Asset registers impose excellent control over management of assets

With a good asset register in place, organizations can not only impose excellent control over the management of assets but also streamline processes to reduce the administrative overhead – hence saving costs. Rather than relying on complex spreadsheets – and associated expertise – to manage new depreciation calculations, and changes to the treatment of leased assets and impairments, organizations can leverage an automated solution to dramatically reduce the month and year-end processes.

This not only drives down administrative time but also reduces the reliance upon one or two experts responsible for the creation of highly complex spreadsheets that are impenetrable to anyone else in the finance team. By leveraging simplicity and automation, organizations can deskill the asset management role to gain further cost benefits. This strategy also supports the growing trend towards centralizing the finance role for organizations with multiple locations or operating companies. A centralized asset register supports the move to a shared service center across the entire organization, delivering significant financial savings.

In addition, automated generation of reporting combined with a full audit trail significantly reduces the time taken to undertake the year end audit and confirm the asset value – resulting in a reduction in auditor fees.