As companies grow, change and alter, they can often find themselves investing in differing types of fixed asset management software, dependant on what is available at the time and what specific functionality might be required for a certain department. But multiple fixed asset systems, along with non-finance asset databases can prove not only expensive but also inflexible when it comes to integrating with each other; and for some organisations integration may not even be an option.
This can lead to an endless list of complications when it comes to merging data together come year-end. So what can you do instead?
There is a simple way to avoid all of the year-end related stress and keep all departments happy - invest in a single asset register. Reporting will become so much easier if everyone is singing from the same hymn sheet and when it comes to sharing data across departments, it can all be achieved with the click of button.
At RAM, we frequently get asked about the benefits of single fixed asset registers and we are a strong believer in them. So, we have put together a few reasons your organisation should ditch the disparate systems and invest in one.
Reason 1: Life is simpler. If all departments update one system instead of keeping their own records it will provide the organisation with a wider and clearer view of the whole asset base. This also results in the finance department being able to produce reports at year end in a smoother, more efficient fashion. On top of this, the likelihood of human error or duplication is greatly reduced, resulting in more accurate data.
Reason 2: Multi-site management is made easy. If you implement a single fixed asset register within a multi-site environment, the responsibility for asset updates can be split to make the task more manageable, with the data still being recorded and managed within one central repository. This kind of multi-site fixed asset management from one system also helps to provide a clearer audit trail if you are reporting to and from one central point.
Reason 3: Save some money. Multiple systems for several different sites and departments can become expensive as well as difficult to manage. However, with a single-asset register the costs can be lessened and combined into one easy to manage payment. The costs for support and system upgrades will also be lessened through the use of one central system. With only one supplier to work with, you will not only save on cost, but also in the time you spend resolving any issues.
Reason 4: You will be able to implement a specialist system. If you are implementing only one system you can make sure that it is sector specific to your needs and business requirements. This will also help when it comes to regulatory requirements such as SORP or IFRS, as the system will be flexible and compliant with the regulations relating to your sector.
Reason 5: Roll out the system to the rest of the group. If you are a larger organisation you may have separate businesses within one group, so a single fixed asset register makes sense. Once the single asset register is established within one company, the same solution can be rolled out to other companies within the same group.
So, if you are a frustrated organisation with multiple fixed asset management systems in place, take a step back, have a think about the other options and start to consider the benefits of a single fixed asset register for all your asset management needs.
If you are interested in a central, single asset register for your organisation then please visit our solutions page, email firstname.lastname@example.org or give one of our friendly team a call on +44 (0)1689 892 137 to discuss the opportunity further.