Are You Managing Fixed Assets on NetSuite or Off-Platform? (Why NetSuite Customers are Choosing NetAsset)

What Happens If You Don't Use a Platform for Managing Fixed Assets?

If you're unsure how to manage your fixed assets, it might be because you haven't been using a fixed asset management system for your business. If you're still using simple spreadsheet software, there are bound to be problems. 

The things that are hard about managing fixed assets on a spreadsheet include:

Lack of Visibility 

As a company grows, so too does its fixed assets register. For many companies that are going through rapid growth, the ability to manage a growing list of assets can become difficult. This leads to assets not being tracked accurately, which has the flow-on effect of causing errors in financial reporting, not posting correct depreciation entries and sometimes, equipment getting lost. 

Lack of Control 

It isn't easy to control the status of fixed assets, and you might spend more on maintenance. In addition, team members might not notify you when something needs to be repaired or replaced meaning the asset cannot be used, further disrupting processes.

Integration

Different things need to be integrated to see the big picture. Integrating all aspects of fixed assets might seem overwhelming initially, but it's the only way to keep your business running smoothly.

The Importance of Managing Fixed Assets on A Platform

It's essential to have an integrated fixed asset management system because if you don't, you'll find it difficult to implement improvements as quickly as possible. This could harm your business if you can't get your assets back up and running promptly.

If you cannot achieve the total value of your investments, it will be difficult for you to develop the business. You'd also face problems if your return on investment decreases due to a lack of effective management.

How to Get Started with Managing Fixed Assets on A Platform

A good fixed asset management platform should have all the features you need to make it easier for you to manage your business. In addition, the more flexible it is, the easier it will be for you to use.

What a Fixed Asset Management Platform Can Offer You

A fixed asset management platform will help you manage your fixed assets more quickly and efficiently. It would allow you to keep track of all the materials and tools you have while ensuring they are in good condition. This can help your business operate better and achieve its maximum potential.

The features that a fixed asset management platform can offer include:

An Easy-To-Use Interface 

You can efficiently work with the system even if you're new. It will also allow you to update or change its status whenever necessary.

A Fully Integrated System

It's important that all features of the fixed asset management system be integrated. This will allow you to see the big picture necessary to develop your business effectively. 

This way, you will be able to determine if there are any problems with your key resources and assets. 

Key Reports 

You'll be able to view all the different aspects of your business on a single platform. In addition, you'll be able to make financial plans, which is good if you want to save money on maintenance costs and equipment replacement.

A Flexible System 

A fixed asset management software like NetAsset integrates directly with your inventory management and finance functionality. This means that you'll be able to keep track of all your business's assets and resources. It will also allow you to quickly change the your asset records, if necessary.

Helps Manage Other Information

Along with managing your fixed assets, you can also manage other important information, such as contracts and vendors. This will allow you to work more efficiently and keep track of details that could be useful for your business.

How to Manage Your Fixed Assets on Platform

Picking the right tool to manage your fixed assets on a platform is not as difficult as it might seem. The main issues you need to look into include:

Cost 

A fixed asset platform helps you manage the costs associated with these items by providing features such as depreciation schedules, tagging and tracking, and maintenance records.

Centralised Platform

A centralised fixed asset platform like NetAsset for NetSuite can be hugely beneficial for businesses, large and small. NetAsset helps to streamline the entire fixed asset management process. Instead of having to keep track of assets manually, businesses can use NetAsset to automatically generate accurate records. 

This not only saves time, but it also helps to ensure that assets are properly accounted for. In addition, a centralised platform can also help businesses to save money. By having all assets in one place, businesses can more easily track depreciation and take advantage of tax breaks. As a result, a centralised fixed asset platform can be a valuable tool for any business.

Integrated System

Regardless of the system's complexity, remember that it's only as good as the rest of your business. You must ensure that each component is fully integrated to have an easy time with management and maintenance.

High Level of Flexibility

You must ensure that any fixed asset management system you select allows you to make all the necessary changes to suit your needs.

Tracking Your Assets 

If you're looking for a reliable asset management platform, you'll want it to have all the features that you need to track your assets. You'll also want to track and monitor them easily, so they're in good working condition and don't need any maintenance.

Tools and Software

Some tools and software might be needed to ensure that your fixed assets are in good condition. Remember that there are different mechanisms depending on the type of resources you're managing. So the ones that you need to get will depend on what type of resources you have. 

Conclusion

Overall, a good fixed asset management platform will make it much easier for you to manage your business’ assets. It also makes it easier to ensure that your resources are in good condition, which is essential if you want to reduce any bottlenecks that may happen if they break down suddenly.

With the right fixed asset management system, you'll be able to control all aspects of your business while ensuring sustainability. In addition, you can use this scheduling information to develop your strategic plans and identify potential problems that might hinder the progress of your business.

You can easily spot where there are problems and address them as soon as possible. Doing this can help you keep your business operating more efficiently and save time in the long run. 

Interested in learning how NetAsset, by Netgain can help streamline your fixed asset management process? contact TeamBlueSky for more information on how we can help.