Many companies realize the importance of maintaining an accurate asset inventory and have established regular procedures for managing this process. Unfortunately, traditional methods are time-consuming and result in errors that can raise audit issues. When it comes to a manual asset inventory process in your organization, what you do not know could cost untold amounts of money, reduce efficiencies, and even lead to accounting errors causing problems in the balance sheet.
Too often, entities do not pay attention to their fixed asset inventory, which results in accounting errors. Such inventory inaccuracies result in incorrect financial reporting impacting the company's overall financial health. Inaccurate inventory and balance sheet figures can result in financial statements that do not reflect the true financial position of the company, which can mislead investors, creditors, and other stakeholders. Challenges to controlling fixed assets include the lack of accurate physical asset inventories— and inadequate tools and resources for maintaining accurate inventories going forward.
By implementing a digitized asset management process, organizations can:
- Save Time and Money
- Improve Planning and Budgeting
- Eliminate “Ghost Assets”
Benefits of Automating Asset Verification in SAP
By automating end-to-end asset verification, organizations can improve the efficiency and accuracy of their asset management processes. This can lead to cost savings, increased compliance, and improved asset utilization.
Here are some of the benefits of automating end-to-end asset verification in SAP:
- Improved efficiency: Automating the verification process can free up employees to focus on other tasks, such as managing assets or responding to customer inquiries.
- Increased accuracy: Automated verification can help to ensure that assets are accurately tracked and that they are in good condition. This can help to avoid costly mistakes, such as issuing incorrect inventory levels or failing to comply with regulatory requirements.
- Reduced costs: Automating the verification process can help to reduce costs by eliminating the need for manual data entry and processing.
- Improved compliance: Automated verification can help organizations to comply with regulatory requirements, such as those governing inventory management and asset tracking.
- Enhanced asset utilization: By automating the verification process, organizations can ensure that assets are being used efficiently and that they are not being underutilized.
mAssetTag - Fixed Asset Tracking and Verification Solution
Innovapptive offers a comprehensive solution for Fixed Asset Tracking - mAssetTag. It is developed to support the existing SAP Asset Accounting (FI-AA) module to enable you to connect and access the master data of the module. The solution integrates seamlessly with your SAP Financial system, so your information is in a single database. It eliminates the need for re-entry of asset information as well as ensures that your asset data is never out of sync.
mAssetTag is an intuitive mobile solution that centralizes and simplifies the arduous task of data entry related to inventory and reconciliation processes. This fixed asset tracking tool uses native mobile device capabilities such as GPS, camera, and barcode readers to automate the collection of fixed asset data and effectively track and share asset information across the enterprise. By replacing paper-based processes with software that works on any mobile platform, you can capture, tag, scan, and update records without human errors or redundancies to ensure the data you capture is high quality.
Innovapptive’s fixed asset management and tracking system includes built-in integrations that allow mAssetTag to share information directly with your back-office SAP systems. This single repository simplifies data analysis and provides leadership teams with the visibility they need to identify lost or stolen assets, eliminate overpayments to insurance or tax entities, and calibrate business activities to align with real-time inventory levels.