Manage fixed assets and lease accounting

What is NetSuite Fixed Assets Management?

NetSuite Fixed Assets Management makes financial reporting more timely and accurate by automating fixed-asset depreciation and lease accounting. Develop a comprehensive list of existing assets, including relevant data like acquisition cost, in-service date, estimated useful life and more, and track lease agreement details like contract value, duration and discount rate. Fixed Assets Management lets you manage the entire asset lifecycle, from acquisition to retirement, with ease — and without spreadsheets and time-consuming manual processes.

What is NetSuite Fixed Assets Management? (Video)

NetSuite Fixed Assets Management dashboard

Increased Efficiency

Save time by eliminating spreadsheets, manual effort and duplicate data entry. NetSuite Fixed Assets Management automates depreciation and lease accounting, resulting in fewer errors and a faster close process.


More Accurate Records

Out-of-date information can lead to overvaluation of fixed assets and overpaying for insurance. Fixed Assets Management makes it easy to maintain accurate records of depreciating and non-depreciating assets.

NetSuite dashboard

Before NetSuite, company leaders had to pull monthly depreciation and amortization reports from Excel spreadsheets. Now, it’s just a one-button push for the month-end process.

Kevin Moore
Controller, Brex

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NetSuite Fixed Assets Management Benefits


  • Flexible Depreciation. Use built-in templates or develop custom depreciation scenarios with user-defined schedules.
  • Simplified Compliance. Automate lease payments, expense amortization and reporting, easing compliance with lease accounting standards.
  • Financial Savings. Identify “ghost assets” and stop paying to ensure equipment that is no longer in service.
  • Comprehensive Reporting. Get detailed analysis of cost, depreciation, lease expense and related data across virtually any operational domain.

NetSuite Fixed Assets Management Features

NetSuite Fixed Assets Management covers the entire asset lifecycle, from procurement to disposal, helping companies maintain up-to-date records, accurately record depreciation data and comply with lease accounting standards. Fixed Assets Management works seamlessly with NetSuite Procurement and Advanced Financial Management to automate the creation of new assets and posting of depreciation and lease expenses.

Asset Tracking

Develop an accurate listing of depreciating and non-depreciating fixed assets, and maintain detailed records over the entire asset lifecycle. Assign and track assets by region, facility, department or other reporting segment. Transfer assets from one subsidiary or business unit to another while retaining the complete history without manually reentering data.

NetSuite Asset Tracking dashboard

Depreciation

Fixed Assets Management automatically calculates depreciation expenses using standard or custom methods and schedules and lets finance teams choose how and when to apply depreciation. With usage-based methods, for instance, NetSuite gives you the option to not depreciate an asset during seasonal downtime, when equipment is offline.

NetSuite Depreciation dashboard

Lease Accounting

Standardize lease accounting and ensure compliance with financial reporting requirements. Capture key lease details, including start and stop dates, total cost and discount rate, and amortize lease expense over the duration of each agreement. NetSuite automatically posts separate journal entries for lease and interest expense and updates remaining lease liability.

NetSuite Automated Invoicing dashboard

Reporting

Produce accurate financial statements that meet tax and accounting requirements, generate standard fixed-asset reports or leverage SuiteAnalytics to slice and dice asset data by location, subsidiary or other criteria.

NetSuite Reporting dashboard

Challenges NetSuite Fixed Assets Management Solves


  • Inefficient Processes. Automated fixed-assets management solution removes complexity and makes finance teams more productive.
  • Maintaining Accurate Records. Track fixed assets from acquisition to disposal and compile data in real-time for more accurate reporting.
  • Inconsistent Results. Depreciation rules are applied consistently, on the correct schedule, using the appropriate model — all the time, for every asset.
  • Lease Accounting Complexity. Capture lease details, amortize lease expenses and track remaining liability automatically.
  • Closing Delays. Automatically post depreciation and lease expenses to the general ledger, saving time and preventing data-entry errors.

How Much Does NetSuite Fixed Assets Management Cost?

Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for the initial set up. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

NetSuite Fixed Assets Management is available as an add-on module.

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