Sequa Selects BNA Fixed Asset software from Bloomberg BNA as Their Fixed Asset & Depreciation Management Software

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Find out why the Sequa chose fixed asset software from Bloomberg BNA to manage their fixed assets and depreciation.

Find out why the Sequa chose fixed asset software from Bloomberg BNA to manage their fixed assets and depreciation.

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  • 1. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Challenge:Replace outdated fixed assetsmanagement system with remotelyaccessible solution that would workfor all 60 of Sequa’s business unitsand eliminate manual overriding ofcalculations.Solution:BNA Fixed Assets™ WebResults:Sequa has accurate results withoutmanual intervention, better reporting,and up-to-the-minute tax changesupport available without any ITmaintenance required.Sequa Corporation is a diversified industrial companymade up of four discrete businesses with 60 majoroperating units. From jet engine parts to airbag inflators,Sequa manufactures a broad spectrum of products.Outdated Software CausedTedious Manual CalculationsWith so many different companies and business unitsreporting assets, the outdated, problematic fixedassets software Sequa was using just couldn’t keep upanymore. Manually calculating figures for items suchas bonus depreciation and AMT for the consolidatedfederal tax return became an arduous process forSequa’s tax department.Because the system didn’t handle bonus depreciation after2001, Sequa had to manually adjust thousands of assetseach year. “It took a long time to go into each asset andenter overrides to force the correct depreciation on thoseassets eligible for bonus depreciation,” said Joe Nittoli,Senior Tax Accountant at Sequa.Sequa experienced numerous reliability and accuracyproblems with the system the company had been using formore than a decade:• Many tax law changes were not supported, includingAMT changes, which forced Sequa to make manualcorrections• Tax forms, such as Form 4562, needed to be createdmanually• Inflexible reporting and problems printing to networkprinters• Transferring assets was a difficult processBNA Fixed Assets Web Has All theAnswersSequa’s tax department decided to search for a newfixed assets solution and began evaluating softwarecompanies. There were several key criteria that Sequaconsidered in its evaluation. The new solution needed to:Customer Success StorySequa Solves Its Fixed Assets Management Problemswith Bloomberg BNAOnly BNA Fixed Assets Web provided the web-based, multi-companysolution Sequa needed.--------------------------------------------------------------------“The confidence that you have a reliablesystem, accurate info, back-ups, security —all that was factored into the selection ofBNA Fixed Assets Web.”Mike BlickensderferVice President, Tax,Sequa------------------------------------------------------------------------
  • 2. 1801 South Bell Street, Arlington, VA 22202© 2012 BNA Software, a division of Tax Management Inc. All rights reserved.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Customer Success Story1112-JO9350 56-8270For more information call 800.424.2938 (select option 3), contact your local Bloomberg BNA Representative, orvisit www.bnasoftware.com::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::• Be accessible remotely by all the companies anddivisions without the need to send out software• Contain accurate and current tax law functionality that iseasily maintainable• Provide the ability to set up depreciation policies toensure consistency across all business units andalleviate the need for accounting personnel to make taxmethod decisions• Support a large number of companiesAfter evaluating up to five fixed assets solutions, Sequaselected BNA Fixed Assets Web for its accessibilityand hosting over the web, accurate support of tax laws,immediate availability of tax changes in the application, andthe flexibility it offered. BNA Fixed Assets Web becameSequa’s first web-hosted application within the company.“One of the big selling points for Bloomberg BNA is stayingup to date with the tax laws and correct implementationin the software,” explained Mike Blickensderfer, VicePresident, Tax, at Sequa. “And maintenance of the systemis completely taken care of. Within a few days of tax lawchanges, the changes are in the system.”Now Sequa doesn’t have to worry about manualintervention to ensure accurate tax reporting figures. WithBNA Fixed Assets Web, the tax department gets theright answer automatically. Reporting is also much fasterand easier. Transferring assets went from being extremelydifficult to completely simple. And each of Sequa’s 60business units is using the software without a hitch.“Everyone loves it,” remarked Nittoli.BNA Fixed Assets Web’s Ease ofUse Means a Smooth TransitionDespite converting the assets of 60 business units toBNA Fixed Assets Web, the implementation process wasstraightforward and actually smoother than the Sequa taxdepartment thought it might be. Once Bloomberg BNAconverted the data and loaded it into the new system, Nittoliprepared himself for an onslaught of training and usagequestions. However, practically all of the calls were handledwithin a matter of minutes.“Right after we went live, I was able to walk users throughthe answers to their questions by pulling up the same asseton my screen and then going through what to do together,”said Nittoli. Sequa expected requests for formal training, butdidn’t receive any.“The fact that we’re not hearing much from the users isfurther evidence of how easy BNA Fixed Assets Web is touse. Contrary to our original expectations, our first year-endreconciliation after implementing BNA Fixed Assets Webwas practically no problem! The system is really meetingeveryone’s needs,” commented Blickensderfer.Sequa Gives Bloomberg BNA HighMarks for ResponsivenessSequa has been extremely pleased with the responsivenessand commitment Bloomberg BNA has demonstrated.In particular, Sequa finds the technical support to beoutstanding — Nittoli named Bloomberg BNA’s customersupport representative personally and commented onhow quickly he’s available to provide a thorough, yetunderstandable answer to Sequa’s questions.In fact, Blickensderfer became impressed with BloombergBNA’s responsiveness shortly after Sequa becamea client. Sequa had conveyed that Sequa users wereaccustomed to entering assets on a single page. Shortlyafterward, Bloomberg BNA came out with a new softwarerelease that included the new Single Asset Add Window.“It was an improvement based on what we’d asked for. Theshort timeframe between the need and the enhancementto the software was very surprising — I was veryimpressed,” said Blickensderfer.“Bloomberg BNA makes us feel like we’re a part of theirteam. I feel like they address our needs and concerns,and work with us to make the improvements we request,”added Nittoli.>>>>>>>>>>>>>>>>>>>>>>>>>Sequa Corporation• Sequa is a diversified industrial company comprisedof four discrete businesses with over 60 differentbusiness units• BNA Fixed Assets Web used for all business units• Estimated revenue: $2.0 billion• Assets: 38,000+• Estimated historical value of assets: over one billiondollars• Estimated accumulated depreciation: $700,000,000