NetAsset

The implementation process for NetAsset, a comprehensive asset management tool fully embedded in NetSuite, involves several key steps designed to streamline and enhance asset management capabilities within an organization. Here’s a detailed look at the typical implementation process:

Initial Setup and Configuration

- Integration with NetSuite: NetAsset is fully embedded within NetSuite, which simplifies the integration process. This native integration ensures that there is no need for complex, external system integrations, thereby maintaining data integrity and streamlining workflows.

- Manage Capitalization Thresholds: The initial setup includes configuring capitalization thresholds for different asset types. This step determines when an asset should be capitalized versus expensed based on its value.

2. Data Collection and Role Assignment

- Role-Based Data Collection: NetAsset leverages native NetSuite users and roles to collect data. Information is gathered from employees assigned to relevant roles, which helps in simplifying workflows and enhancing the accuracy of the asset data.

3. Asset Tracking and Management Tools

- Comprehensive Asset Tracking: NetAsset allows for detailed tracking of each asset, including location, condition, and maintenance history. This information is crucial for making informed decisions about asset utilization and lifecycle management.

- Maintenance and Insurance Tracking: The system tracks maintenance schedules, costs, vendors, insurance policies, coverage limits, and premiums. This aids in developing preventive maintenance programs and ensuring adequate insurance coverage.

4. Depreciation and Cost Handling

- Automated Depreciation: NetAsset automates the calculation of depreciation using various methods and supports multiple depreciation books. This automation helps in creating accurate financial statements and tax returns without manual interventions.

- Construction in Progress (CIP) Build-Up: The system offers functionality to manage costs associated with assets under construction, linking these costs to underlying projects or custom groupings.

5. Reporting and Compliance

- Advanced Reporting Capabilities: NetAsset includes a suite of advanced reports such as Fixed Asset Roll Forward reports, depreciation forecasts, and Waterfall reports. These reports are crucial for auditability, reconciliations, and strategic decision-making.

- Compliance with Standards: The tool ensures compliance with various accounting standards, making it easier for organizations to meet regulatory requirements.

6. Customization and Scalability

-Customizability: The tool is fully customizable, allowing organizations to tailor the asset management processes according to their specific needs. This includes setting up unique depreciation methods and reporting formats.

- Scalability: As a cloud-based solution, NetAsset can scale with the growth of the business, accommodating more assets and complex management requirements without the need for additional software installations.

7. Training and Support

- User Training: Implementing NetAsset typically includes training sessions for users to familiarize them with the system’s features and functionalities. This ensures that all users can effectively utilize the tool from the start.

- Ongoing Support: Netgain provides ongoing support and updates to ensure that the asset management system continues to meet the evolving needs of the business and remains compliant with new regulations.

1. Segregation of Duties: NetAsset supports proper segregation of duties across different teams such as Accounts Payable, Fixed Asset, Accounting, and Facilities Teams. This feature allows businesses to tailor user access and responsibilities according to their internal control frameworks.

2. Reporting and Decision Support: The tool provides advanced reporting capabilities throughout the entire asset lifecycle, including asset waterfall and roll-forward reports. These reports can be customized to support decision-making processes specific to the business.

3. Intercompany Asset Transfers & Eliminations: NetAsset allows for the customization of processes related to intercompany asset transfers and eliminations, which can be complex and vary greatly between organizations.

4. Asset Build-Ups, Splits, Revaluations & Disposals: The system can be configured to handle asset build-ups, splits, revaluations, and disposals in a manner that aligns with the company's accounting policies and procedures.

5. Advanced Alternate Depreciation Schedules & Multi-Book Enabled: NetAsset supports advanced alternate depreciation schedules and is multi-book enabled, allowing for customization of depreciation methods and the maintenance of multiple depreciation books as per the business requirements.

6. Bulk Processing: The tool offers bulk processing capabilities, which can be customized to handle large volumes of asset transactions efficiently, a feature that can be particularly useful for larger enterprises.

7. Direct Links to Asset Records: NetAsset provides 100% drill-down capability with direct links to asset records throughout NetSuite, including purchase requests, orders, vendor bills, invoices, and journals. This integration can be customized to ensure that all relevant financial and non-financial information is tracked and linked as per the business needs.

8. Maintenance Scheduling & Tracking: The system allows for the customization of maintenance schedules and tracking of claims and usage, which can be tailored to the specific maintenance policies and asset utilization patterns of the business.

9. Custom Fields: Businesses can add custom fields to track specific non-financial data such as preventive maintenance schedules, warranties, insurance information, and usage monitoring, which can be tailored to unique asset management requirements.

10. CIP Capitalization Process: NetAsset provides a platform to aggregate and capitalize Construction in Progress (CIP) in one easy step, which can be customized to fit the company's project accounting and capitalization processes.

11. Intuitive and Flexible User Experience: The tool is built on the NetSuite platform, which gives it a native feel. Users can customize and configure native records and reports to their liking, ensuring that the asset management system aligns with their specific requirements.

12. No Need for Integrations or Outside Systems: Since NetAsset is built directly in NetSuite, it eliminates the need for integrations or outside systems, which can be a significant advantage for businesses looking to maintain a unified system that can be customized internally.

1. Company Size: The size of the company, which often correlates with the complexity of its financial operations, affects the pricing. Larger companies with more complex needs may incur higher costs.

2. Number of Users: Pricing is also determined by the number of users accessing the software. Access is typically sold on a per additional user basis, which means costs can vary depending on how many users are expected to use the system.

3. Bundled Solutions and Integrations: The cost can increase if additional solutions or integrations are bundled with NetAsset. However, discounts may be available for companies that choose to use multiple products from Netgain.

1. User Training: Before launching NetAsset, users receive appropriate training to navigate and derive business value from the new system. This training includes role-based courses tailored to different user types, which cover new processes, applications, and analytics. The training materials provided may include job aids, quick reference guides, e-learning modules, and informal support channels.

2. Feedback and Refinement: The training process involves gathering feedback through surveys, meetings, and pilot groups to identify and rapidly respond to any concerns or information gaps. This approach ensures that the training is effective and meets the users' needs.

3. Post-Launch Support: After the implementation, NetAsset continues to support users. This includes monitoring adoption levels and responding with additional training or refinements based on the users' experiences and feedback.

4. Customer Support: NetAsset is noted for its high-quality customer support. Users can utilize this support for any challenges or questions they encounter during the use of the software. The support team is responsive and equipped to handle various user inquiries and issues.

5. Ongoing Enhancements and Updates: Netgain, the provider of NetAsset, ensures that the software is continuously updated and enhanced to meet the evolving needs of its users. This ongoing development helps maintain the software's effectiveness and relevance.

NetAsset, developed by Netgain and integrated within NetSuite, incorporates several security measures to protect data, ensuring the integrity and confidentiality of asset management information. Here are the key security features associated with NetAsset:

1. Built-in NetSuite Security: Since NetAsset is fully embedded within NetSuite, it benefits from the native security measures of the NetSuite platform. This includes role-based access controls, which ensure that only authorized users can access sensitive financial data and asset management functionalities.

2. Data Encryption: Netgain employs data encryption to protect sensitive information. This is a critical security measure that helps prevent unauthorized access to data while it is being transmitted or stored.

3. Firewalls and Electronic Safeguards: The use of firewalls and other electronic safeguards further enhances the security of the data managed within NetAsset. These technologies help to block unauthorized access and potential security threats from reaching the system.

4. Physical Access Controls: Netgain enforces physical access controls to their offices and files, ensuring that only authorized personnel can access physical locations where sensitive data might be stored or processed.

5. Compliance with Regulations: NetAsset's integration within NetSuite ensures compliance with various financial and data protection regulations. This compliance is supported by the robust security and audit trails provided by NetSuite, which are extended to NetAsset.

6. Real-Time Audit Trails: The solution provides robust, end-to-end audit trails in real-time. This feature is crucial for tracking access and changes to data, thereby enhancing the accountability and traceability of actions within the system.

These security measures are part of Netgain's commitment to maintaining high standards of data security and integrity, leveraging both the inherent security features of NetSuite and additional protections specific to the NetAsset application.

NetAsset, as part of the NetSuite ecosystem, benefits from regular updates that align with NetSuite's broader update schedule. Typically, NetSuite releases two major updates per year, which include enhancements to various modules, including fixed asset management. These updates ensure that NetAsset remains compatible with the latest NetSuite functionalities and continues to meet evolving business needs.
The management of these updates is streamlined due to NetAsset's integration within the NetSuite environment. Since NetAsset is embedded in NetSuite, updates are automatically applied as part of the overall NetSuite update process. This integration minimizes the need for manual intervention and reduces the risk of errors or disruptions during the update process. Users can expect a seamless transition to new features and improvements without significant downtime or operational impact.
Furthermore, Netgain, the developer of NetAsset, is committed to continuous enhancement of the software. This includes responding to user feedback and industry trends to introduce new features and improve existing ones. Users are encouraged to subscribe to Netgain's updates to stay informed about new releases and enhancements, ensuring they can fully leverage the capabilities of NetAsset in their asset management processes.

NetAsset, being fully integrated within NetSuite, adheres to the data ownership and portability policies that are generally applicable to NetSuite environments.

1. Data Ownership: Typically, in cloud-based solutions NetSuite, the client (user of the software) retains ownership of their data. This means that all data inputted into or generated within NetAsset remains the property of the organization that entered it.

2. Data Portability: Data portability is a critical aspect, especially given the increasing emphasis on data protection regulations such as the General Data Protection Regulation (GDPR). NetSuite platforms generally allow for the export of data in a structured, commonly used, and machine-readable format. This functionality supports the principle of data portability, enabling organizations to retrieve their data for use outside of the NetSuite system or transfer it to another system.

3. Access and Control: Users typically have the ability to access, manage, and delete their data within NetSuite. This control is crucial for maintaining data portability and ownership rights.

NetAsset, as an embedded application within the NetSuite ecosystem, offers scalability that aligns with the needs of growing or downsizing organizations. The software is designed to handle large volumes of fixed assets and supports Construction in Progress (CIP) buildups, making it suitable for businesses of various sizes. This scalability is facilitated by the native integration with NetSuite, which ensures that as a business's asset management needs grow, the software can accommodate increased data volumes and complexity without requiring additional integrations or manual adjustments.
The flexibility of NetAsset is further supported by its customizable features, allowing organizations to tailor the software to their specific requirements. This means that businesses can scale their use of the software by adding or removing modules and functionalities as needed, ensuring that they only utilize and pay for the features that are relevant to their current operational demands. This adaptability is crucial for businesses that experience fluctuating asset management needs due to changes in size, scope, or industry demands.
Additionally, NetAsset's integration with NetSuite ensures that scaling up or down is a seamless process, with no disruptions to existing workflows or data integrity. As a business grows, it can leverage the robust reporting and automation features of NetAsset to maintain efficient asset management practices, while smaller businesses can benefit from the streamlined processes and reduced overhead associated with using a fully integrated solution. This scalability ensures that NetAsset remains a viable solution for businesses at any stage of growth.

1. Automated Renewal Process: The SuiteApp allows for an automated renewal process that generates a transaction at the end of a contract term, which is then used to generate the renewal contract. This process includes items set as renewable, such as products, module licenses, user licenses, and support and maintenance entitlements.

2. Non-Renewable Items: One-time, non-renewable items like training and consulting are not typically renewed as part of the automated process.

3. Contract and Renewals Management: When an initial sales order is created for a customer, the information from that order is used to generate a contract. The start and end dates of the sales order define the contract term, and items on the sales order generate contract items on the resulting contract.

4. Renewal Transaction Generation: Prior to the end of the contract term, a renewal transaction is generated based on settings for the Transaction Type to Create preference at Contract Renewals. When saved and billed, this order generates a new contract that includes items from the customer's install base configured as renewable.

5. Upsell and Returns: During the term of a contract, changes can be made by entering sales orders for additional items (upsell) or by issuing returns (downsell). Items added to a contract must have start and end dates within the contract term, and items reduced during the contract term are offset from the contract and are not renewed.

6. Multi-Tier Channel Sales Management: The SuiteApp enables tracking and management of multi-tiered sales interactions with resellers and end users. This could affect how renewals and cancellations are managed for different customer types.

7. Maintenance and Support Fees: Maintenance and support fees can be applied and included in the renewal contract, which may be a consideration during renewal or cancellation.

NetAsset software is designed to help businesses ensure compliance with modern accounting standards. The specific compliance standards that NetAsset meets include:

1. ASC 840: This is the previous standard for lease accounting, which NetAsset helps businesses adhere to by providing tools for tracking and managing leases and fixed assets.

2. IFRS 16: This is the International Financial Reporting Standard that specifies how lessees and lessors should recognize, measure, report, and disclose leases. NetAsset supports compliance with this standard by automating lease accounting and providing visibility into lease information.

3. ASC 842: This is the Financial Accounting Standards Board (FASB) standard that replaced ASC 840 for lease accounting. It requires lessees to recognize most leases on their balance sheets, which affects financial reporting and disclosures. NetAsset helps businesses comply with ASC 842 by managing the complete lease lifecycle and providing comprehensive reporting.

These standards are crucial for businesses to maintain accurate financial statements and avoid potential audit findings. By automating and streamlining lease accounting and fixed asset management, NetAsset assists businesses in meeting these compliance requirements directly within their NetSuite environment.