Enterprise Asset Management Solutions

For over 14 years, AccTech Systems has designed, implemented and supported some of the largest Enterprise Asset Management implementations in the world. Building on this unrivalled experience, AccTech Systems has developed core methodologies and a structured framework to ensure we continue to provide professionally implemented solutions that work.

AccTech Systems in Partnership with Assetware Technology brings you the ultimate in comprehensive asset management products and solutions designed for the medium business to large business and multinational corporations.

There are real bottom-line benefits to fixed asset management. Companies with effective asset management systems and processes find that they:

• Cut costs
• Meet statutory requirements
• Control valuable IT assets
• Make informed decisions
• Comply with corporate governance legislation and international accounting standards

The best way to cut costs is to stop spending money that you don’t need to spend. Here are some of the ways in which you may be spending money unnecessarily:

• buying things you don’t need because you already have them
• paying insurance premiums on non-existent items
• ‘losing’ equipment because of lax security
• paying maintenance and licensing charges on software which is no longer installed
• paying lease penalties because leased equipment is not properly controlled
• Independent research has estimated that many companies are overspending by at least 20% because of under-utilisation, inefficient maintenance and petty theft of their assets.

Asset management is the key to expenditure control

Meet statutory requirements
The law requires you to keep accurate accounts and to produce a Balance Sheet and P&L at least annually. This means you must have some way of working out the value of your fixed assets - their cost and their depreciation. Straightforward and accurate statutory reporting is a major benefit of asset management.

Control valuable IT assets
Most organisations are dependent for their day to day running on their IT assets – the hardware, software and systems which make up their IT infrastructure. But IT equipment can easily get out of control.

Make informed decisions
Lack of accurate information means lack of transparency and inability to manage risks. If you know what you’ve got, what it is being used for, how much its worth and what it’s costing you, then you are in a position to anticipate, weigh up options, and proactively make informed business decisions based on real information.

IFRS

Compliance means:
Being in a state of keeping to established guidelines or legislation (or working towards being in that state).
In recent years, finance professionals and managers have had to cope with an awful lot of new guidelines and legislation. IFRS stands for International Financial Reporting Standards. The move to international accounting standards is being driven by globalisation and the breaking down of national barriers.

IFRS currently applies to companies listed on EU stock exchanges. But it won’t stop there! The International Accounting Standards Board (IASB) has published a draft document on IFRS for small and medium enterprises. It is clear that IFRS will be the standard for all companies within the next few years.

IFRS and asset management
Just some of the IFRS requirements for asset management:

• more analysis of fixed assets
• a different means of depreciation for finance leases and restatement for property
• open and customisable depreciation methods
• apply depreciation, revaluation and / or impairment to categories, subcategories or components of assets
• manage different valuations and processing for a given asset in parallel
• provide complete audit trail

Can your current asset management software handle all this? If not, you need to contact us.

The Sarbanes-Oxley Act of 2002 was signed into law in the USA. The aim of the legislation is to ensure that business processes are reliable and that key managers are accountable. Sarbanes-Oxley (abbreviated to Sarbox) affects many larger companies, particularly those with US connections.

The key issue in Sarbox is accountability. Senior executives are required to sign personal undertakings that their accounts present an accurate view.

The Product Range

Assetware Manager
The ultimate asset accounting solution for the medium to large business. Comprehensive, flexible, easy to use and fully compliant with the relevant Sarbanes-Oxley, IFRS and GAAP requirements. Assetware Reporter is also included in the Assetware Manager product.

Product Feature Highlights:

• Procurements, Improvements and expenses can be added towards a specific asset with full history tracking without creating additional assets
• Change the estimated useful life of an asset
• Revaluation of Assets
• Attach multiple images and documents for each asset
• Data Gateway to apply any transaction in bulk using an excel type interface
• Powerful calculation engine that can easily handle depreciation calculations for large registers
• Multiple structure and account allocation
• Project and Work in Progress tracking
• Easy forecasting for procurements and depreciation

Assetware Express
An entry level fixed asset accounting product, designed and priced for the smaller business. Ideal for spreadsheet users who want to cut costs and improve control through effective asset management.

Assetware Tracker
An asset tracking system using barcode and laser scanner technology. Allows you to manage your assets from point of delivery through to the physical verification of the asset location and cost centre deployment.

Assetware Discovery
An auto-discovery product which dynamically interrogates the network, and makes available detailed and up-to-date information about both hardware and software. Essential for controlling your valuable IT assets, and making sure you are legally compliant with software licensing

RFID Solutions for Tracking of Assets as well as an integrated solution are also available.

AccTech eWorkflow – Capex
The capital workflow will ensure the implementation of policy, controls and procedures in the procurement of fixed assets. This is essential to maintain the management of the fixed assets and new capital and to identify the assets by using barcodes before it is allocated. The Asset register will be automatically updated with financial, identification and allocation information from the procurement in workflow. With the automation of the procurement to the register, reconciling between your financial system and fixed assets system is much easier if ever necessary.

The workflow also handles the capital budgeting and can track the expenditure to specific defined budgets within workflow. Full reporting functionality is available for actual, variance and commitments to the budgets.

Technical information

Products run in all supported Windows PC and server, Citrix and Terminal Services environments.

The database used is MS SQL Server. For smaller businesses, products will run on MSDE or MS SQL Express, available for free download from the Microsoft website. This provides clients with powerful functionality whilst maintaining a low cost of ownership.

Asset Tracking

Assetware Tracker enables you to manage assets from point of delivery through to physical verification of the asset location and cost centre deployment.

Assetware Tracker allows you to perform a full, partial or interim physical audit of your assets. Typically the audit information is sourced from Assetware Manager. It can also be sourced from external products using various data and connection options.
The system produces comprehensive and fully customisable physical auditing reports. These provide information about assets which were:

• found
• not found
• found but not detailed within the source asset data
• found but in a different location

This information and other exceptions are available in a variety of formats. The transactions resulting from the audit are then ready for verification and entry to Assetware Manager, or ready to be updated within an external data source.

Active and Passive RFID Tracking solutions are also available for Assetware Manager.

Integration

Assetware Manager has been developed as an open solution that allows easy integration with other software systems. We have developed strategic alliances with leading companies and offer readily available integrated solutions with their accounting packages.

For a customised solution the open design of Assetware Manager allows easy integration with virtually all software systems, and enables system integration to be completed quickly, cost-effectively and with minimum development time.

For more information on how Assetware Manager can help your business please contact us to discuss your requirements on Tel:+27 12 664 0200 or email:sales@acctech.biz