Managing a growing company often means building renovations, machinery upgrades, and projects being built. These positive developments also mean bigger headaches in planning and accounting for your new assets. Manually updating and using spreadsheets to track these projects takes a lot of time and can result in calculation errors. Luckily, the right construction in progress (CIP) accounting tools, like Sage Fixed Assets—Planning, can do the tracking for you so you can concentrate on the your growing business.
Accounting for Construction in Progress
Accounting for fixed assets can be challenging in itself and Sage Fixed Asset Software (FAS) eases the process of managing and controlling the physical inventory of assets. Inventory can be tracked across multiple locations and projects and the process can be automated using barcodes to track the location, movement, cost, and depreciation of each asset. The result is massive improvements in accuracy, efficiency, cost management, and profitability.
But Sage FAS can control assets from the very start—in the planning and development stages of construction in progress assets. Whether you are renovating your warehouse, upgrading manufacturing equipment, or building a new office, Sage Fixed Assets—Planning can manage it all. In fact, this Sage FAS module can manage as many projects as you need, regardless of the type or size.
Sage Fixed Assets—Planning
Sage Fixed Assets—Planning has multiple levels of detail tracking, including over 45 user-defined fields and numerous built-in reports. You can easily manage both capitalized and expensed assets and get key project information at a glance. Here are just a few things that you can do with this software:
- Track all your project details including status, contacts, notes, and all of the financials
- View project status at a glance
- Import invoices and other purchasing information from your Accounts Payable System
- When the project is complete, create a new fixed asset, even from multiple assets, and begin tracking it in Sage Fixed Assets—Depreciation
Contact Emerald TC to Automate Your Construction in Progress Accounting
Emerald TC offers software for all of your business needs. Contact us to learn more about Sage FAS—Planning and how you can integrate this with your accounting software.