Struggling with Fixed Asset Management? SunSystems May Be the Answer

Keeping track of fixed assets – property, plant, and equipment – is crucial for many businesses. Not only does it ensure proper accounting, but it also provides valuable insights into your company's financial health. Infor SunSystems Fixed Assets can be your one-stop solution for streamlined asset management. 

But first, let's have a quick overview of why fixed assets accounting matters and why your business needs a dedicated application for it.  

Table of contents

I. Why fixed assets accounting matters 

II. What is Infor SunSystems Fixed Assets? 

III. Beyond the Basics: Enhanced Asset Accounting Control

Why fixed assets accounting matters 

Fixed assets accounting is crucial for several reasons: 

• Financial Accuracy and Compliance: Ensures that an organisation’s financial statements accurately reflect the value of its long-term assets, which is essential for regulatory compliance and financial reporting. 

• Depreciation Tracking: Helps in calculating and recording depreciation, which affects net income and tax liabilities. Proper depreciation management can optimize tax benefits. 

• Asset Management: Provides detailed records of assets, including their acquisition, usage, and disposal. This aids in efficient asset management and utilization. 

• Investment Decisions: Supports better decision-making regarding capital investments, maintenance, and replacement of assets by providing insights into the asset lifecycle and performance. 

• Budgeting and Forecasting: Assists in budgeting and forecasting by allowing for accurate tracking of asset values and depreciation, helping in planning for future capital expenditures. 

• Risk Management: Helps in managing risks associated with asset obsolescence, wear and tear, and unexpected failures by keeping detailed records and maintenance schedules. 

Businesses have various options for tools and software to manage fixed assets accounting. These tools vary in complexity, features, and cost, catering to different sizes and types of organisations. Some common options are: 

ERP Systems with Fixed Asset Modules

ERP (Enterprise Resource Planning) systems often include modules specifically for fixed asset accounting. These systems offer comprehensive solutions that integrate with other financial and operational modules. 

Accounting Software with Fixed Asset Features

Many accounting software packages include modules or features for managing fixed assets, such as SunSystems’ Fixed Assets module.  

Specialised Fixed Asset Management Software

These tools are dedicated to managing fixed assets and often offer more advanced and specific features than general ERP systems. 

Standalone Fixed Asset Management Tools

These tools are often simpler and more affordable, suitable for small to medium-sized businesses. 

If you are already using Sun Systems, there is little reason not to capitalise on the solution’s rich functionality by opting for its available Fixed Assets module. If you need a bit more convincing, here are the reasons why it should be your tool of choice for fixed assets accounting. 

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What is Infor SunSystems Fixed Assets? 

Infor SunSystems Fixed Assets is a comprehensive module that seamlessly integrates with the SunSystems accounting suite. This means no more juggling separate spreadsheets or systems for asset tracking.  SunSystems Fixed Assets offers a centralised repository for all your asset data, giving you a clear and unified view of your entire fixed asset portfolio. 

Here are the key benefits of adopting SunSystems Fixed Assets: 

Effortless Setup and Use 

SunSystems Fixed Assets boasts a user-friendly interface, making it easy for your finance team to get up and running quickly. No need for complex training or IT support. 

Automated Calculations and Postings 

Say goodbye to manual calculations! SunSystems automates depreciation calculations and postings, saving you valuable time and minimizing the risk of errors. 

Enhanced Visibility and Control 

Gain real-time insights into the location, condition, and value of all your assets. This empowers you to make informed decisions about asset maintenance, upgrades, and replacements. 

Multi-Company and Multi-Currency Support 

Managing assets across international borders? No problem. SunSystems Fixed Assets lets you track assets in multiple countries and currencies, simplifying global operations. 

Improved Financial Reporting 

With accurate and up-to-date fixed asset data, you can generate reliable and compliant financial reports, boosting confidence with stakeholders and investors. 

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Beyond the Basics: Enhanced Asset Accounting Control 

SunSystems Fixed Assets goes beyond simple asset tracking. It offers a range of features that provide even greater control over your fixed assets: 

• Comprehensive Asset Details Recording: Store a detailed set of attributes for each asset, including codes, transaction types (purchases, disposals, etc.), multiple notes, and support for various asset values.
• Multicurrency Processing: Track depreciation details in three currencies: transaction, base, and reporting. This is ideal for businesses with international operations.
• Flexible Depreciation Methods: Apply different depreciation methods (straight line, declining balance, etc.) to suit your specific asset types and accounting policies.
• Advanced Features:
  • Manage quantity-based assets (bulk items). 
  • Apportion depreciation across different departments using analysis codes. 
  • Perform asset revaluations to account for inflation. 
• Streamlined Asset Disposals: SunSystems Fixed Assets automates the disposal process, minimising manual entries. Simply enter the sale proceeds, and the system generates the necessary accounting entries and reports. You can also choose to remove the asset details from the system after disposal.

Expand Functionality and Embrace the Cloud 

Infor SunSystems Cloud offers a range of integrated modules that complement Fixed Assets, allowing you to streamline your entire financial management process. These functionalities are all included within your subscription and encompass tasks like: 

• Corporate allocations 

• Requisitioning 

• Purchasing 

• Sales order processing 

• Inventory management 

Being a SaaS-based solution, SunSystems Cloud also provides several benefits: 

• Faster Innovation: Respond to market changes and pursue new opportunities more quickly

• Digital Transformation: Combine core business processes with modern technology

• Simplified Compliance: Automatic security and compliance updates ensure peace of mind

Investing in Infor SunSystems Fixed Assets can bring significant benefits to your business. It simplifies asset management, improves financial reporting accuracy, and empowers you to make data-driven decisions about your fixed assets. By gaining a clear understanding of your asset portfolio, you can optimise resource allocation and maximise the return on your investments.

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Ready to take control of your fixed assets? Contact us today for a tailored software demo and discover how Infor SunSystems Fixed Assets can help you achieve your financial goals.