There are various Finance Accounting or Enterprise Resource Planning (ERP) software suppliers in the market that offer their customers a range of standard fixed asset management solutions as a plug-in to the system that they provide.
However, whilst this product may contain basic functionality, it is important that you review exactly what is included in the offering.
Whilst it may cover your business needs now, it might not be the best solution in the long run. In most cases, the fixed asset management option is bolted on to the wider ERP system and often isn’t considered a core module by the organisation supporting it. It may give you basic fixed asset management capabilities but is unlikely to offer you the specialist functionality you need, such as sector specific depreciation calculations, standard year-end returns, out of the box compliance with Local Tax or Accounting Standards, or even the ability to decide the level of detail captured at the asset level.
Furthermore, add-on products are designed by the ERP author to exactly fit its core module demands which, for some organisations with specific market sector requirements, can present challenges. Such modules are usually more inflexible and users find that new functionality relies on lengthy wait times and expensive system upgrades as a consequence of being tied to the core ERP system’s development schedule.
The benefits of a specialised solution are that it can be tailored to suit your individual requirements and in the long run nearly always better value for money in terms of the cost of set-up, licensing, ongoing support and upgrade potential.
The benefit of engaging with a specialist fixed asset management solution provider is that it will have spent extensive time specifying and developing its product in order to supply your business with richer functionality and enhanced capability in areas such as asset tracking and reporting, as well as offering much more knowledgeable support and assistance.
Finally, a specialist provider will be heavily focused on ensuring that its products remain compliant with industry regulations. If an update to the system is required due to the introduction of new guidelines, such as FRS 102, the provider’s expertise will ensure a timely delivery – surely a key requirement for any asset management solution?
At RAM we know that a fixed asset management system that works for your organisation is a key business focus. So next time you are offered a bolt on module from your ERP provider, it is important to consider all the options, taking into account both today’s requirements and tomorrow’s.
For more information about a specialist fixed asset management system for your business, please visit our solutions page, email email@example.com or give one of our friendly team a call on +44 (0)1689 892 137.