Whiteboard Wednesday

Whiteboard Wednesday – Fixed assets life cycle

In this latest Whiteboard Wednesday, Sachin explores the life cycle of fixed assets.

Transcript:

Sachin: Welcome to another edition of Whiteboard Wednesday. My name is Sachin working for the MRI Software sales team here in the EMEA region and today I’m going to talk about fixed assets in particular. When we talk about fixed assets here in here at MRI Software we talk about the complete solution so what we’re trying to do here is really provide a solution that not only accounts for your assets but also provides the facility for you to track and then also maintain the asset as well. What I’m going to do is talk about all three of these aspects.

First up, let’s talk about the asset accounting side. With with MRI’s fixed asset accounting solution what we can do is manage the complete cost of the asset right from the initial inception, the creation, or the purchase of the asset all the way through to the disposal the or the eventual sale of the asset. The asset accounting solution primarily is used to calculate the depreciation of fixed asset and then post those figures to those to the general ledger through the inbuilt integration or interfaces that are as standard.

However, when we’re talking about fixed assets, accounting for it isn’t it. There are other sides of it and therefore we then need to think about things like tracking and maintaining. If we move on to the tracking side, that’s primarily they really to allow you to make sure the information is kept up-to-date and you currently have the right assets in the right locations to ensure your better maintaining the asset, you’re making use of the asset or indeed locating the asset when you need it.

The asset tracking solution links into a mobile app which allows you to take, in sense, a download of the asset register on your mobile device and then perform physical verifications, issue the asset or return the asset from a particular user. The benefit of that again is to maximize the value that you’re getting from your asset base that you currently got, but also then making sure that the information that is changing constantly in real-time is kept up-to-date within the core register.

The final aspect that we talk about when we talking about the complete solution around fixed assets is maintaining the asset. Over the lifetime, there’ll be a need to record the values or the costs that are being incurred, how much work are we actually performing on this particular asset and MRI’s facilities management and CMMS solutions allow you to track both the planned works that have been scheduled against the asset, so this could be a service repair or a filter replacement on an air conditioning unit say, but also then the reactive jobs that occur as well.

Things like breakdowns that happen in the field. That then links into up to a portal which then the actual employees who are indeed the tenants in a building, can log in to and raise those cases. The benefit of that being is that when we’re tracking the initial log in of the case right through to the completion of that bit of work, that whole lifecycle is tracked within the software and we’re able then to report on the key KPIs that are needed in order for us to gain value from our asset base.

We have three aspects of fixed assets, accounting into tracking into maintaining and then back into accounting and that’s really what we try and do here at MRI Software is to provide a complete solution around fixed assets. That’s today’s edition of Whiteboard Wednesday. We look forward to seeing you next time.

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