Insights

Family Office Challenges: Manual Fixed Asset Tracking

The Challenge in QuickBooks

One of the biggest challenges family offices face when managing fixed assets is the sheer volume of data that must be maintained. This entails tracking asset acquisitions, improvements, disposals, impairments, and relocation. The complexity grows when faced with multiple accounting and tax regulations.

QuickBooks simply isn’t equipped to manage it: Are you tired of having to manually track your fixed assets in Excel spreadsheets? Are you tired of not having an integrated solution that both enables the tracking of fixed assets as well as the posting of all fixed asset-related journal entries? Are you tired of having no audit history to see the changes made? Are you unsure if your fixed asset spreadsheet is completely free of unknown, inadvertent errors? If your answer to any of these questions is yes, please read on to discover why Sage Intacct is the right fit to address your fixed asset problems.

 

Sage Intacct’s Solution

As a steward of the owners’ assets, you need a management system that looks beyond depreciation to provide visibility into valuation, condition, insurance status, and more. Sage Intacct fixed asset accounting software accelerates and simplifies accurate accounting throughout the asset lifecycle. You work with a single set of asset acquisition, depreciation, and disposal information that’s automatically shared with the general ledger, accounts payable, and purchasing modules.

The Fixed Assets module in Intacct provides you with the following key benefits:

  • A single, integrated system that allows you to easily manage the complete asset lifecycle;
  • To simplify asset tracking and increase your accuracy, eliminate data re-entry and work with a single set of data;
  • Reduce risk and increase control by tracking assets on a cloud platform;
  • Easily maintain separate tax and accounting books and automatically record different depreciation methods for asset categories;
  • Custom depreciation methods and schedules;
  • Ability to tag fixed assets with dimensions to track how costs are distributed to improve decision-making and visibility; and
  • Clearly communicate book values to stakeholders using visual fixed asset dashboards and reports.

 

For more about how Sage Intacct offers your family office the solutions you need, click the image below to download our guidebook Sage Intacct: Solving the Challenges Family Offices Face on QuickBooks

Sage Intacct Family Office

 

Family Office Challenges: Inefficient Procure-to-Pay Process and Lack of Spending Approval Controls
Family Office Challenges: Limited, Slow, Error-Prone Analysis and Reporting
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