An Asset Accounting Christmas Carol

Dec 21 2017

We all know the story of Ebenezer Scrooge and how he was visited by the ghosts of Christmas past, present and future. They showed him the error of his ways and made him realise that there was more to life than money. Many (if not all) of you will have thought to yourselves, “I wonder how that story would have panned out had Scrooge been a fixed asset accountant. What wisdom would the ghosts have shared with him?”

Here’s how we think it would have went down:

The ghost of asset accounting past would have explained to Scrooge that without a comprehensive fixed asset management solution in place, he has no historic record of his asset transactions or past depreciation values. With a system installed, errors can be corrected with retroactive amendments and depreciation can be recalculated to ensure all values are accurate. We think that Scrooge would have likely used a spreadsheet before discovering the benefits of asset accounting software, so he’d also miss out on having a full audit trail for each asset record.

The ghost of asset accounting present would have helped Scrooge get a system in place (probably RAM’s system, if it was a particularly savvy ghost). It’d have shown him the benefits of an in-depth reporting suite that allows him to extract all relevant asset information from the software at the click of a button. It probably would have explained how having accurate details about asset values can enable organisations to reduce their insurance premiums, too.

The ghost asset accounting future would have undoubtedly shown Scrooge how much easier his life will be with a system in place. His month-end and year-end procedures would have been streamlined, with asset journal postings going directly into his general ledger. He would also be enjoying simplified compliance with financial regulations and corporate governance.

You don’t have to be visited by ghosts in order to learn about the benefits of a comprehensive fixed asset accounting solution. You just have to get in touch with us at RAM!

We hope you all have a Merry Christmas and a very Happy New Year!