Elevate your asset tracking with NetSuite
Keeping track of assets such as oilfield drilling, construction equipment, or heavy duty vehicles requires a comprehensive asset tracking solution to keep up with maintenance, inspections, scheduling, and more. NetSuite delivered by Rand Group allows you to manage the entire asset lifecycle, from acquisition to retirement, with ease — and without spreadsheets and time-consuming manual processes.
Automate the management of fixed assets and lease accounting
Organizations that operate or rent out assets and equipment face industry challenges such as a changing regulatory environment, rising labor costs, and the volatile nature of fuel prices. NetSuite Fixed Asset Management, which is included in NetSuite ERP, is an easy-to-manage asset tracking tool for company-owned and leased assets that offers flexible depreciation and amortization schedules, detailed asset reporting, and seamless integration with NetSuite’s core accounting functionality. It makes asset creation simple and enables you to specify and maintain accurate asset histories.
Rand Group is an Oracle NetSuite Solution Provider and your long-term partner for business solutions. Our team of software engineers will implement NetSuite and its asset tracking capabilities tailored to your unique business processes. We also offer extensive training to ensure user adoption and long-term software return on investment.
Acquire, depreciate, retire, transfer and revalue assets
NetSuite supports the entire company asset management lifecycle, from creating a purchase order to tracking, depreciation, and eventual retirement. Support unlimited asset types, whether they are subject to depreciation or are non-depreciating assets.
Efficient lease management compliance
Create, update, and track finance and operational leases. Simplify lease payment, amortization and reporting, to easily comply with the latest tax rules and accounting standards.
Real-time fixed assets and lease reporting
Run pre-built saved searches on items including monthly depreciation, asset additions and disposals, asset list, asset register, lease proposal history, inspection due, insurance renewal due, expiring leases and more.
Asset tracking features included in NetSuite
With NetSuite Fixed Asset Management delivered by Rand Group, you gain complete flexibility to depreciate assets based on the right depreciation method. It provides out-of-the box methods, as well as flexibility that enables you to create your own depreciation methods, even supporting depreciations for both financial and reporting purposes.
Asset tracking in NetSuite allows you to:
- Control all asset-related transactions to company assets including asset proposal, creation, depreciation, revaluation, transfer, disposal, and split
- Track and depreciate individual components based on their own depreciable cost and useful life
- Move assets from one location to another or from one subsidiary to another
- Increase or decrease asset values through revaluation to reflect its current market value
- Use standard depreciation methods, including straight line, fixed declining, sum of years digits, and asset usage
Discover other business solutions offered by Rand Group
Rand Group offers numerous solutions across business areas and industry that we tailor to each client to transform your operations. Our team of software engineers will ensure your solution integrates with the rest of your technology stack, including NetSuite, and can accommodate unique processes and facilitate data flows. Explore other solutions below to compliment asset tracking.
Equipment Rental
Explore Rand Group’s unified, cloud-based solution for equipment rental that tracks equipment-related costs, reduces scheduling and processing times, optimizes utilization, and improves customer service.
Predictive Maintenance
Move from reactive and scheduled maintenance to a data-driven, preventative maintenance strategy that will help detect issues before they arise using machine learning to improve asset uptime and boost asset longevity.
Warehouse Management
Explore warehouse management solutions from Rand Group to streamline warehouse tasks such as a mobile barcoding and scanning tool, a pick and put away solution, inventory management software, and more.
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What is NetSuite Fixed Asset Management?
NetSuite Fixed Asset Management can help maintain and control the complete life cycle of your company’s fixed assets by tracking asset creation, proposals, depreciation, disposals and leases. It also has robust real-time reporting and will optimize your company’s performance via automation and integration with NetSuite Accounting.
Let’s talk about how we can transform your business
