End-to-End Lifecycle Management for Your Fixed Assets Accounting Can Save More Time Than You Imagine
Many companies rely on spreadsheets for their fixed assets accounting, but reporting from spreadsheets is exhausting and time consuming. Even worse, making constant spreadsheet adjustments results in the kind of manual-entry errors that can negatively impact your financials or taxes.
We all know that administrative work like this costs too much to be sustainable in our modern economy, not to mention exposure to potential audit risks. Fortunately, Sage Fixed Assets software holds a key feature that is virtually guaranteed to save your company significant time and money for decades to come.
The Key to Fixed Assets Accounting Success: End-to-End Lifecycle Tracking
What sets Sage Fixed Assets software apart is its ability to help you accurately and easily track your assets from before you put them into service as construction in progress (CIP), all the way through yearly inventory tracking, depreciation, and disposal.
Why Tracking EVERY Stage of an Asset’s Lifecycle Matters
- Planning: We all know that effective fixed assets accounting often begins before an asset is placed into service, but it can be difficult and time consuming to track planning stages through spreadsheets and folders. Sage offers a time-saving solution.
Using Sage Fixed Assets – Planning, your business can start tracking your fixed assets before you put them into service using project snapshots and alerts that help you keep a close watch on budgets. This is especially helpful for compiling and organizing separate invoices, POs, receipts, tasks, contact data, and notes during construction or renovation projects, equipment upgrades, or multi-component equipment purchases.
Once the fixed asset is placed into service, you can instantly create it as a new asset in Sage Fixed Assets – Depreciation with seamless integration. After all, you already entered data on your work in progress. Why should you waste time entering that data again?
- Depreciation: Depreciation can last decades… but it only takes a tenth of a second to make a critical mistake in a spreadsheet cell. Unfortunately, the odds increase over time that your spreadsheets will contain a multitude of errors that can wreak havoc on financial reporting, or at tax time. Sage’s solution helps.
There is a reason that business leaders across the world have made Sage Fixed Assets – Depreciation one of the most popular fixed asset management tools of all time: everyone loves the time savings they get from its comprehensive, extremely accurate tracking and management capabilities. Sage’s time-tested, trusted tool helps you prepare your year-end financial statements and tax returns, allocate costs, calculate depreciation, and store digital images of critical asset records – effortlessly.
These functions not only significantly ease stress during tax time, they also speed up your fixed asset management tasks throughout the year.
- Tracking: When assets are nothing more than a row on a spreadsheet, , it’s an easy time-saver to simply assume you still have a functional asset each year. Sending a spreadsheet to facilities, or operations manager and asking them to validate the list typically doesn’t identify all the true retirements. Practices like that leave you with ghost assets. Sage Tracking with a handheld inventory device helps you maintain accuracy.
Sage Fixed Assets – Tracking makes it easy to keep track of your fixed assets during their lifetime with barcode tagging, mobile device scanning, and automated reconciliation capabilities that align your physical inventory with existing asset data. Baseline inventory tracking establishes new assets into your system, and dynamic inventory tracking verifies the ongoing status of existing assets.
Think it will take too much time to conduct an accurate, detailed inventory across a wide range of locations, including remote sites and multiple properties each year? Think again. Sage’s centralized management makes it a breeze to scan barcodes from anywhere and quickly get that data into your fixed assets accounting solution for analysis.
Another benefit of accurate tracking is that it helps you budget for replacing missing assets or assets that are wearing down. It also makes it easier to identify where you could open opportunities for greater cost savings related to your fixed asset expenditures, such as disposals.
Of course, Sage Fixed Assets – Reporting brings together all the data you need, any time. With this, your team will havedeep insights into large data sets from on-demand, custom reports that feature charts, graphs, advanced formatting, and practically unlimited sorting capabilities.
Are You Ready to Save Time on Your Fixed Assets Accounting?
The past few years have brought businesses a range of cost-saving opportunities in the form of the 179D energy tax deduction, bonus depreciation from the Tax Cuts and Jobs Act, and new savings tied to the Inflation Reduction Act. But taking advantage of these requires your business to have accurate, detailed insight into your fixed assets. Crunching the numbers to determine your eligibility for these programs can simply cost too much in administrative time and effort if you are still relying on spreadsheets.
If you are tired of wasting time and money on the extensive administrative work that spreadsheets require, it is time to learn more about Sage Fixed Assets.
Serving clients since 1985, Paragon International, Inc. provides independent, impartial and accurate cost segregation analyses, and property valuations and appraisals to assist in and support decisions related to taxes, risk management, investment, financing and corporate planning. Our consultants have extensive fixed asset experience – they’re fixed asset experts. Because of that we are able to offer a unique combination of irreplaceable human resources and advanced technology. We have specialists experienced in valuing closely held securities, patents and other intangible assets, business enterprises, buildings, equipment and real estate. In addition, Paragon provides complete inventory and asset management services and solutions, including software customization and training, barcode labels and scanners, and tailored inventory services such as data conversion and integration, asset inventories, asset policies, cost reconciliation, and appraisal services. Contact Paragon International to discover how we can help you.