1 - Make sure audits have been completed
Audit information is central to the successful management of your assets and ensuring that the data is accurate is essential to the whole process. It’s important to make sure that all information is continually kept up to date to ensure that the data is correct and audit checks are undertaken in a matter of minutes, rather than hours. Physical audits are essential to clean up variances between what is being financially accounted for on a register and what is actually present. Benefits include better control over assets and the ability to track and plan for software and equipment upgrades.
2 – Take advantage of system upgrades
It seems an easy one to remember, but you would be surprised at how many organisations don’t take up upgrades when they are available. Making sure that you take advantage of the product upgrades means that you will always have the most up to date version of the system with the latest functionality.
3- Organise your workload
One problem that is common amongst many finance managers is leaving their workload until the end of the financial year. We are all guilty of this, but it’s time to leave the stress back in 2013. Schedule some slots in your calendar to make sure that you are giving yourself enough time to input the data before it piles up. This also means you are using the software regularly, ensuring it is kept up to date (see above) and allowing you to use it to its full potential.
4 – Run depreciation monthly
A lot can happen in a month and it’s important to keep your depreciation values up to date. This will help both financial management, as well as prioritising asset maintenance.
5 – Keep abreast of the changes to IFRS
It is important to us that our systems provide clear visibility of reporting standards and regulations and helps you to prepare for the upcoming changes in all regulations, especially the latest IFRS which is due in 2015. And the ability to view the implications of aspects such as depreciation will significantly improve your capability to manage the business from a financial perspective. So make sure you are prepared for the change.
And don’t forget, you are never alone. If you are an existing RAM client and have any questions regarding the system or want some advice on how to make the most of the features, contact our helpdesk today.
If you are still using spreadsheets or an outdated system and looking to improve your fixed asset processes during 2014, why not contact RAM today for a free consultation. Contact us on +44 (0)1689 892 127 or at firstname.lastname@example.org.
Good luck and have a happy, efficient 2014.