A fixed asset register is key to business value

Legacy System:  Is it high risk?

• Capability, customization, and technical support are limited.
• Slow and clumsy to operate/process information.
• Poor reporting facility/difficult to extract accurate data.
• Auditors insist that a more reliable system is required.
• Unable to run on company specific platforms or servers.
• Integration with other e-business solutions is required.
• Vendor is no longer in business or no longer provides support for old systems.

General ledger or ERP – Need something more robust?

• Does not meet group requirements.
• New workload requires changes to current e-business solutions.
• There is no centralized system.
• You must reconcile individual systems throughout your group.
• Lacks a cost of effective fixed asset solution.
• Built-in, basic asset register lacks the necessary functionality.

Summary

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.  The fixed asset register is key to business value in many ways.  Disaster recovery strategies, business continuity plans, insurance claims and due diligence during a merger or acquisition all begin with the information recorded in the asset register.

Those businesses that recognize the need for a tailored asset management solution rather than a massive spreadsheet will enable maximum utilization and achieve a reduction in administrative cost.