http://www.realassetmgt.com/blog Transforming Assets into Business Advantage Thu, 02 Feb 2012 15:51:35 +0000 http://backend.userland.com/rss092 en One of the major challenges that can accompany fixed asset management is handling the volume of data.  The amount of information that corresponds with each fixed asset can continuously increase.  The asset file will expand with information about depreciation, maintenance performed or required, whether it has moved departments and so ... http://www.realassetmgt.com/blog/1400/data-volume-slowing-fixed-asset-management/ For any government organization looking to implement fixed asset accounting software (or evaluating its current system), there are several key features that should be considered.  In order to have the most effective system, the software should: Possess stringent, technically advanced security features Aid in compliance with GASB 34 requirements Generate comprehensive audit trails ... http://www.realassetmgt.com/blog/1397/key-features-government-asset-accounting-software/ At the core of any audit is the production of the report itself.  A list of all audit items must be produced.  It is helpful if this list allows the user to preview the details and suggested actions for each asset (a feature available in a specialist fixed asset tracking ... http://www.realassetmgt.com/blog/1394/core-audit/ Some organizations use a general ledger or enterprise resource planning systems for fixed asset management.  While it may work on a small scale, organizations often find that these systems are not robust enough to deal with all of the issues surrounding fixed asset management.  Problems that arise when using a ... http://www.realassetmgt.com/blog/1390/problem-gl-erp-fixed-asset-management/ A computerized maintenance management system (CMMS) can help your organization increase productivity and actively manage and report on all associated planned and un-planned maintenance.  By allowing users to better manage the maintenance of their fixed assets, the user enjoys the following benefits: Reduced maintenance costs Increased operational life of equipment Reduced downtime Increased customer ... http://www.realassetmgt.com/blog/1387/5-benefits-cmms/ The goal of GASB, the Governmental Accounting Standards Board, is to improve governmental accounting and financial reporting standards in state and local entities, resulting in more useful data to better guide public issuers, auditors and users of financial reports. GASB 34, 35 and 51 requires that fixed asset records and intangible ... http://www.realassetmgt.com/blog/1384/gasb-refresher/ A comprehensive asset register can greatly assist in your fixed asset management.  To have the most complete asset record for each of your fixed assets, consider including the following information: Unique identifier Analysis codes (e.g. category, cost center, department, company) Multiple lines for descriptions Purchase costs Purchase and capitalization dates Asset life  and depreciation rule Quantity Residual value Grant ... http://www.realassetmgt.com/blog/1381/information-include-asset-record/ As an organization grows, processes may be outgrown as well.   If your asset base has increased significantly in the past year or your organization has had changes in fiscal policy, you may want to review your asset management practices to ensure they are still practical and efficient for your workplace. Your ... http://www.realassetmgt.com/blog/1378/start-2012-evaluate-current-fixed-asset-management-practices/ If you have a specialist fixed asset register, you can utilize existing asset information to run “what if” scenarios for future capital expenditure and asset disposals.  From this information the accounting and finance teams can build any number of different strategic models, allowing them to present the most cost-effective and ... http://www.realassetmgt.com/blog/1373/asset-reporting-forecastings-affect-budgets/ Establishing hierarchical relationships and dependencies can be essential to accurate fixed asset management.  An example of a parent/child relationship is the association between a computer and software license, where the computer is the ‘parent’ and the license assumes the role of ‘child’.  Since the software belongs on that computer it ... http://www.realassetmgt.com/blog/1369/linking-parentchild-assets-important/ There are many reasons why spreadsheets are not the solution for all business needs.  With so many potential causes of and opportunities for errors, companies should look for solutions that are designed for specific , specialized tasks to eliminate them and ensure sound financial tracking and reporting.  The accurate management of ... http://www.realassetmgt.com/blog/1365/trade-spreadsheets-dedicated-fixed-asset-management-system/ Prior to performing a physical audit, organizations need to determine which assets will be included.  Is it going to be solely based on the capital asset policy?  Or will you also include expensed items which fall below the capitalization threshold? Some expensed items are categorized as ‘portable and attractive’ and are ... http://www.realassetmgt.com/blog/1362/assets-included-audit/ Not all organizations have the facility of fully equipped IT departments as well as the technical and application skills required to successfully manage a critical IT department within a business.  A hosted solution enables a more secure environment for the delivery of IT software due to lower capital expenditure, improved financial control ... http://www.realassetmgt.com/blog/1359/hype-hosting-solution/ Setting up an asset register for the first time can often be a very time-consuming and labor intensive process for any organization.  It often makes sense to hire a physical auditing service, which can create condition reports, bar code assets, and do asset classification for you.  Other benefits of auditing ... http://www.realassetmgt.com/blog/1355/setting-asset-register-time/ Spreadsheets should not be used for proper fixed asset management.  They do not provide an audit trail or overall security and when using them you are unable to link ‘parent/child’ assets or conduct asset splits, batch disposals, etc.  These reasons, among others, show that spreadsheets are just a band-aid solution ... http://www.realassetmgt.com/blog/1352/spreadsheets-spreadsheets/ Many people within your organization can benefit from a specialized fixed asset accounting system.  Some of the positions that benefit and what they gain include: Finance teams – can instantly access asset analysis reports and can completely define reporting to meet corporate needs IT Managers – can set up parent/child IT associations ... http://www.realassetmgt.com/blog/1348/user-benefits-asset-accounting-system/ Asset tracking can be a cost effective solution for carrying out physical audits using barcode labels and the technology of portable scanners.  An asset tracking system allows you to conduct a single audit across multiple locations and thousands of items.  This affords you immediate savings both in time spent and ... http://www.realassetmgt.com/blog/1345/afford-1-physical-audit-year/ The decision on whether or not to take advantage of the benefits that a hosted solution can offer is critical for your business. And while CFOs will be understandably reluctant to trial this approach with the core ERP or financial software, they often decide to dip a toe in the water ... http://www.realassetmgt.com/blog/1341/making-buying-decision-hosted-financial-software/ A hosted infrastructure managed by your software provider and its hosting partner will reside within a data center facility.  This facility should provide a high performance, high reliability, managed Internet platform for your Internet-delivered solution with certain security basics. Data centers have experience dealing with a wide scope of security policies ... http://www.realassetmgt.com/blog/1338/security-basics-hosting-financial-software/ Demand is growing globally for hosted solutions as organizations wrestle with continuing financial constraints that are now seriously hampering ongoing business development. With many organizations continuing to pare back internal IT resources, business managers have to wait months to get access to critical IT skills. They are facing a near ... http://www.realassetmgt.com/blog/1334/cloud-hosting-solutions-increase-flexibility-business/ The pros and cons of cloud computing may be regularly debated by the IT team but what about the rest of the business? How many Chief Financial Officers (CFOs) are still afraid to take the plunge? Most are familiar with the compelling benefits of lower capital expenditure, improved financial control ... http://www.realassetmgt.com/blog/1331/debating-benefits-hosted-solutions/ When converting data from a common file format, such as xls, txt or csv, to an asset register in a specialist system, there are several important steps to take to ensure everything converts accurately.  The most important of these steps is to complete a detailed record that clearly defines the ... http://www.realassetmgt.com/blog/1328/3-important-figures-data-conversion/ A computerized maintenance management system(CMMS) is designed to help you reduce equipment down time, increase productivity and actively manage and report on all associated planned and un-planned maintenance.  What are some of the benefits of implementing a CMMS?  Here are what we consider the top 5:   Stock can be managed through ... http://www.realassetmgt.com/blog/1325/top-5-benefits-cmms/ Tax forms can be difficult to manage and complete.  However, if your asset management software guides you through forms and enables you to produce reports summarizing state and local tax depreciation adjustments, completing forms can become significantly easier.  A fixed asset management system can eliminate the use of complex and ... http://www.realassetmgt.com/blog/1322/simplifying-tax-compliance/ An inventory management software solution should provide you with a central database that can hold detailed information on all inventory items and their associated consumable stock.  Some of the features for inventory management software that you will help you be the most effective and have the most complete information available ... http://www.realassetmgt.com/blog/1319/important-inventory-management-software-features/   When reviewing new financial software, you should always perform a risk analysis on each supplier’s plan.  It is advisable to allow for glitches so that deadlines can still be met on time.  High Risk Factors: Any bespoke development on the critical path Any deliverable that is not accurately defined Any time schedule that cannot ... http://www.realassetmgt.com/blog/1316/risk-assessment-factors-reviewing-software/ Whether a project is big or small, using a project control tool for complete control of cash flows, budgets and timeline from start to finish can help determine the success of your project.   If you can capture every aspect of expenditure relating to each stage of the project cycle, your ... http://www.realassetmgt.com/blog/1312/how-to-get-complete-control-of-big-small-projects/ With the proposed new leasing rules from IASB dictating that past operating leases now be managed as financial leases and all lease contracts be recognized as assets and liabilities in an organization’s published statements, managing leases on a spreadsheet will very quickly become unmanageable, due to the complex calculations involved ... http://www.realassetmgt.com/blog/1309/importance-implementing-lessee-asset-accounting-system/ Welcome to another post from the Help Desk!  A question we are often asked at the Help Desk is, “I just added a new user but they logged in and cannot perform any actions.  Everything is grayed out.” The answer to this question is pretty easy.  When you add a new ... http://www.realassetmgt.com/blog/1306/desk-blog-adding-user/ Conducting periodic physical audits can be the key to maintaining a correct and useful asset register.  Audits can help clean up the variances between what is being accounted for in financial records and what the organization actually has currently.  By auditing the asset register on a regular basis, an organization ... http://www.realassetmgt.com/blog/1303/weighing-benefits-completing-physical-audit/ Many organizations may worry about insurance premiums escalating, but, in reality, organizations may be over insured if they haven’t reviewed their fixed assets recently.  Failure to maintain an accurate asset register can result in assets that are no longer owned still being insured.  Without a review of your fixed assets ... http://www.realassetmgt.com/blog/1300/reviewed-insurance-coverage/ Tracking fixed assets can often be difficult for many organizations, whether large or small.  Fixed assets may be transferred to another department or disposed of without the information making its way back to the accounting department or to those that maintain the asset register.  The practice of conducting periodic physical audits ... http://www.realassetmgt.com/blog/1297/trouble-tracking-fixed-assets/ Organizations need to determine what assets will be included in a physical audit. Is it going to be solely based on the capital asset policy or will it also include expensed items which fall below the capitalization threshold?  Some expensed items are categorized as ‘portable and attractive’ and are therefore sometimes included in ... http://www.realassetmgt.com/blog/1294/important-agree-physical-audit-data-standards/ There are multiple stages involved in researching and implementing a fixed asset system.  It is essential to set strategic goals and identify what your organization aims to achieve upon implementation.  Here are the 5 steps from planning through implementation: Planning – select a project coordinator who will be available to manage ... http://www.realassetmgt.com/blog/1291/process-implementing-fixed-asset-management-system/ A customized, managed, hosted service  for your fixed asset management offers benefits for organizations of all sizes from small to large businesses to enterprise corporations.  The benefits include: Elimination of up-front capital expenditure 100% uptime Uncompromised security Hassle free & reduction of internal maintenance and support costs Data is stored on dedicated servers Security for all information relating ... http://www.realassetmgt.com/blog/1288/hosted-solutions-glance/ A specialized fixed asset register can help many aspects of your business, here are the top 8 reasons to consider implementing a new system. Top 8 Reasons to Implement a Fixed Asset Register: Comply with all the latest accounting regulations including IFRS, IAS, US GAAP, Sarbanes-Oxley and Bill 198. Multi-book and multi-currency. Carries out ... http://www.realassetmgt.com/blog/1285/top-8-reasons-implement-fixed-asset-register/ One of the more important elements associated with implementing a fixed asset management system is having accurate, supportable inventory data.  One of the ways to do this is to use a valuation service.  We recommend considering the benefits of a valuation service when preparing to launch a new fixed asset ... http://www.realassetmgt.com/blog/1282/valuation-services-benefit-fixed-asset-management/ A lessee management tool will provide complete control of both finance and operating leases and can benefit your finance team, management accountant and asset manager.  The finance team gets a complete analysis of all lease obligations and contracts.  Also, they benefits from analysis of all repayment and interest expenditure, historical and ... http://www.realassetmgt.com/blog/1279/user-benefits-lessee-management-tool/ One of the most time consuming jobs for intermodal leasing companies is to manually verify depot and vendor invoices against internal data.  Time spent on each invoice can vary from anything between 15 to 30 minutes during the lifecycle of checking and resolving issues. Real Asset Management has released a Depot4000 ... http://www.realassetmgt.com/blog/1277/reduce-workload-depot-invoices-75/ A mobile handheld tool with either a maintenance management system batch update or real time wireless connection can allow engineers to view up-to-date work orders and stock information remotely, regardless of information, thereby providing organizations with a truly paperless solution.   A remote solution allows organizations to: Create ad-hoc work orders for immediate ... http://www.realassetmgt.com/blog/1274/paperless-maintenance-solutions-benefit-organizations/ Knowing that the right person for the job is available at the right time is key to the fluidity of your business processes.  When searching for a maintenance management system, check to see if it includes an employee calendar.  For example, our Maintenance4000 software displays a color-coded chart highlighting the availability, ... http://www.realassetmgt.com/blog/1271/managing-maintenance-employees-contracted-work/ 6 signs you may need something more robust than your GL or ERP for fixed asset management: It doesn't 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 effect fixed asset solution Built-in basic asset register lacks the ... http://www.realassetmgt.com/blog/1266/gl-erp-system-robust-fixed-asset-management/ Accurate forecasting is an essential part of business decisions.  In order to plan more accurately, some organizations will use financial software, which can use existing asset information to run ‘what-if’ scenarios for future capital expenditure and asset disposals.  Forecasting software can help you to plan and forecast for any range ... http://www.realassetmgt.com/blog/1263/forecasting-tools/ Handheld scanners can significantly cut down on the time spent conducting a physical audit and simplify the process at the same time.  In a simple 4 step process, anyone in your organization can complete a physical audit. To conduct an audit using your fixed asset tracking software with a barcode scanner, ... http://www.realassetmgt.com/blog/1260/asset-tracking-scanners-simplify-audit/ Integrating your purchase order system to your fixed asset management system can help streamline project management and ensure consistent information across departments.  Having your purchase order system work in tandem with your fixed asset management system removes the need to re-key any data, thereby removing additional chances for data entry ... http://www.realassetmgt.com/blog/1257/integrating-purchasing-orders-asset-management-system/ Managing a project and capturing every aspect of expenditure relating to each stage of the project cycle while maintaining any number of budgets can prove a time consuming and difficult task if using manual processes such as spreadsheets. To avoid encountering overspending towards any project, you need to have complete control ... http://www.realassetmgt.com/blog/1254/eliminating-errors-automated-capital-project-control-software/ Your organization can cut down on the clutter and the need to store multiple copies of the same document in different locations by implementing an electronic document management system.  A document management system serves as a centralized database of all records that are filed in electronic directories and can mirror ... http://www.realassetmgt.com/blog/1251/electronic-document-management-cuts-physical-storage/  Setting up an asset register for the first time or moving to a specialist system can be a time-consuming and labor intensive task for an organization.   If your organization does not have the time or resources necessary to undertake this endeavor, you may want to consider auditing services.  Some of ... http://www.realassetmgt.com/blog/1248/outsource-auditing/ A computerized maintenance management systemcan help reduce equipment down time, increase productivity and actively manage and report on all associated planned and un-planned maintenance.  A single centralized database allows your organization to manage and track the transfer of items between locations and business units.  It can also be used as a ... http://www.realassetmgt.com/blog/1245/maintenance-management-system/ An old fixed asset management system could be putting your financial information at risk.  If the original vendor from which it was purchased is no longer in business or no longer provides support for old systems, this may make it hard to impossible to ensure that your fixed asset management ... http://www.realassetmgt.com/blog/1242/fixed-asset-management-system-risk/ Companies should have their business accounts audited each year and check that the businesses  and internal accounting control systems are representing an accurate view of the company’s financial performance, position and ability. Auditors must ensure that the accounts they are auditing comply with accounting standards such as the Generally Accepted Accounting ... http://www.realassetmgt.com/blog/1237/importance-asset-register-auditors/ At the heart of any project is the detail of the costs that have contributed to it.  It makes sense, therefore, that these costs are controlled at every stage of the project.  One way to do this is with a specialist project management system which can record both commitment and ... http://www.realassetmgt.com/blog/1233/integrate-commitment-spend-project-management/ Having a business activity monitoring (BAM) tool is much like having an employee watch over fixed asset activity, capital projects, leases and maintenance plans day and night.  A BAM tool can be defined by virtually any situation or condition as part of the events being monitored and can help reduce redundant ... http://www.realassetmgt.com/blog/1230/business-activity-monitoring-alerts-organization/ Barcodes will speed up your physical audits, making them both fast and efficient.  The use of barcodes can provide an accurate audit because they remove the inherent human error of incorrectly identifying assets.  With a barcode scanner, you can create a confirmed electronic trail of items that have been found.  ... http://www.realassetmgt.com/blog/1226/barcodes-simplify-audits/ Having confidence in the integrity of your data is immensely important to reporting and planning, among other business aspects.  This is difficult to do if you are using spreadsheets for control over fixed asset management, because as we have noted in other blog posts and have seen from multiple studies, ... http://www.realassetmgt.com/blog/1223/data-integrity-confidence/ Here at the Real Asset Management Help Desk, a common question we receive is “How do I perform a partial disposal in the system?” Usually, clients will want to do this for a few reasons. One is perhaps the item is heavy machinery and only one part of it needs ... http://www.realassetmgt.com/blog/1219/guest-post-desk-performing-partial-disposals/ There are four essential steps an organization should use when undertaking a physical audit. Agree on the data standards – organizations should determine what assets are going to be included in the audit.  Are you going to include items based on your capital asset policy?  Or also include expensed items which ... http://www.realassetmgt.com/blog/1214/4-steps-physical-audits/ All businesses need to measure their assets and liabilities for an overall valuation on the business. Assigning an economic value to business transactions such as assets or liabilities is part of measuring the value or the cost of these events to the business. In an article published by Munya Mtetwa, ... http://www.realassetmgt.com/blog/1210/measure-business-assets-liabilities/ Spreadsheet errors are more commonplace than you’d think.  According to a paper from the College of Business Administration from the University of Hawaii, all spreadsheets contain some errors. This can be a problem for business, especially since a report from CODA (www.coda.com) found that 95% of U.S. firms use spreadsheets for ... http://www.realassetmgt.com/blog/1207/spreadsheet-errors/ A comprehensive and easy fixed asset management systemcan be beneficial to an organization in a multitude of ways.  However, there are 4 groups of employees that will reap the most benefits in their job responsibilities. 1. Finance. The finance team will have access to instant asset analysis reports and enjoy total user ... http://www.realassetmgt.com/blog/1204/4-departments-benefit-fixed-asset-management-system/ Demand is growing globally for hosted solutions as organizations wrestle with continuing financial constraints that are now seriously hampering ongoing business development. With many organizations continuing to pare back internal IT resources, business managers have to wait months to get access to critical IT skills. They are facing a near ... http://www.realassetmgt.com/blog/1201/business-flexible-hosted-solutions/ Completing all tax documents can be a long and sometimes difficult process.  However, a specialist fixed asset system can help organizations complete documentation and filings faster, easier, and more accurately.  Compliance can be assisted by fixed asset management software's ability to:  Calculate depreciation for federal and multi-state tax books and incorporates individual ... http://www.realassetmgt.com/blog/1197/fixed-asset-management-software-helps-tax-compliance/ Verifying the existence and location of individual assets and inventory items can be both difficult and time-consuming.  As a result, audits are often regarded as tedious tasks and are carried out as infrequently as possible.  Register information can quickly become redundant and assets are not only under-maintained but also under-utilized. One ... http://www.realassetmgt.com/blog/1194/auditing-100-accuracy/ Businesses use fixed assets such as plant, property and equipment in gnereating revenues and as infrastructure for the business.  Fixed assets are not charged to the profit and loss account, rather they are reported on the balance sheet and they stay on the balance sheet. The purpose of depreciation is to ... http://www.realassetmgt.com/blog/1191/understanding-depreciation/ Whenever an organization implements new software or updates its current systems and procedures, it is a natural stimulant for change.  If there are challenges or issues to address, the introduction of a new system is the time to do this.  For example, a new fixed asset management process or software ... http://www.realassetmgt.com/blog/1186/software-impetus-change/ As an organization grows, processes may be outgrown as well.  If an asset base has increased significantly and no specific management system is in place, patchwork solutions may make it difficult to overcome the major challenges of ongoing fixed asset management. If you organization is currently using spreadsheets as an asset ... http://www.realassetmgt.com/blog/1183/evaluating-current-fixed-asset-processes/ As tablets become more popular for business applications, we decided to explore how tablets may help with fixed asset management.  Because of the easy portability of tablets, asset managers can now carry their asset registers with them.  Instead of printing out a list of assets and making notes about each ... http://www.realassetmgt.com/blog/1180/tablets-helpful-fixed-asset-management/ Software designed for project management will capture all aspects of cost monitoring from commitment to expenditure.  Complete control of cash-flows, budgets and projects from start to finish greatly helps 3 people/teams in your organization. 1. Finance team.  The finance team will benefit from instant budget/project analysis reports and complete sub-division and summary ... http://www.realassetmgt.com/blog/1177/project-management-system-helps/  Radio Frequency Identification (RFID) is the latest in asset tracking technology and is designed to elimiate the need for direct scanning.  RFID tags can offer a great solution to the growing pressures faced by asset managers.  Here are 5 of the top benefits of RFID tags used with asset tracking software: Provides ... http://www.realassetmgt.com/blog/1174/5-benefits-rfid-asset-tracking/ Fixed asset management may generate several challenges, such as dealing with the volume of data, tracking assets and the maintenance of those assets.  Volume of Data - fixed assets can create data that continuously increases.  Throughout an asset’s lifetime, the amount of information about it will never decrease.  The file will ... http://www.realassetmgt.com/blog/1171/3-major-challenges-fixed-asset-management/ A business activity monitoring tool layered over your fixed asset management software can alert users when situations develop, helping to correct problems before they arise. It is much like having an employee watch over asset activity, capital projects, leases and maintenance plans day and night. Some of the alerts that ... http://www.realassetmgt.com/blog/1167/helpful-alerts-business-activity-monitoring/ Forecasting is an important part of fixed asset management.  Having a tool that assists with forecasting can allow organizations to quickly and easily create and store "what-if" scenarios for future capital asset decisions.  This can be extremely helpful with annual forecasting requirements that your organization may have.  A forecasting system that ... http://www.realassetmgt.com/blog/1164/power-forecasting-tool/ This month we are addressing common questions related to performing an audit with Track4000.  Many clients will perform their audits by scanning items with a handheld scanner (PDA) and then sync the audit back to the software using the “Synchronize” function within Track4000 on the PDA.   After you synchronize the data ... http://www.realassetmgt.com/blog/1154/guest-post-desk-auditing/ If your organization is using software for fixed asset management, there are three features it should include in order to assist with Sarbanes Oxley compliance.  A method to secure outside access to the database.  The parameters required to access the database should be stored in a registry, access to which can be ... http://www.realassetmgt.com/blog/1142/3-ways-asset-management-software-sarbanes-oxley-compliance/ The latest handheld computers can greatly simplify your asset tracking procedures.  The simple go-anywhere hardware options make it easy to use in offices, school buildings, warehouses or anywhere you may have assets.   Two handheld computers that we recommend for use with Track4000 are the Symbol MC55 and MC75. The Symbol MC55 ... http://www.realassetmgt.com/blog/1138/helpful-hardware-asset-tracking/ This Earth Day your organization can begin to take steps to help the environment.  Many changes that can be made within your organization not only benefit the environment, but may also save money.  One such change is making the switch to a document management system.  By using a software application ... http://www.realassetmgt.com/blog/1134/celebrate-earth-day-pledging-save-paper/ Fixed assets in an organization can be some of the largest line items on financial statements. Unfortunately, because of the complexities of depreciation and management logistics, these large investments may not always be managed ideally. If an organization relies on manual methods, such as spreadsheets, for tracking fixed assets and ... http://www.realassetmgt.com/blog/1131/automation-simplifies-fixed-asset-management/ There are three crucial aspects of internal control in relation to fixed asset management that should be focused on.  These key elements are: Sarbanes-Oxley:   This act requires all publicly traded firms and firms that may go public or be acquired by a public company to have a system of internal controls.  ... http://www.realassetmgt.com/blog/1126/3-key-elements-accurate-fixed-asset-management/ The integrity of data is important for any system, but it is especially important for an accounting product.  When selecting accounting software, review the system and confirm that it allows sufficient security features for your data.  Some security features to consider include: Advanced password protection that requires a valid combination of ... http://www.realassetmgt.com/blog/1122/importance-security-features/ A hosted solution can often be an option for those organizations that do not want to worry about hardware, installing systems, testing, patching, administering, or maintaining a new application infrastructure.   Hosted solutions can help eliminate up-front capital expenditure, reduce internal maintenance and support costs, and save an organization time. Why select ... http://www.realassetmgt.com/blog/1119/reasons-hosted-solution/ From an article recently published on accounting web, ‘Automating regular procedures (e.g month ends) – the real benefits’, it is evident that ‘month-ends’ can be for most accountants ‘a desperate panic of late nights trawling through those familiar journals and spreadsheets to hopefully pull together a set of management accounts ... http://www.realassetmgt.com/blog/1116/real-benefits-automating-monthend-regular-procedures/ The latest asset tracking technology software enables users to conduct comprehensive, cost-effective and speedy physical audits.   Bar code labels or RFID tags are attached to the fixed assets and inventory items and handheld scanning devices are used to conduct the physical audit.  If your organization is reviewing asset tracking technologies, you want to ... http://www.realassetmgt.com/blog/1110/helpful-features-asset-tracking-technology/ Welcome again to another blog post from the Real Asset Management Help Desk!    One of the more common questions we receive from clients is “How do I reverse a Disposal/Relife/Revaluation/Transfer?” The great thing about all of the events in Series4000 is that they can all be reversed.  How, you may ask?  ... http://www.realassetmgt.com/blog/1103/guest-post-desk-reversing-asset-events/ Real Asset Management is featured in Alfred King’s new book Internal Control of Fixed Assets, A Controller and Auditor’s Guide.  Internal control of Fixed Assets explores the various layers of internal controls for PP&E (Property, Plant and Equipment).  The book explains a step by step process for developing a system ... http://www.realassetmgt.com/blog/1098/real-asset-management-featured-book/ The first step has to be a site audit to determine the assets already within the organization, before feeding this information into the asset register. Physical audits can be undertaken using barcode scanning technology, and information directly loaded into the centralized asset register. Once in place, organizations then need to ... http://www.realassetmgt.com/blog/1095/imposing-control-fixed-assets-school-districts/ GASB recently released a new research brief about the timeliness of financial reporting by state and local governments compared with the needs of users. The report addressed two questions. “How long after the end of the fiscal year does it take governments to issue financial reports prepared in conformity with generally accepted accounting ... http://www.realassetmgt.com/blog/1092/research-gasb-timeliness-financial-reporting/  With the total asset value running into millions in many school districts, including buildings, furniture, fittings and equipment, this is a core component of successful management. A school represents a particularly tough environment to retain control over assets. Equipment is typically located across multiple sites; it is often moved; wear ... http://www.realassetmgt.com/blog/1089/track-assets-schools/ Tank operators can manage anything from 10’s to 1000’s of jobs each month.  For each one a transport plan must be produced to schedule out costs and highlight profitability.  Many in-house systems record these financial details but can often miss items from the transport plan because it is not produced ... http://www.realassetmgt.com/blog/1086/financial-benefits-monitoring-system/ In order to avoid audit proceedings from software companies, businesses must begin to take responsibility for internal SAM programs, and proactively achieve a best practice approach which will help them avoid legal action, fines, and also the costly over-purchasing of software licences (‘Software industry drives revenues with licence audits’, computerweekly.com, ... http://www.realassetmgt.com/blog/1083/importance-adopting-proactive-approach-software-asset-management/ At the heart of any project is the detail of the costs that have contributed to it.  It make sense, therefore, that these costs are controlled at every stage.  When planning and implementing a project you should be able to record financial details against purchase orders, invoices, credit notes, journals ... http://www.realassetmgt.com/blog/1079/controlling-project-costs-stage/ Green strategies, from procurement to recycling, carbon footprint to flexible working can be greatly enhanced if an organization has it's asset register in order.  Without an accurate register, increasing pressure for green credentials will create a significant cost for businesses. Assessment of environmental practices and reporting is certainly on the ... http://www.realassetmgt.com/blog/1076/move-green-asset-register/ One of the most important elements associated with implementing a fixed asset management system is having accurate, supportable inventory data. If your organization is unable to provide accurate data, then you may want to consider using a valuation firm. Valuation firms offer solutions that are designed to meet financial reporting, ... http://www.realassetmgt.com/blog/1072/ensuring-accurate-data-implementing-system/ Future capital expenditures and disposals can be difficult to predict accurately, especially if your organization is using spreadsheets for your fixed asset register.  Attempting to complete this task with spreadsheets can often mean creating complex sheets and adding a dose of guess work.  Spreadsheets are simply not an effective tool to ... http://www.realassetmgt.com/blog/1068/accurately-predict-future-capital-expenditure-disposals/ If your organization operates in many different countries, then multi-currency, multi-lingual and multi-book capabilities are most likely imperative for your fixed asset management.  Having multi-book capabilities, such as those available in a specialist system, allows core asset information to be shared across any number of books with different sets of ... http://www.realassetmgt.com/blog/1064/fixed-asset-accounting-borders/ The need to comply with IFRS and other accounting rules has created the need for local governments to consider a specialist fixed asset register.  Local governments still using spreadsheets to manage fixed assets will struggle with the increased complexity of the financial reporting required under the latest IFRS regulations as well as the sheer volume ... http://www.realassetmgt.com/blog/1061/ifrs-and-fixed-asset-system/ Skipping regular physical audits for your organization can expose you to several potential problems.  The risks include:   Inaccurate physical verification of assets can render the asset register unreliable Depreciation could be allocated to the wrong company/cost center/department/division Depreciation could be misstated resulting in over or under payment of taxes Missing assets (potential theft problem) ... http://www.realassetmgt.com/blog/1058/7-risks-skipping-regular-physical-audits/ Knowing your fixed assets' historical records can be very important for how you deal with them in the present and the future.  In the present, the historical information on assets can help you determine it's current value and how much depreciation remains.  For the future, history can help with your forecasting requirements.  By ... http://www.realassetmgt.com/blog/1054/assets-present-future/ Spreadsheets can quickly get out of control when you are trying to keep track of each asset’s unique identifiers and description information.  With just the basic information you need in order to run a physical audit and calculate depreciation and taxes you can have over a dozen columns for each ... http://www.realassetmgt.com/blog/1049/buried-asset-identifiers-codes/ A fully integrate fixed asset tracking tool can enable asset managers to carry out low cost physical audits  by bar-coding assets and inventory items and using the latest in data capture technology.  Leading portable laser scanners guide users through the audit process, continually updating the status of audited and unaudited items on-screen.  ... http://www.realassetmgt.com/blog/1043/physical-audits-cost-70/