Fixed assets like machinery, vehicles, computers and office equipment are major investments that bring value over years. Managing them efficiently unlocks savings and informs smart decisions. Yet for growing firms, asset tracking often moves to spreadsheets which strain under complex rules, poor data quality and manual processes.
NetSuite’s Fixed Asset Management module eliminates these headaches through automation and real-time visibility. This comprehensive guide covers:
- The limitations of manual tracking
- NetSuite Fixed Asset Management capabilities
- Benefits by department
- Finding the right implementation partner
Why Automated Tracking Matters?
Consider a manufacturer buying new CNC machines worth $200,000 each. Without a system, asset details get captured on paper or Excel. Details like supplier invoices, installation dates, depreciation methods, monthly depreciation amounts and disposals don’t flow to finance easily.
Suddenly reporting accurate profits, taxes and balance sheet values becomes messy when fixed asset data remains fragmented. Physical counts rarely match book values during audits. Maintenance suffers when asset usage and histories aren’t accessible. Insights like production capacity per machine, repair costs or depreciation schedules take days to compile.
As more assets get purchased, locations change, some retire while others get swapped, manual tracking becomes a nightmare. Staff juggle pieces of paper and endless spreadsheets. Asset utilization goes down while risks of incorrect financials and regulatory penalties go up.
By bringing fixed asset management into NetSuite’s cloud ERP, all details and processes integrate seamlessly. Purchase invoices, warranty details, depreciation rules and lifetime transactions on a single asset automatically flow into financial reports accurately. Custom workflows improve standard processes like retirement and maintenance. Powerful analysis and dashboards provide insights in seconds not days.
Let us explore how NetSuite enables end-to-end automated management.
NetSuite Fixed Asset Management Capabilities
NetSuite gives financial and department leaders complete visibility and control through:
1. Centralized Tracking & Lifecycle Management
- 360° view of all fixed assets
- Asset statuses like Active, Idle, Retired
- Assign ownership by department or employee
- Attach docs like specs, warranties, maintenance schedules
2. Comprehensive Depreciation Management
- 20+ depreciation calculation methods
- Flexible depreciation booking options
- Out-of-the-box handling of adjustments
- Visibility into depreciation impacts
3. Intuitive Maintenance Management
- Online repair requests with approvals
- Track maintenance events like problems, resolutions and costs
- Attach service records to assets
- Warranty validation and renewals
4. Auditable Records & Financial Integration
- Automated audit trails for all changes
- Seamless integration with accounting and reporting
- Depreciation, revaluation and disposal postings
- Impairment tracking and analytics
5. Customizable Reporting and Analytics
- Asset registers with depreciation schedules
- Utilization monitoring by location or business unit
- Custom metrics on performance and maintenance
- Executive dashboards and interactive searches
With end-to-end process management, NetSuite transforms fixed asset tracking from a fragmented chore to an opportunity. Let us see how by examining benefits across departments.
Transforming Outcomes for Departments
1. For Chief Financial Officers
Financial executives can ensure accurate valuations, precisely calculate depreciation impacts, and optimize decisions between buying, leasing or sweating assets longer.
- Confidently report profits, taxes and balance sheet
- Assess utilization trends to optimize CAPEX
- Model buy vs. lease vs. sweat decisions
- Improve audit compliance with reliable records
Consider the difference for a restaurant chain. Without a system, an auditor spends weeks sampling paper receipts and Excel sheets across 50 locations to estimate equipment assets worth $5M. But in NetSuite, a simple report shows up-to-date details for all assets. The chain finds underutilized ovens in a few stores and redeploys them after an equipment refresh saving $150K.
2. For Department Heads
Department leaders get accountability with ability to assign assets to employees and review utilization and maintenance.
- Assign assets to departments or employees
- Review per asset repair costs and trends
- Analyze utilization and performance by location
- Model asset investment/retirement decisions
For example, a retailer can now compare refrigeration uptime and cost across 150 stores for smarter maintenance budgeting or refresh planning.
3. For Facility and IT Managers
Maintenance and operational efficiency improves with better tracking of asset locations, warranties and preventative schedules.
- Confirm asset locations and custody
- Standardize maintenance processes
- Renew and track warranties
- Build preventative schedules
- View asset histories
Suppose an IT director sees that their most expensive servers have chronic cooling issues. By tracking maintenance events over 3 years, they identify insufficient air conditioning in one room as the common factor. Upgrading that AC unit saves $75K in annual server operating costs.
4. For Department Heads
Department leaders get accountability with ability to assign assets to employees and review utilization and maintenance.
- Assign assets to departments or employees
- Review per asset repair costs and trends
- Analyze utilization and performance by location
- Model asset investment/retirement decisions
For example, a retailer can now compare refrigeration uptime and cost across 150 stores for smarter maintenance budgeting or refresh planning.
Getting Started with Implementation
Transitioning to automated fixed asset management in NetSuite brings its own challenges. Beyond software configuration, processes and integrated workflows must be redesigned for each asset class while accounting for depreciation rules. Custom reports, analytics and data migrations are key deliverables.
With complex organizational change and technology delivery, having an experienced implementation partner makes a huge difference. But finding a great partner goes beyond checking boxes on NetSuite credentials.
Traits to Look for in an Implementation Team:
Deep Domain Expertise
- 200+ fixed asset implementations
- Prebuilt templates and connectors
- Accounting compliance best practices
2. Proven Change Management Skills
- Workspace design for usability
- Training programs that drive adoption
- Simple and intuitive self-service
3. Precision Delivery Execution
- Accelerators aligned to each phase
- Project management transparency
- Nearshore/offshore options to control costs
4. True Partnership Orientation
- Willingness to learn your business
- Joint accountability for outcomes
- Flexibility to adapt to new requirements
Finding all these capabilities in one place used to be difficult. SuiteRep offers clients the best combination through:
- 350+ NetSuite resources with certified NetSuite consultants in finance domains
- Over 250+ fixed asset implementations
- Preconfigured solutions for over a dozen industries
- Partnership approach focused on client success
- Cost-effective nearshore/offshore delivery
As the only 5-Star ranked NetSuite solution provider for the last 7 years, SuiteRep brings rich expertise across both cloud technology and finance transformations. Close alignment to business stakeholders and users during implementations ensures smooth adoption. Ongoing enhancements and support post-production also sustain outcomes over time.
Are Spreadsheets Straining Your Asset Tracking?
Don’t settle for fragmented visibility or manual financial reconciliations around valuable fixed assets. Partner with SuiteRep to leverage NetSuite for comprehensive lifecycle management, automatic depreciation calculations, and real-time insights.
Schedule a free consultation today with our finance experts and discover how to optimize NetSuite for your asset utilization.
