One of my larger clients who I have acted for for a number of years runs a business with approaching 10,000 registered assets (and growing fast) which whilst each one is quite small (most are only £100-£250 each) it needs to be tracked properly as its 95% of their balance sheet value and 75% of their cost base. They have well and truly broken Xero fixed assets register.
Options seem to be:
1. Get a better accounting system. However what they do in xero works really well for the sales side of things and we are not desperate to break that as its thousands of small sales per month and it works quite sweetly and everyone understands it client side. We are below audit thresholds but its now a multimillion pounds t/o business so it might be time to grow up here. 15 years ago it was a spare bedroom enterprise so they are used to step changes now and again, but the client is of the "if it aint broke" mind set.
2. Get a bolt on fixed assets system which hopefully integrates to Xero. Retired assets are not well managed right now, but ideally it would be some sort scan system where the new ones get a label on them to identify, and the broken ones can then be scanned and removed when retired which would help finess the depreciaiton periods as we dont have a great handle of lifespans.
Any suggestions we can look at? It would be good to get a list to work through with the client rather than just shortlisting the ones which hit the top of google. Generally the better ones dont....