{"id":4189,"date":"2019-12-13T17:19:40","date_gmt":"2019-12-13T17:19:40","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=4189"},"modified":"2022-08-24T16:38:10","modified_gmt":"2022-08-24T16:38:10","slug":"software-selection-for-fixed-asset-accounting","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2019\/12\/software-selection-for-fixed-asset-accounting\/","title":{"rendered":"Software Selection for Fixed Asset Accounting"},"content":{"rendered":"\r\n

Introduction<\/strong><\/p>\r\n\r\n\r\n\r\n

Properly accounting for Fixed Assets is not a trivial exercise, with a range of reporting, inventory, and valuation issues that need to be addressed to meet both accounting standards and government tax regulations. \u00a0For capital-intensive industries, the numbers can be in the billions of dollars, with a direct impact on financial statements and with decisions that can impact the company\u2019s stock price.\u00a0 While it\u2019s true that getting a payroll or an expense reimbursement wrong can be embarrassing for Shared Services, the impact of mistakes or errors in Fixed Assets can have significantly more serious consequences.<\/p>\r\n\r\n\r\n\r\n

With virtually all companies over a few billion in annual revenue making the transition from home-grown to purchased ERP software, complexities often remain, with multiple ERP solutions<\/a>, multiple instances of a solution, and\/or multiple versions of the same software as part of the Fixed Asset system<\/a> architecture.\u00a0 Knowing what other solutions are available from third parties to enhance or replace ERP Fixed Asset functionality is an important exercise for any company, regardless of size, that is experiencing difficulty or issues with their current software for Fixed Asset accounting.<\/p>\r\n\r\n\r\n\r\n

iPollingTM<\/sup> Results Review<\/strong><\/p>\r\n\r\n\r\n\r\n

Recently, Peeriosity\u2019s iPollingTM<\/sup> was used by a Senior Finance Director at a member company to understand the tools member companies are using for Fixed Asset maintenance, reporting, and inventory.\u00a0 Using this approach, the poll author was able to quickly gain insights into her issue, which she described as follows:<\/p>\r\n\r\n\r\n\r\n

For years, we have used a homegrown application to interface to our ERP for Fixed Assets maintenance<\/a>, reporting, and inventory since this functionality was not robust in our ERPs. We are faced with either upgrading the application or procuring\/using a 3rd party product. We wanted to understand what options other companies may be using for these processes, whether it be functionality within an ERP or other 3rd party package.\u00a0<\/em><\/p>\r\n\r\n\r\n\r\n

The first question in the poll asked about the tool that is being used.\u00a0 The overwhelming majority, at 88% are using their ERP as the primary tool, with 8% using an in-house developed tool, and 4% using Excel spreadsheets with uploads made to their ERP. \u00a0While the results are compelling when you know the answer, to software-related questions until you see the data the answer is less obvious since there are many software solutions available for Fixed Assets that are advertised and marketed to mid-sized companies.\u00a0 ERP providers, in contrast, are less likely to separately market or advertise their solutions for Fixed Asset accounting.<\/p>\r\n\r\n\r\n\r\n

\"primary<\/figure>\r\n\r\n\r\n\r\n

Regarding overall satisfaction levels for the Fixed Asset accounting solutions used, 76% report that they are either satisfied or very satisfied, with the remaining 24% either indifferent or unsatisfied.\u00a0 Here are the details:<\/p>\r\n\r\n\r\n\r\n

\"overall<\/figure>\r\n\r\n\r\n\r\n

The following are some of the valuable comments added by members:<\/p>\r\n\r\n\r\n\r\n