Tracking and Managing Asset with Fixed Asset Pro16
Recently we got the opportunity to test the new product, Fixed Asset Pro16, from Excelsoft Technology Co. It is quite an interesting business application that is worth noticing. This product is meant to comprehensively manage, maintain, and control your organization assets with easy navigation and intuitive control.
We have personally seen many similar applications; however, this product is really stood out among the crowd. As soon as you got it download and install, the screen itself is quite self explanatory. The sample data is richly defined. You can then play around with all the icons and the sample reports.
Today review, we like to share some of the important aspect in our review that make this application is worth noticing:
As soon as we installed the application, it almost took us no time to understand the application thoroughly. Our impression has been very good toward it – it is so user-friendly. When you run the application, your common sense should be able to pickup. With a bit of general knowledge in Asset Management and the common terminology, you should be able to operate this application. It has a built-in TreeView to help you to navigate around, or group/sort the assets with single click. This integrated screen is complete with each asset pictures and breakdowns of each category. You can easily record and keep track any asset from its acquisition, depreciation, asset service requirement, historical service records, asset custodian, and warranty claims. All the bottoms and shortcut have been properly in place for easy access.
(2) Features and Functionalities
The other important aspect in searching for Fixed Asset System is the product features and functionalities. User-friendly is important but the features necessary also need to be there. Our evaluation shows that Fixed Asset Pro16 is very comprehensive. It is furnished with various depreciation methods and many nice-to-have features, such as asset warranty information, service maintenance, asset grouping, custodian, department, two depreciation methods (fiscal and commercial, to-do list, and asset reminder built-in. All these features would simply help you to perform the entire operation cycle.
(3)Generate Complete Journals
As we noted that many of the similar fixed asset applications available in the market do not produce journal at all unless it is thousand of dollar application. This application starts only $299 and it does generate complete journals so it is truly incomparable. Even some of the expensive application, it does not compliance with International Accounting Standard (IAS 16 under Property Plant and Equipment). IAS 16 is clearly spelt out many of the stringent rules toward Fixed Asset. Many of the trouble come when you revaluate the asset. If it posted as gain, then you would need to register to ‘Revaluation Reserved’ under equity account. If the subsequence year the same asset is posted as loss, then you would need to take out whatever in the ‘Revaluation Reserved’ first, then the rest post it as ‘loss in revaluation’ (Expense account). This application is just doing that automatically for you. This way, it saves the work for many accountants work.
In addition, many necessary journals are also being automatically produced by the system, such as: * Asset Depreciation Journal (monthly, group…) * Asset Disposal/Write off Journals * Asset Revaluation Journals * Asset Purchase Journal * Asset Transfer Journal * YTD Depreciation Journal Summary
As for many accountants, this ‘monster job’ is a tedious and annoying routine. Imagine how much saving that you would have if you were to compare to the total hours spent in tabulating these numbers just to come out with the right journal. Won’t you think that it would be far exceeding the price of the application itself?
(4) Conceptual and methodology
Fixed Asset Pro16 truly intrigues us with some of its concept and method in handling day-to-day operation. For example, we have asset that is originally being purchased in ‘set’. For example, you have purchased a meeting room set with single price, no breakdown for each items. The entire set comes with one large meeting table a long with 8 chairs, coffee table, and accessories. Fixed Asset Pro16 provides an easy way for you to register this asset. Firstly, you can enter the asset as ‘Meeting room set’, later you can enter each set components as separate items complete with its own barcoding, tagging, and asset condition. This way, you would have the entire set tagged but yet when it come to depreciation, the system would only recognise as one set with a single price. Bravo!
Another common tedious task in managing asset is that if you happen to have many similar assets, such as office chairs. This application provides ‘asset replication’ tools to help you replicate similar assets. It will then automatically generate asset numbering for you. This features really save time and effort.
(5) Enterprise Edition
Enterprise edition available is also very crucial. Often time, you find an application suitable for you. But as soon as you like to use it for your entire corporate, the application cannot handle it. It might not support multi-user, multiple sites, or multiple companies. Fixed Asset Pro16 has enterprise edition for large enterprises with hundreds of thousands of assets.
Enterprise version includes Barcode Scanner with its complete functions and features. It supports multi-company, multi-user. You can scan your asset by location and consolidate it with existing database master. Centralized database storage yet manages multiple sites. Final result can then be consolidated within in a single financial report.
Of course, we should never look for complicated application. Nevertheless, if you don’t get a complete application, it will always spell problem. Having a complete feature is a must, but few can do without skipping the complication. In this review, we find something that worth trying!
For more information, please visit our website at www.excelsoft.com Download our trial application . To purchase our application