Be 100% confident with a specialist fixed asset management system
In the previous posts we have reviewed four reasons why having an accurate asset register that shows location, condition and the responsible contact can help ensure that assets are available and usable when needed. Other areas where organizations require a dedicated asset register also include: access to multi-currency, multi-lingual or multi-book capabilities, unable to meet historical reporting and forecasting requirements, wasted time on data entry and lack of confidence in data integrity.
Access to multi-currency, multi-lingual or multi-book capabilities
If your organization operates in many different countries then multi-currency, multi-lingual and multi-book capabilities are most likely imperative in your fixed asset management procedures. A specialist fixed asset management system will have multi-book capabilities to allow core asset information to be shared across any number of books with different sets of figures, enabling compliance with both local and group depreciation policies. Vital information (such as analysis codes, descriptions, acquisition and capitalization dates, etc.) can remain constant across all books while details like asset life, depreciation rules and residual values can be book dependent. As far as multi-currency capabilities go, a specialist system will allow each accounting book to be independently configured to meet international accounting standards. Within the asset register, each office location should be able to record and report on its own assets in local currency. User-defined exchange rates will allow the parent company to easily view and report on the same values in USD.
Unable to meet historical reporting and forecasting requirements
Composing reports and forecasts can be a complicated and daunting process, especially if attempted in a spreadsheet. The data produced is far too important to chance inaccuracies. A specialist fixed asset management system will incorporate standard and customized reporting and forecasting templates to ensure an intuitive method of extracting and analyzing asset data.
Wasted time on tedious tasks such as data entry
Entering and maintaining asset data becomes an endless task when working within the parameters of a spreadsheet. A specialist system will automate the entire fixed asset management process. From data import capabilities to automated reports and forecasts, a significant amount of valuable time can be shaved off the entire process.
Lack of confidence in data integrity
Total control over your fixed asset management data simply cannot be achieved through the use of a spreadsheet. Whether a user input error or unintentional miscalculation, inaccuracies within your fixed asset register are inevitable. With that said how can you be 100% confident in the integrity of this vital data? A specialist fixed asset management system will have security features in place to effortlessly address the issue.