Not All Sage FAS Users Should be Created Equally

Here at Fixed Asset Consulting, we have been performing many data conversions lately.  Mainly data that has been in the Sage Fixed Assets Depreciation (formerly Sage FAS) and was outsourced.

The biggest problems we are running into during our analysis and process is that those ‘outsourced’ professionals who are using the Sage Fixed Asset System (or any automated fixed asset system) are not entering the asset information in correctly.  Here is a list of what we have been seeing (note: not all the data we are analysing and fixing are from the same source/end users):

  • Bonus depreciation not being utilized consistently.  Some assets have it on, others don’t.  Same property type, same placed-in-service year, etc.
  • Bonus depreciation not being used at all even though the Client is claiming in on their tax returns.  This means that even though the Tax calculations are outsourced, the Client still has to perform off-line adjustments and calculations on a spreadsheet.
  • Inconsistent data entry and misuse of critical depreciation fields.
  • Property Types are incorrectly used. I.e. Buildings and building remodels are set to Personal Property with a 39 year life and a straight-line method.  Should have been set to Real Property.
  • Adjustments were never taken and trued up on the data.  This is causing a lot of over and under depreciated assets to occur at the end of the assets life, creating a NBV on a fully depreciated asset.
  • One line items that represent 3 or sometimes 10 assets.  When reconciling this information back to the customers off-line data or internal data, some of those “assets” where disposed of.  Or… the sum of the 3 assets don’t equal the total amount of the one asset in the outsourced system.

We could go on and on, however, many times this stems from the end-user not being professional trained on the system, being thrown into fixed asset management role without training, not communicating properly with their clients or just not knowing what they are doing.

Not all fixed asset users or those managing fixed asset data should be created equally.  Problem is, many don’t know this is happening until it’s too late.  Don’t be one of them.

Press Release: Fixed Asset Outsourcing

New Fixed Asset Management Outsourcing Service Launches

Fixed Asset Consulting, LLC (http://www.fixedassetconsulting.com) launches new outsourced service for companies that lack the in-house resources or expertise to navigate complexities of fixed asset management.

EUGENE, OREGON – December 3, 2012 – Fixed Asset Consulting, LLC, a specialized consulting firm led by noted Fixed Asset Management expert Angie Bolton-Lyons, has announced the launch of its new Fixed Asset Outsourcing service. The new offering solves accounting and compliance concerns for companies who lack the in-house resources or expertise to navigate the complexities of Fixed Asset management.

According to Bolton-Lyons, the new fixed asset outsourcing service fills a huge gap in an underserved market. “There aren’t many fixed asset outsourcing options out there and even fewer with the level of experience that we offer. At a recent tax accounting conference, every CFO I spoke with said the same thing about their fixed asset management process: it’s a mess.”

After providing fixed asset consulting and technology solutions for nearly 20 years, Bolton-Lyons notes that for some companies, knowing how to manage fixed assets isn’t enough.  She says, “Many of our clients also need someone to take control of and ‘own’ the process itself – reconciling assets, creating depreciation calculations and journal entries, and generating reports for state and federal requirements.  That’s where the new outsourcing service comes in.”

The new Fixed Asset Management Outsourcing service begins with cleaning up and organizing existing fixed asset data, followed by:

  • Generate depreciation schedules and fixed asset registers
  • Generate reports for book, state, and tax purposes
  • Create journal entries for general ledger postings and reconcile back to financials
  • Provide tools and processes for tracking new fixed assets and disposals moving forward
  • Provide year-end audit support including Form 4562 and other documentation for tax purposes

The most convincing argument for outsourcing fixed asset management goes beyond compliance or convenience. Bolton-Lyons also points out that the ROI is tremendous. “When clients see how much time and money we help them save, they’re convinced.  In most cases, we’re able to accelerate deductions and generate more allowable expenses, all while reducing their administrative overhead. They also appreciate the peace of mind that comes from knowing their fixed asset accounting is accurate and compliant with current tax code.”

Fixed asset outsourcing is available on a monthly or quarterly basis and starts as low as $89 per month depending on the number of assets to be managed.  Bolton-Lyons says, “We’ve set a low barrier to entry and are providing businesses with an option they may not have considered or even known about. You can simply go on with your daily business activities and still get the benefit of expert fixed asset management at a price that’s extremely affordable.”

Go online to http://www.FixedAssetConsulting.com to learn more about the company or their new fixed asset management outsourcing service.

About Fixed Asset Consulting, LLC

Offices located in Eugene and Portland, Oregon as well as San Diego, California.  Providing fixed asset management solutions, such as the Sage Fixed Asset product lines, training, data conversions, physical asset inventories, fixed asset management outsourcing services, and a wide array of additional fixed asset consulting services for almost 20 years.  Serving small, mid-sized to large Fortune 100 companies all over the United States and other countries when necessary.

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Fixed Asset Consulting – Giving Back to Fight Cancer

Fixed Asset Consulting, LLC Give Back Attack!

FACT: their were over an estimated 1.6 million cases of new cancer and deaths in the United States alone in 2012.

More information on Cancer facts, you can DOWNLOAD Cancer Facts & Figures 2012
[PDF version, 1,700 KB].  Provided by: The American Cancer Society.

For every fixed asset management service contract signed with Fixed Asset Consulting, LLC (starting December 1, 2012) through December 31, 2013, FAC, LLC will donate 2% of the project total to Stand Up 2 Cancer in your companies honor.

Services include: data conversions into the Sage Fixed Asset solution of products, customized training on the Sage Fixed Asset products, fixed asset consulting, asset inventory services (tagging, data collection, reconciliation or consulting), outsourced fixed asset management services.

Angie’s personal story: Angie’s StandUp2Cancer Profile

StandUpToCancerYou can help Team FAC / PDM Give Back Attack reach our personal goal of $25,000 by December 31, 2013.  Cancer is bigger than all of us… let’s assist our kids, future kids, grandchildren, future grandchildren and other family members have a fighting chance.

Donate Today!

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