FMIS Fixed Assets Pros and Cons
We loved the robust, accounting-first approach of FMIS Fixed Asset , making it a great choice for multinational companies across every industry. We found the In Tray bulk import tool a great time saver for anyone looking to upload a high volume of assets in a short period of time.
We also found FMIS Fixed Assets is also great for companies looking for fast implementation and easy training. But the annual subscription might be too much for very small companies with limited assets.
- Developer FMIS
- Client OS Windows
What is FMIS Fixed Assets?
FMIS Fixed Assets offers industry leading Fixed Asset Management for mid-market and enterprise users. FMIS allows you to track, manage and report on your assets quickly and effectively within an intuitive interface. The system is fully compliant with GAAP, IFRS and all major accounting standards and can be cloud hosted or installed on premise. The capacity to easily manage multiple books, companies and currencies at the same time make the system ideal for handling complex requirements and high volumes.
FMIS Fixed Assets provides the functionality to manage your assets efficiently even when working with complex requirements and high volumes.
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Target Market
FMIS Fixed Assets is designed for medium and large organizations with complex asset management needs, as this software asset management solution can automate and streamline asset management across multiple companies, countries, currencies and books.
Particular sectors they work with include:
- Manufacturing
- Health
- Government
- Energy
- Education
- Equipment Leasing
- Commercial
- Non-profit
ERP integrations make this solution ideal for companies already using:
- Sage
- Deltek
- Access
FMIS software can integrate with most leading ERP, CRM, and finance software.
Our Ratings
| Usability - 9.8 | Has a modern and responsive interface; highly intuitive workflow; the In Tray feature allows for bulk asset uploads. |
| Support - 9.7 | Includes support by phone, email, or a support contact form which offer fast, human response; all clients receive a comprehensive support package which includes free software upgrades. |
| Features - 9.5 | Robust accounting features for handling all types of asset depreciation; lots of reporting options; mobile app for performing asset counts remotely; some features require additional modules. |
| Security - 10 | Asset data reports can export to PDF or Excel files; offers single sign-on and multi-factor authentication; covers a wide variety of compliance, including GAAP. |
| Value - 9.3 | Base pricing for a single-user license is $3,000 per year; annual subscriptions are based on total concurrent users and modules selected; additional modules increase the costs. |
| Performance - 9.8 | Functionality was fast and responsive; reports can generate in a few seconds even with a high volume of assets; no slowness or performance issues. |
| Scalability - 9.6 | User controls allow different users to be added in groups which limit what they can and cannot access; adding concurrent users increases the annual subscription costs. |
In Tray Imports
One standout feature FMIS Fixed Assets has to offer is the In Tray. This feature allows users to bypass manual asset creation and upload a high volume of assets in bulk. Customizable fields get carried over, and any potential issues get marked with a bright red ERROR so you can review those assets before they get added to the system.
Assets can be classified based on all sorts of customizable codes, categories, and subcategories. This classification then makes it easier to select assets based on shared criteria.
Accounting Standards Compliance
FMIS Fixed Assets provides the tools you need to comply with accounting standards like:
- IFRS
- SORP
- Sarbanes-Oxley
- IAS
- Generally Accepted Accounting Principles (GAAP)
- Component Accounting
What Features Are Missing?
FMIS Fixed Assets could have used:
- Inventory Tracking: FMIS Fixed Assets was developed by accountants and thus has a stronger focus on the accounting side of fixed asset management. Some additional tools, like QR code or RFID readers, would make it a little easier to manage the physical side of assets. There are add-on modules for asset tracking, equipment maintenance, and stock and inventory which provide some of this functionality.
Pricing Plans
| Plan | Starting Pricing | Features |
| Fixed Assets base | ~$3,000 per year | A single-user license for a single company |
Pricing for FMIS Fixed Assets starts around $3,000 per year for a single-user license. However, total costs will vary depending on:
- Modules required
- Concurrent users
- Asset volumes
Annual subscriptions are available for cloud and on-premise deployment options.
How much does FMIS Fixed Assets cost?
The cost of FMIS Fixed Assets is dependent on which modules are required and the number of concurrent users.
Alternatives
Summary
After reviewing FMIS Fixed Assets software, we’ve found this solution is a great solution for companies looking for a robust, accounting-focused fixed assets system. Another great benefit this software offers is the ability to grow with add-on modules, such as lease accounting and equipment maintenance. There are also several partner integrations available for consolidating and sharing data.
Very small businesses, such as those with only a few dozen assets, might not be able to justify the annual subscription. However, with a base cost of $3,000 per year for a single-user license, this will depend on the company and the assets in question.
User Reviews of FMIS Fixed Assets
Write a Review
Of all the programs we looked at, FMIS was the only one that could meet our specialized reporting needs. We had government requirements to report fully depreciated assets and needed to set up asset associations for reporting. Their implementation team was also fantastic and we were so impressed we are deploying them to manage our lease reporting. I would highly recommend them.
