Fixed assets sit at the core of many balance sheets. Equipment, buildings, vehicles, and IT systems represent long-term investment and long-term risk. Yet, many finance teams still track these assets in spreadsheets or side systems that do not integrate with the general ledger.
This creates problems. Numbers drift. Depreciation gets miscalculated. Audits take longer than they should. Over time, teams lose trust in their own reports.
NetSuite Fixed Asset Management (FAM) addresses this by bringing asset tracking, depreciation, and compliance into the ERP itself. It provides finance teams with a clear and controlled way to manage assets throughout their entire lifecycle.
What Is NetSuite Fixed Asset Management?
NetSuite Fixed Asset Management is a native SuiteApp that manages fixed assets from purchase to disposal. It handles capitalization, depreciation, transfers, revaluation, and retirement inside NetSuite.
Because it connects directly to the general ledger, asset activity updates financials without manual reconciliation. This reduces errors and keeps reporting consistent.
With NetSuite FAM, finance teams can:
- Maintain one asset register
- Automate depreciation
- Support multiple entities and books
- Track asset changes with full audit history
This matters most for growing businesses with rising asset volume and tighter reporting demands.
Why Fixed Asset Management Breaks as Companies Grow
Manual asset tracking works only up to a point. As asset counts increase, small gaps turn into real risk.
Common issues include:
- Assets left on the books after disposal
- Incorrect useful life assumptions
- Depreciation posted late or incorrectly
- Gaps between asset records and the GL
- Audit delays caused by missing support
NetSuite Fixed Asset Management reduces these issues by enforcing consistent rules and removing manual steps.
Core Features of NetSuite Fixed Asset Management
Asset Creation from Transactions
NetSuite can create assets directly from vendor bills or journal entries. This ensures assets are recorded at the right time with the right values.
Automated Depreciation
The system calculates depreciation using standard methods such as straight-line or declining balance. It posts entries during the period close without spreadsheets.
Asset Lifecycle Tracking
Each asset has a full history. Transfers, revaluations, and retirements remain visible and traceable.
Multi-Subsidiary and Multi-Book Support
NetSuite supports different accounting books and entities in one system. This is critical for groups with complex structures.
Reporting and Audit Trails
Finance teams can run reports that tie asset data directly to financial statements. Auditors can trace changes without manual explanations.
Benefits of Using NetSuite Fixed Asset Management
Better Financial Accuracy
Automation reduces manual errors. Asset values and depreciation stay consistent across periods.
Faster Close Cycles
Depreciation runs on schedule. Finance teams spend less time fixing numbers and more time reviewing them.
Stronger Compliance
Clear audit trails support IFRS, GAAP, ASC 842, and local standards. This reduces audit risk.
Lower Operational Risk
Processes no longer depend on one person or one spreadsheet. Controls stay in place even as teams change.
Scales with the Business
NetSuite handles higher asset volume without adding tools or manual work.
How to Implement NetSuite Fixed Asset Management
Good implementation starts with policy, not configuration.
Step 1: Define Asset Rules
Set capitalization thresholds, useful lives, depreciation methods, and disposal rules before system setup.
Step 2: Configure the FAM SuiteApp
Install and configure NetSuite FAM based on asset classes and reporting needs.
Step 3: Migrate Existing Assets
Import historical assets with correct cost and accumulated depreciation. This step needs care.
Step 4: Assign Roles and Controls
Limit who can create, edit, or retire assets. Keep financial control tight.
Step 5: Schedule Depreciation
Align depreciation runs with the close calendar to avoid delays.
Common Problems NetSuite Helps Avoid
Many teams struggle with:
- Spreadsheets that do not match the GL
- Depreciation errors during audits
- Poor visibility into asset changes
- Last-minute fixes at close
NetSuite centralizes asset data and enforces consistency, which lowers these risks.
Fixed Asset Management in 2026: What to Expect
By 2026, asset management will focus less on recordkeeping and more on control and insight.
Finance teams will face:
- Higher audit scrutiny
- More automation across finance systems
- Tighter links between procurement and accounting
- Greater demand for clean audit trails
NetSuite’s cloud model allows these changes without system replacement. Teams using NetSuite FAM today will adapt with fewer disruptions.
Where EPIQ Infotech Fits In
NetSuite Fixed Asset Management is flexible, but flexibility brings choices. Poor setup leads to rework later.
EPIQ Infotech approaches fixed asset management from the finance side first. The work begins with accounting rules, audit needs, and reporting expectations. Configuration follows those decisions, not the other way around.
EPIQ helps teams:
- Translate asset policies into system rules
- Reduce manual steps through automation
- Migrate historical asset data cleanly
- Set up depreciation that supports faster close
- Adjust the system as asset complexity grows
This approach keeps fixed asset management stable over time, not just at go-live.
Final Thoughts
Fixed assets affect reporting, compliance, and long-term planning. Managing them with manual tools creates risk that grows over time.
NetSuite Fixed Asset Management provides structure, automation, and visibility. When implemented with care, it becomes a stable part of the finance function, not a recurring problem.
The real goal is simple: asset data you can trust, every close, every audit, every year.
Frequently Asked Questions
What is NetSuite Fixed Asset Management (FAM)?
NetSuite Fixed Asset Management is a native NetSuite SuiteApp that manages fixed assets from acquisition to disposal. It handles capitalization, depreciation, transfers, revaluation, and retirement directly inside NetSuite, with full integration to the general ledger.
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Why should fixed assets be managed inside the ERP instead of spreadsheets?
Spreadsheets do not stay in sync with the general ledger. Over time, this leads to depreciation errors, missing assets, audit delays, and loss of confidence in reports. Managing assets inside NetSuite keeps financials consistent and reduces manual reconciliation.
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How does NetSuite FAM improve financial accuracy?
NetSuite FAM automates depreciation and posts entries directly to the general ledger. This reduces manual errors, ensures consistent calculations, and keeps asset values aligned across reporting periods.
Can NetSuite Fixed Asset Management support multiple subsidiaries and accounting books?
Yes. NetSuite FAM supports multi-subsidiary and multi-book accounting, making it suitable for organizations with complex legal entities or different reporting requirements such as GAAP and IFRS.
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How is depreciation handled in NetSuite FAM?
NetSuite FAM supports standard depreciation methods such as straight-line and declining balance. Depreciation runs can be scheduled to align with the financial close, removing the need for spreadsheet-based calculations.
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Does NetSuite FAM maintain an audit trail for asset changes?
Yes. Every asset has a complete lifecycle history, including transfers, revaluations, and retirements. This creates a clear audit trail that auditors can review without manual explanations.
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What problems does NetSuite Fixed Asset Management help avoid?
It helps prevent assets remaining on the books after disposal, incorrect useful life assumptions, depreciation errors, mismatches between asset records and the general ledger, and last-minute fixes during period close.
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Is NetSuite Fixed Asset Management suitable for growing businesses?
Yes. As asset volume increases, manual tracking becomes risky and inefficient. NetSuite FAM scales with the business, allowing finance teams to manage more assets without adding tools or complexity.
How difficult is it to migrate existing assets into NetSuite FAM?
Asset migration requires careful handling of historical cost and accumulated depreciation. When done correctly, it ensures accurate opening balances and avoids future reporting issues.
What is the first step in implementing NetSuite Fixed Asset Management?
The first step is defining asset policies, including capitalization thresholds, useful lives, depreciation methods, and disposal rules. Configuration should follow these decisions, not precede them.
How does NetSuite FAM support compliance requirements?
NetSuite FAM provides structured processes and audit trails that support compliance with GAAP, IFRS, ASC 842, and local accounting standards, reducing audit risk.
What is the long-term value of NetSuite Managed Services?
Over time, managed services reduce disruptions, improve system adoption, increase ROI, and ensure NetSuite evolves alongside business needs rather than becoming outdated or underused.
What role does EPIQ Infotech play in NetSuite Fixed Asset Management?
EPIQ Infotech helps organizations implement NetSuite FAM by aligning system configuration with accounting policies, audit requirements, and reporting needs. The focus is on long-term stability, not just initial setup.
