FMIS Asset Management is a fixed asset management system, covering fixed asset management, tracking, and depreciation, barcoding, equipment and maintenance management, capital projects, lease accounting, and more. The system is compliant with multiple standards, including IFRS, SORP, IAS, Sarbanes-Oxley, and UK/US GAAP.
FMIS Asset Management enables users to track and audit fixed assets, across multiple companies, countries, and currencies. Multiple books can be set up for group, management, local, state, federal, and tax purposes, and both standard and modifiable depreciation calculation methods can be used, including reducing balance, straight line, double declining balance, AMT (alternative minimum tax), and MACRS (modified accelerated cost recovery system). Full histories of adjustments, revaluations, full and partial transfers and disposals, status changes, and other events are created, allowing users to track all asset events.
Equipment and maintenance can also be managed with FMIS, with users able to track statuses and locations for all inventory and assets, schedule and record all maintenance, whether preventative or on demand, analyze cost of ownership, and more. Data fields can be configured by users based on asset type, and workflows can be customized. Users can schedule preventative maintenance based on dates, meter, or both, and maintenance reminders and work orders are automatically generated. The full asset lifecycle, from creation to replacement, through warranties, maintenance and repairs, loans, assignments, transfers, and audits, can be managed using FMIS Asset Management.
I used to use a third party fixed asset module from Normin, since I found this software, my internal customers have asked where has this been all there lives. This is truly asset management with a lot of extras, or maybe I never knew what fixed asset management was until this software.
Complete tracking of all assets from purchase to disposal and at multiple locations.
I can break it down to branches and still roll it up as a whole.
Reporting is fabulous and its graphical
Easier management of maintenance of equipment (e.g. H VAC, Copy Stations etc) and keep track of ROI and schedules.
Everything is in a different module and the complete package can get pricey.
Likelihood to recommend
Overall easy to use to track fixed assets, forecast depreciation schedules, etc.
Pretty easy to use software for tracking our fixed assets, depreciation schedules, etc. You have to recognize that there will be some time you'll need to invest in doing the initial software setups correctly but everything worked as expected after doing so.
The reports are good but have some concerns of minor annoyance. Uploading data requires adherence to very specific field data definitions. Reports had some limitations regarding what could be reported by period vs. end of fiscal year, etc.
Likelihood to recommend
We implemented the system in June 2016 and received quick response during and after implementation. The system itself is intuitive and user friendly with minimal training. As a user, I am most impressed with the reports that can be generated (standard reports) which we found lacking in the previous system we had. There are also plenty of asset data fields to incorporate additional asset information e.g. Serial number, make, model etc which we find useful to track assets for physical verification. Depreciation forecasting is currently only done in periods so we will need to explore annual forecasting as a separate setup. The upload of asset data has to meet specific formats and number of character, decimal lengths so this is the only minor drawback we found with the system. Otherwise, a pretty sound, basic all round stand alone asset system which meets our organisation requirements.
This software is relatively easy to use. All the essential functions that I need to carry out to maintain a fixed asset register are there. Customer service is very good, with fast response time.
While there is a number of different reports in the system to use, I think there is space to improve, such as drill down facilities on reports to see the breakdown of a subhead. I appreciate that I could run a full excel download to see the breakdown, however, it could be time consuming to sum up all the subheads and reconcile them to the depreciation reports, for example.
very helpful support team, quick response times;
adequate scope for recording asset details due to the number of profile fields;
ease with which depreciation can be advanced / deleted greatly assists with checking how
more out of the ordinary transactions will be processed in the register;
the flexibilty of amending and adding to periods within an accounting year prooved to be invaluable when implementing a last-minute revaluation
ability to export reports to excel is extremely useful;
price competetive compared to some alternatives,
none of significance.
manual could perhaps be clearer as regards revaluing, tranfrerring or splitting assets.
Dont skimp on set up time. Allow time for setting up general ledger posting as well as the asset regiseter itself.
Below are some frequently asked questions for FMIS Asset Management.
FMIS Asset Management offers the following pricing plans:
Starting from: GBP3500
Pricing model: One-time License, Subscription
Free Trial: Not Available
Pricing information is available on inquiry.
FMIS Asset Management offers the following features:
FMIS Asset Management has the following typical customers:
Large Enterprises, Mid Size Business, Non Profits
FMIS Asset Management supports the following languages:
FMIS Asset Management has the following pricing plans:
One-time License, Subscription
We do not have any information about what devices FMIS Asset Management supports
We do not have any information about what integrations FMIS Asset Management has
FMIS Asset Management offers the following support options:
Online Support, Phone Support