Fixed Asset Management Evaluation Guide

Transcription

1 Fixed Asset Management Evaluation Guide Your guide to selecting a fixed asset management solution Real Asset Management

2 Fixed Asset Management Evaluation Guide Welcome to the Fixed Asset Management Evaluation Guide, designed to assist you and your organisation through the process of selecting a fixed asset management solution that's right for you. Our goal is to provide you with the tools you will need to make a confident decision. This informative guide highlights valid reasons for considering a fixed asset solution and offers advice and useful tips for each stage throughout the evaluation process. We look forward to assisting you now lets get started! 1) Identifying your need for a fixed asset management solution: What type of system do you currently have in place? No system Spreadsheets Legacy system D. General ledger or ERP No system: Why consider a system at all? Your organisation requires one but the project has never been properly resourced. Auditors have recommended that you improve the way you manage your fixed assets. Your organisation's fixed asset function has been brought in-house. You are a fast-growing organisation now of sufficient size to warrant one. Your asset base has significantly increased. Legacy system: Is it high-risk? Capability, customisation and technical support are limited. Slow and clumsy to operate/process information. Poor reporting facility/difficult to extract accurate data. Auditors insist that a more reliable system is required. Unable to run on company specific platforms or servers. Integration with other e-business solutions is required. Spreadsheets: Have you outgrown them? Multiple user system is required. Audit history is inaccessible. Data is insecure and open to unknown, inadvertent corruption. Data is too complex to configure with such large quantities. Your asset base has grown and is now too large to manage. No external/technical support. D. General ledger or ERP: Need something more robust? Does not meet group requirements. New workload requires changes to current e-business solutions. There is no centralised system. You must reconcile individual systems throughout your group. Lacks a cost effective fixed asset solution. Built-in, basic asset register lacks the necessary functionality. You spend valuable time verifying the accuracy of your system. 1.

3 2) The process from beginning to end: There are multiple stages involved in researching and implementing a fixed asset management system. It is essential to set strategic goals and identify what your organisation aims to achieve upon implementation. Planning Select a project coordinator. Choose someone who will be available to manage the whole project from beginning to end and confirm that the new system meets the needs of your organisation. Review your current system. Pinpoint its strengths and weaknesses and establish a 'wish list' for your new system. Identify time scales so that the project progresses in a timely manner. Create a Project Timeline: Months Planning Background Information In-depth Analysis Implementation Post-Implementation Background Information Gather as much information as possible on each of the systems you will be evaluating. Assess the customer service you receive while collecting information. This is an indication of how good the service will be once you become a paying client. Obtain rough initial quotes so that you don't waste time evaluating systems that do not fit into your budget. In-depth Analysis Review all literature gathered in detail. Ask questions if something does not look right. Request a demonstration of the software, via the web or in person. Ask for client references who will be willing to speak with you about their experience. Verify what type of technical support will be offered during and after implementation. Implementation Define project deliverable in agreement with the solution provider. This will include a detailed plan for all parties involved. Execution of the installation will involve data conversion/collection and data loading, testing and training. Upon completion of training, check that all items in the definition stage are complete. 2.

4 Post Implementation Continually monitor and assess the system. Approach the provider with any questions/concerns. Assess whether or not further customisation is required. Sometimes you need a few months with the system to finalise customisation. Stay in touch with the solution provider for product enhancements and regular product upgrades/updates. 3) Essential features of a complete fixed asset solution: Make sure the system you choose is a complete solution and that it incorporates all of the elements necessary to meet your organisation's goals and objectives. Which of the following features are important to you? Provides both the physical and financial control of assets. Holds asset depreciation and movement history. A comprehensive forecast facility that enables various scenarios to be enacted and stored for later comparison against actual figures. Web-enabled. Multi-company, multi-national, multi-currency and multi-book capabilities. Asset revaluation and re-life options, both by asset and asset groups. Capable of analysing multi-depreciation via different methods such as straight line, reducing balance, nondepreciation, MACRS, etc. Links to any documents and images that are associated with assets. Multi-relational database options such as Oracle and MS SQL Server. Provides high quality reports and can produce detailed user-defined reports. Seamlessly integrates with your accounts system and other important feeder systems. Password protected, including trusted logins. Possesses full audit trail facilities. 3.

5 4) Risk assessment: Always perform a risk analysis on each supplier's plan. It is advisable to allow for glitches so that deadlines can still be met on time. High Risk Factors: Any bespoke development on the critical path. Any deliverable that is not accurately defined. Any time schedule that cannot be met by a supplier. Software that has not been tested. Low Risk Factors: Consultancy. Training. Auditing. Technical support. Medium Risk Factors: Modified development, not critical to live operation. Data conversion or data collection. Hardware installations or upgrades. Software installation and testing. Sub-contracted resources. Third party supplier involvement. Nominate a responsible project manager who will mitigate risks by allowing for unforeseen issues. Avoid changes in internal conditions by making your decision and placing an order soon after the evaluation stages are complete. 5) Additional areas of consideration: Product upgrades Check that the suppliers you are evaluating offer frequent product updates. From fixing bugs in the system to complying with new tax regulations, product updates are both important and necessary to keep your system running smoothly. Verify that the supplier has a programme in place that will provide maintenance updates on a regular basis. Technical Support The need for technical support is inevitable. Your questions deserve the same amount of attention whether they are simple or complex. Make sure you are familiar with the services included in your package, including hours of operation. How quickly are calls/ s answered? Are calls/ s tracked or logged? Does the supplier offer a Service Level Agreement (SLA)? Technical support is a fundamental aspect of the total package so make sure you are confident with the level and quality of support you will have access to. Training Without proper training, a first class software system is useless. Market leaders will provide quality user training programmes that offer the information necessary to utilise the software to its maximum potential. If multiple users will have access to the system, each one needs training tailored to their specific use. Often, additional training is required even after the initial installation so be sure to check that continual training will be available. About Real Asset Management Plc Real Asset Management Plc (RAM) is a leading provider of fixed asset management solutions. The Series4000 suite, used by over 3,000 clients in more than 60 countries, incorporates every aspect of fixed asset accounting, capital project control, lessee asset accounting, asset budgeting, help desk management, inventory control, asset tracking and maintenance management in one comprehensive solution. Over the past 25 years, RAM has been delivering high-quality, customisable software solutions worldwide. We offer a range of training and consulting services designed to enable our clients to make the most of their fixed asset management system. Please visit to view some of our client case studies. 4.

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