Asset Management

Scenario
ABC Suites (Pty) Ltd
The importance of maintaining an accurate fixed asset register is sometimes overlooked by business. It not only assists with ensuring compliance is correctly reported but it can play a very valuable role in assisting businesses with short- and long-term planning. It also allows businesses to keep track of the book value of assets and their depreciation over time – Mead Partners Chartered Accountants

The Challenge:

At Asset Manager, Chris Cross’s previous company, all asset records were kept in a register and not controlled correctly by the various departments. When the asset verification process was performed it was discovered that the asset register had numerous errors. This cost the Accounting Department unnecessary loss of time in having to match assets with the relevant purchase documents.

How ABC Suites uses epic:

Chris Cross and his team are using the Asset Management function in epic. All assets are allocated to Categories (eg Computer Equipment; Furniture & Fittings; Land & Buildings; Printers & Fax etc) with the relevant information pertaining to each asset recorded (model, serial number, date of purchase, supplier, invoice number, cost, warranty & any additional information).

Supporting documents (eg invoice or associated documents) are uploaded and stored against each asset.

An Asset Report is available in excel for asset verification with all the captured information.
 
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