Asset Management – Complete Control from Acquisition to Retirement
Managing a company’s assets, from IT infrastructure to specialised machinery and equipment, is crucial for operational efficiency and financial accuracy. SolutionsInc makes asset management seamless, covering their entire lifecycle – from purchase, through usage, to retirement. Our system integrates all branches of your organisation into one centralised tool, offering extensive features for better management of your assets.
Key Elements of the SolutionsInc Asset Management Module:
- Comprehensive Asset Lifecycle Management
- Detailed Tracking of Asset Inventory Details
- Streamlined Asset Procurement Processes
- Easy Asset Disposal (Sale)
- Automated Asset Depreciation
- Simple Asset Scrapping (Retirement from Use)
- Asset Value Adjustments
- Advanced Asset Reporting
- Flexible System Customisations
Comprehensive Asset Lifecycle Management
Asset management has never been this straightforward and transparent. SolutionsInc enables tracking of every stage of an asset’s lifecycle – from its initial purchase, through its period of use, to its final retirement or sale. The system integrates these processes with accounting, ensuring that all operations are correctly reflected in your financials. This provides full insight and control over your entire company’s assets, regardless of their nature or purpose.
Detailed Tracking of Asset Inventory Details
SolutionsInc features integrated inventory functionalities, allowing you to easily manage all information about a given asset. Whether they are serialised items or batch-managed – you have complete control. The ability to scan barcodes with your device camera enables lightning-fast searching and quicker data entry, which supports data-driven decisions based on asset availability, locations, and other crucial parameters. Upon asset purchase, the system automatically creates its record based on information stored in the item master, minimising manual data entry.
Streamlined Asset Procurement Processes
Acquiring assets is a straightforward and rapid process. Assets are entered into the system via purchase receipts (goods received notes) or purchase invoices. The system directly creates a record for the asset based on the information contained in the main item master. Depreciation methods, schedules, insurance details, and much more can be updated with just a few clicks. The asset procurement process is significantly simplified through one-time configuration.
Easy Asset Disposal (Sale)
When an asset is no longer needed, its sale becomes simple. With just a few clicks, you can sell assets you no longer require. The system automatically generates the appropriate accounting entries, eliminating the need for manual ledger maintenance and ensuring the entire process is quick and seamless.
Automated Asset Depreciation
Automating depreciation accounting removes the hassle associated with manual entry. You can configure depreciation schedules for various categories of assets, and the software will automatically calculate the depreciation amount or dates and create the corresponding accounting entries. This ensures precision and regulatory compliance.
Simple Asset Scrapping (Retirement from Use)
When an asset is no longer useful or needed, you can scrap it (retire it from use) with a single click. The accounting entries related to this process are automatically handled by our asset management module, ensuring the entire process remains smooth and compliant with accounting principles.
Asset Value Adjustments
Should an asset’s value suddenly increase or decrease (e.g., due to upgrades, damage, or market changes), this can be easily recorded using the Asset Value Adjustment feature. The system will automatically create journal entries (based on the entered adjustment values) and recalculate depreciation amounts, ensuring valuation remains current and precise.
Advanced Asset Reporting
Make informed decisions by utilising comprehensive reporting features. Identify bottlenecks, monitor asset performance, and improve service quality with extensive reports. Out-of-the-box standard reports and easy-to-build custom reports provide data for analysis, supporting better strategic decisions regarding asset management.
Flexible System Customisations
SolutionsInc offers flexible customisation capabilities. You can map the data that is crucial to you by adding custom fields to forms. It’s also possible to customise form behaviour by auto-fetching values, hiding fields based on user roles, and creating custom print formats – all without writing a single line of code, ensuring full adaptation to your unique operational needs.
The SolutionsInc Asset Management Module is a comprehensive tool that provides full control over your company’s assets, from purchase to retirement, guaranteeing financial precision and optimising resource utilisation.
