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Simplify Asset Management in NetSuite with NetAsset by Netgain

Henry Sack • Mar 11, 2024

Managing fixed assets in NetSuite can be challenging. From tracking depreciation to ensuring compliance with accounting standards, manual processes and fragmented systems often lead to errors, inefficiencies, and a lack of real-time visibility into your assets. NetAsset by Netgain is designed to address these pain points, providing a streamlined solution for fixed asset management directly within your NetSuite environment.


Key Challenges of Fixed Asset Management in NetSuite


Managing fixed assets in NetSuite without specialised tools creates a unique set of obstacles for businesses:



Manual Tracking and Calculations

Relying on spreadsheets for asset tracking and depreciation calculations is a recipe for errors and wasted time. Formulas need constant updating, data entry errors are common, and manually keeping track of depreciation schedules across various accounting standards is an incredibly labour-intensive task.

Compliance Risks

Adhering to the complexities of accounting standards like ASC 840 and IFRS 16 is crucial to ensuring compliance with modern accounting standards. Manually adapting NetSuite's native functionality to meet these standards is difficult, time-consuming, and increases the risk of non-compliance, which can lead to misstated financial reports and potential audit findings.


Limited Asset Visibility

Without a centralised system dedicated to asset tracking, you likely lack real-time information on vital asset details.  This includes accurate asset location, current status (in service, under repair, etc.), complete maintenance history, insurance and warranty information, and historical disposal data. The absence of this information  hinders informed decision-making about asset optimisation, replacement, and budgeting.

Two Columns Layout

Compliance Risks

Adhering to the complexities of accounting standards like ASC 840 and IFRS 16 is crucial to ensuring compliance with modern accounting standards. Manually adapting NetSuite's native functionality to meet these standards is difficult, time-consuming, and increases the risk of non-compliance, which can lead to misstated financial reports and potential audit findings.

Limited Asset Visibility

Without a centralized system dedicated to asset tracking, you likely lack real-time information on vital asset details. This includes accurate asset location, current status (in service, under repair, etc.), complete maintenance history, insurance and warranty information, and historical disposal data. The absence of this information hinders informed decision-making about asset optimization, replacement, and budgeting.

How NetAsset Simplifies Fixed Asset Management


NetAsset is a cloud-based fixed asset management software that offers a comprehensive suite of features to help businesses manage their fixed assets more effectively within NetSuite. Some of the key features of NetAsset include:


Asset Tracking



NetAsset allows businesses to track all of their fixed assets, including their location, condition, and maintenance history. This information can be used to make informed decisions about asset utilisation and replacement.

NetGain

Asset Depreciation



NetAsset provides a variety of depreciation methods to help businesses calculate the depreciation expense for their fixed assets. This information can be used to create accurate financial statements and tax returns.

Asset Maintenance

NetAsset helps businesses manage their fixed asset maintenance by tracking maintenance schedules, costs, and vendors. This information can be used to develop a preventive maintenance program and reduce the risk of unexpected breakdowns.


Asset Insurance

NetAsset helps businesses manage their fixed asset insurance by tracking insurance policies, coverage limits, and premiums. This information can be used to ensure that the assets are adequately insured in the event of a loss.


Asset Disposal

NetAsset helps businesses manage the disposal of their fixed assets by tracking the disposal date, method, and proceeds. This information can be used to comply with tax and accounting regulations.

Two Columns Layout

Asset Maintenance

NetAsset helps businesses manage their fixed asset maintenance by tracking maintenance schedules, costs, and vendors. This information can be used to develop a preventive maintenance program and reduce the risk of unexpected breakdowns.

Asset Insurance

NetAsset helps businesses manage their fixed asset insurance by tracking insurance policies, coverage limits, and premiums. This information can be used to ensure that the assets are adequately insured in the event of a loss.

Asset Disposal

NetAsset helps businesses manage the disposal of their fixed assets by tracking the disposal date, method, and proceeds. This information can be used to comply with tax and accounting regulations.

Key Benefits of NetAsset


By using NetAsset, businesses can improve their fixed asset management processes and gain a better understanding of their fixed assets. This can lead to improved financial performance and reduced risk.


Native NetSuite Solution



By operating directly within your existing NetSuite environment, NetAsset eliminates the need for complex, and often error-prone integrations with external systems. This ensures data integrity, streamlines workflows, and provides a seamless user experience for your accounting team, minimising training time.


Flexible Depreciation Methods


NetAsset supports a wide range of depreciation methods (straight-line, declining balance, sum-of-the-years, etc.), and multiple depreciation books. This allows you to effortlessly calculate depreciation in accordance with various accounting standards (ASC 840, IFRS 16) and tailor reporting for both financial and tax purposes.


Comprehensive Asset Tracking


NetAsset centralises all essential asset data.  Track an asset's location, operational status, complete maintenance history, insurance details, warranties, and more. This comprehensive visibility provides the foundation for data-driven decisions throughout the asset lifecycle.


Reporting for Insights and Audits


NetAsset's potent reporting functions impart critical discernment into your assets. Produce asset roll-forward reports, depreciation forecasts, and waterfall reports. Develop bespoke reports tailored to your specific requirements. These reports facilitate strategic decision-making, optimise asset availability, and ensure seamless audits with transparent documentation.


Optimise Your Asset Management with NetAsset


If you're struggling with the complexities of fixed asset management in NetSuite, it's time to discover the power of NetAsset. This intuitive solution streamlines tracking, ensures compliance, and provides the insights you need to optimise your asset utilisation. Partner with TeamBlueSky, your local NetSuite experts, to transform your asset management processes. Request your NetAsset demo today.

Henry Sack Team Blue Sky

Henry Sack

General Manager

Team Blue Sky Logo

With over 12 years of experience as a NetSuite implementation consultant, Henry Sack leads TeamBlueSky’s team of NetSuite and accounting experts in his role of General Manager.


TeamBlueSky is a leading Australian NetSuite Alliance Partner whose mission is to provide critical NetSuite BPO and Payroll services to NetSuite clients who are wanting to simplify their back office processes and partner with a leading NetSuite administration expert. 


TeamBlueSky have also partnered with global Suite Developer Network partners to offer local solutioning, implementation and support services for global NetSuite SuiteApps. 


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