Simplify Audits to Verify and Eliminate Inconsistencies
You may already know how critical it is to maintain an accurate inventory of your fixed assets; without it, you cannot ensure the accuracy and reliability of your fixed asset accounting. However, the task of managing a physical inventory of fixed assets can seem daunting. Distinctive challenges faced by organizations are driving them to opt for automated processes.
The first step that various representatives undertake when preparing to conduct a physical inventory and reconciliation for a client is to analyse their fixed asset records. With appropriate analysing you can unravel the issues experienced.
Are you still using spreadsheets to track your fixed assets?
Budget restrictions and lack of readily available systems are some reasons many enterprises start out with very rudimentary asset tracking methods. Often, this takes the form of a spreadsheet. This is not to discount the value of spreadsheets; it's a valuable tool with myriad of uses and benefits in the business world. Asset tracking just doesn't happen to be one of them. Here's why -
- Manual data entry is unreliable as it introduces the likelihood of human error.
- Issue of conflicting files, particularly if you're not using a file-sharing platform.
- No integration with your accounting system.
Keeping Track of Fixed Assets Just Got a Whole Lot Easier
Introducing mAssetTag for Mobile Asset Tagging and Tracking, an easy-to-use solution that helps you walk through every step of the inventory process, helping eliminate lost or stolen assets and reduce insurance and, if applicable, tax overpayments. Using state-of-the-art iOS, Android or Windows-based mobile barcode readers, you can conduct multiple inventories concurrently at multiple sites and reconcile data at one central location. And, since mAssetTag is fully-configurable with our RACE technology, you can fully customize mAssetTag to integrate all your standard and custom fields, so you can control data entry with notes and images to clearly describe each asset record. Better still, mAssetTag integrates seamlessly with the SAP Fixed Asset Module, so your information is in a single database; eliminating double entry as well as ensuring your asset data is never out of sync due to departments not sharing information.
Mobile Fixed Asset Tracking and Tagging drives proven success
A fixed asset reconciliation scheduler tool will allow your central asset management team to push fixed asset master records for reconciliation by location onto user's mobile devices. The mobile device's bar coding capability allows automation of fixed asset data such as location, status, check-in, check-outs and much more directly into your ERP system such as SAP. As a result, enterprises can witness the following business benefits by implementing such a solution
- Over 40% improvement in employee productivity during audit cycles.
- Over 10 to 20% reduction in over payment of federal, state & property taxes.
- Over 15% reduction in insurance premiums by proactively identifying retired assets.
- Achieve 99% accuracy of fixed asset financial statements.
- 100% of global fixed assets reconciled to meet audit & regulatory requirements.
Learn More - See how you can help streamline your Fixed Asset Inventory processes
Streamline your Fixed Asset Tracking processes to save time and money
Successful companies know that an integrated fixed asset inventory solution will save time through automated reconciliations of the latest inventory data. Such software dramatically reduces errors because inventory data does not have to be manually re-entered into the fixed asset accounting system. For the inventory solution to be effective, it should easily integrate into your existing fixed asset depreciation software and your general ledger system.
SAP Certified Mobile Solution
An SAP certified mobile solution that offers out-of-the-box integration with the SAP Asset Accounting module.
Geo-tracking integration for map based views of your assets enabling automatic locational tracking.
Runs on all major platforms
Fully supported on all major mobile devices including iOS, Android and Windows with barcode scanning.
Cutting Edge User Experience
Boost employee productivity, reduce training and change management costs with an easy to use mobile user experience.
Full Offline Capabilities
Empower your users to work with or without network connectivity for a seamless user experience.
Fully Configurable with RACE
Fully customizable through configuration to meet your specific business needs.
Are your Fixed Assets accurate in the year end financial statements?
With an element of fraud and financial misstatement, fixed assets reconciliation accuracy needs the appropriate attention from a financial controller and a Chief Financial Officer (CFO). Although several CFO's believe that their fixed assets are represented accurately on their balance sheet, audits may yield a different answer.
Automated & periodic inventory of your fixed assets provide essential control and accuracy to the financial reporting of fixed assets. These best practices enhance proper accounting, valuation and financial reporting. Also, the Enterprise Mobility Disruption-Redefining processes and simplifying Fixed Asset Tagging and Reconciliation
Mobility is revolutionizing how businesses operate and provide enterprises a unique opportunity to leverage a simple and cost effective self-service asset inventory verification solution. Innovapptive provides an award winning SAP certified solution to redefine your existing manual, cumbersome or expensive processes to better manage and track your fixed assets.
A centrally managed Asset Reconciliation Process with Mobile will transform your enterprises financial pain points. Innovapptive's SAP certified mobile asset tagging and geocoding solution (mAssetTag) is fully integrated with your SAP system and provides an Add-On module in SAP for your to seamlessly conduct physical asset reconciliation.
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