Manage Asset Acquisition with Sage Fixed Assets

When managing your capital budgeting and construction-in process with Sage planning, it is important to know we are going to be dealing with the first step of the fixed asset lifestyle, acquisition.

For example, your business might be building a new plant or warehouse, retooling or upgrading a plant as well as machinery. During this asset creation process these asset cannot be listed in the fixed asset account and cannot show depreciation. However, you still need to keep track of them. This is usually done in a three step process:

  1. Define the high level project, the timeframe as well as the budget
  2. Dig into each individual asset or assets that will created during the project (Line items)
  3. For each line item, there will be a number of invoices or transactional costs associated with the asset (Cost tracking)

Organizing and monitoring these steps is construction and progress project management. Each step has its own challenges as well as potential errors.

CHALLENGES:

  • Keeping track of multiple fixed assets projects that are going on at the same time (dates and decisions)
  • Keeping track of every line item detail in your project
  • Adopting systems to your unique business processes needs

POTENTIAL SOURCES OF ERRORS:

  • With manually entering in data, come the risk of transcript errors
  • Spreadsheet consolidation errors
  • Lost and misplaced invoices

When managing these projects with sage planning you can expect to:

  • Access project snapshots
  • Manage an unlimited number of projects and review snapshots
  • See multiple levels of project detail tracking such as status, contracts, notes and financials
  • Customize project management fields with 45 user-defined project management fields
  • Create custom access profiles with built-in security settings
  • Have access to a number of reports to help you:
    • Increase fiscal control and improved financial accountability
    • View budget tracking and project alerts in the “project snapshot”
    • Get a broad look across all projects with consolidated reports, or drill into at the project, line-item, and transaction level

Finally, when you are ready to complete a line item:

In order to create one or multiple assets, Sage planning can export the completed assets financial data to an Excel or flat file, or import to your fixed assets management solution. If you are already working with Sage Fixed Assets depreciation or tracking, those new assets can be directly placed into the Sage fixed Assets solution to begin depreciating and physically tracked.

Ready to Get Started with Sage Fixed Assets?

Let Us Know!


Leave a Reply

Your email address will not be published.

X