Trying to maintain a large, cumbersome spreadsheet of all the fixed assets your business owns is time-consuming, sometimes inaccurate and often frustrating. However, keeping an official fixed assets register using the Sage Evolution Fixed Assets module helps you comply with South African company legislation while also offering you tax benefits, thereby boosting your profitability.
The Sage Evolution Fixed Assets module is an invaluable tool that ensures your records are up to date, profit is accurately calculated, plus you are able to assess your net profit for that period.
Brilliant Link is giving away one Sage Evolution Fixed Assets module! The competition closes 31 March 2017 and the winner will be announced in the first week of April. Simply sign up here to stand a chance to win!
As fixed assets are used to manufacture a product or provide a service, they assist in the creation of revenue for your business. Over time, the value of your company’s fixed assets depreciates due to wear and tear. To accurately calculate the net income for a certain period, it’s important that depreciation is charged on the total value of the asset that was used for the creation of that revenue.
6 ways Sage Evolution Fixed Assets streamlines your business
Tracks each asset in detail
Far from offering only basic information, Sage Evolution Fixed Assets tracks the following information on each asset — date of purchase, purchase price, both net and accumulated depreciation, net book value, date of disposal and profit or loss on sale.
Keeps an accurate inventory
As your business grows, so will the need for an ever-expanding inventory of assets. Trying to keep track of this mentally or even in an Excel spreadsheet can easily be neglected. From laptops to vehicles, it’s important to know precisely what assets your business owns and the Sage Evolution Fixed Assets module is the perfect asset management tool.
Keeps tabs on your budget and maintenance
Having an accurate record of your assets means you’ll have an overview of which resources are being used cost-effectively, which assets will need maintenance and when, and where your bottom line can be boosted. The Sage Evolution Fixed Assets module helps you track your budget on asset expenditure easily.
Calculates the depreciation of your assets
It’s important that a record is kept of all your business assets for both tax and accounting purposes. Correctly depreciating an asset reduces the total taxable income your business needs to declare, offering some tax savings. The Sage Evolution Fixed Assets module allows for depreciation to be calculated using any of these methods:
- equal allowance
- reducing balance
- units of usage
- plant and machinery
- immediate write-off
- 0% depreciation
- straight line
Insures your business assets for correct replacement value
Say your business has a fleet of company cars. By law, those vehicles need to be insured but as time goes on, the value of each vehicle depreciates. By insuring your assets at the correct replacement amount, you’ll be assured that it’s business as usual should an accident happen and a vehicle needs to replaced immediately.
Saves time, effort and money
Forget the days of logging time-consuming entries into an Excel spreadsheet. With Sage Evolution Fixed Assets, the process becomes automated, meaning you’ll spend less time tracking assets. The Sage Evolution Fixed Assets module groups assets in logical ways, including multiple units, master and sub-assets, asset type or cost centre, department, location. Making retroactive changes is simple as Fixed Assets calculates values dynamically from the start of the lifespan of each asset. Best of all, the module integrates with your financials.
The Sage Evolution Fixed Assets module can be installed as a module into the Sage Evolution suite, as a stand-alone which can be linked to Pastel Partner, or as a stand-alone using codes that integrate with your General Ledger.