularly NetSuite. Gaining certifications in NetSuite can be highly beneficial. This career path also requires staying updated on the latest NetSuite features and industry best practices. Developing a deep understanding of business processes and how they integrate with NetSuite functionality is key.
The hourly rate for NetSuite consultants can vary widely. Factors influencing the rate include the consultant’s experience, expertise in specific NetSuite modules, location, and the complexity of the services provided. Rates can range from moderate to high costs per hour, reflecting the consultant's level of expertise and the demand for NetSuite-related services.
Obtaining NetSuite certification can be valuable, especially for professionals seeking to establish or advance their careers in ERP system administration, development, or consulting. Certification demonstrates a recognized level of expertise and knowledge in NetSuite, which can enhance job prospects, credibility, and potentially lead to higher earnings.
NetSuite is best for companies in industries that require a robust ERP system, such as manufacturing, wholesale distribution, and ecommerce. It is also well-suited for companies that are doing business in multiple countries.
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NetSuite professional services are a suite of services that help businesses get more out of their investment in the NetSuite software. Our team of experts can help with everything from project planning and solution design to deployment and support. We have the experience and expertise to help you make the most out of your NetSuite system.
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NetSuite Managed Services provide ongoing support and maintenance for businesses using NetSuite. These services include system monitoring, user support, troubleshooting, customization, and optimization to ensure that NetSuite is functioning at its best and meeting the needs of the business.
NetSuite's inventory management system provides real-time visibility and control over inventory levels, tracking, and supply chain operations. This allows businesses to optimize inventory levels, reduce stockouts, and improve supply chain efficiency.
An Enterprise Resource Planning (ERP) system is a software solution that integrates various business processes and operations into a unified system. This includes functions such as finance, accounting, inventory management, human resources, and more.
NetSuite consultancy services provide expert guidance and support for businesses using NetSuite. This includes implementation and customization of the system, training and support for users, and ongoing optimization to ensure that NetSuite is meeting the specific needs of the business.
NetSuite is a cloud-based software solution that provides a comprehensive suite of business management tools, including financial management, inventory management, supply chain operations, customer relationship management (CRM), and more.
NetSuite provides a unified management system that integrates various business processes and operations into a single system. This allows for streamlined operations, real-time visibility, and improved efficiency.
An ERP vendor is a company that provides Enterprise Resource Planning (ERP) systems, such as NetSuite, to businesses. These vendors provide software solutions, implementation and customization services, ongoing support and maintenance, and other services to ensure that the ERP system is meeting the needs of the business.
