FARScape Applications’ new groundbreaking nettTracker fixed asset management accountancy tool is now available via the Intuit QuickBooks Online app store.
The brainchild of QuickBooks Online specialist Ash Beetson, nettTracker automatically scans online account transactions to identify newly acquired fixed assets, calculating their monthly depreciation and posting appropriate journal entries in real-time.
The UK’s ‘Making Tax Digital’ programme is pushing firms to submit VAT returns by electronic means, but there is more to come, with quarterly profit and loss reports high on the agenda.
nettTracker is designed to lighten the load for Finance Managers already overwhelmed by the amount of time spent calculating the depreciation of fixed company assets, particularly where accurate monthly management accounts are needed.
Beetson said: “In a world where regulation requires more and more real-time information to be reported, keeping balance sheet entries up to date is becoming a significant burden to accountancy firms, even if they haven’t realised it yet.
“Having to report to authorities more and more frequently means firms are having to repeat jobs normally left to end of year. Small firms are just not equipped to keep this kind of information up to date. But now, with nettTracker, they can. The time savings are really significant and the response from early adopters is hugely encouraging.”
Integrating with QuickBooks Online, one of the most popular cloud-based accounting systems, nettTracker posts depreciation data directly into company’s accounts, so the balance sheet is always up to date, perfect for accurate management accounts and MTD submissions.
Integrations with other online accounting packages are in the pipeline, along with a range of new features including accrual and prepayment tracking.