As the case with most Accounting packages out there, fixed asset management is not a focus when vendors develop ERP solutions. Although they are quite fabulous at integrating financial information and automation, the depreciation piece isn’t as robust as it often needs to be — especially for tax depreciation.
I am starting to see a trend with companies who are using ERP accounting solutions and are making the switch (or researching to) a third party fixed asset package. The word on the street is: when trying to keep up with the current tax depreciation methods, laws and bonus depreciation, their ERP fixed asset module isn’t cuttin the mustard.
No need to worry any longer, the Sage FAS solutions can assist you in keeping compliant with your depreciation as well as provide you with the following benefits:
- Regular tax updates – ERP system struggle with these
- More robust fixed asset management functionality
- Cost savings – you don’t need an ERP Consultant to update your customized system
- Knowledgeable support from depreciation experts
- Enhanced compliance for SOX, GASB, property taxes and insurance
While fixed asset management is a tiny part of what ERP research and development teams work on, it is the exclusive focus of dedicated fixed asset systems such as Sage FAS. The Sage FAS development, quality assurance, professional services and customer support teams all receive extensive training in the intricacies of deprecation — which includes a staff of CPAs!
All this sound to good to be true? Don’t fret… you can have your cake and eat it too, for there are many ways to get your ERP to integrate with the Sage FAS solutions — it just depends on your internal processes.
Keep being crazy with your fixed assets!
[...] ERP systems and the complete integration behind it all is pretty fabulous when it all jives, but when leaving out a CRITICAL factor such as Tax rules with ever extending bonus depreciation options for fixed assets, nothing quite compare’s to a system that is automated and keeps up to date for you by inserting a CD or downloading the update. For additional research on deciding whether or not to use ERP fixed asset modules, check out my other posts with a similar flavor: ERP Fixed Assets and Tax Depreciation. [...]
By: Clients ERP Fixed Asset Frustration for Tax Depreciation « Crazy About Your ASSETS | b-l-o-g on October 27, 2009
at 10:55 pm
[...] No automated system to calculate their TAX, State and AMT depreciation calculations = hand calculated (spreadsheet formulas) and delayed filing and delayed provisions. (P.S. they are using an ERP solution) [...]
By: Rolling Out Large Fixed Asset Management Projects « Crazy About Your ASSETS | b-l-o-g on August 2, 2011
at 3:12 am