Key Takeaway
- Transform time-consuming and error-prone paper workflows with simple, configurable mobile apps that improve fixed asset accuracy on your financial statements by 99% and boost employee productivity by 40%
- Accurate reporting of fixed assets reduces procurement costs, insurance premiums and tax payments, all while gaining greater visibility into lost, stolen and retired asset data.
- Eliminate errors in data entry which may go unnoticed and cause financial reporting errors. Ensure proper audit trails and history for internal and external audits and reporting
Challenges
- Asset Audit is carried out offline using Excel, a manual process without any integration with ERP system.
- The Audit is carried out on a quarterly schedule and reconsolidation happens based on the results on quarterly basis, there is no real time integration with SAP system which makes over all process to run silos.
Initiative
- The solution offers out-of-the-box integration with the SAP FICO-Asset Accounting module. Data can now be captured seamlessly using mobile devices and saved directly in SAP.
Solution
- The solution allows auditor to use QR code to scan the asset under consideration for audit.
- Key data of the asset are auto populated based on the information stored in asset master.
- Auditor validates the data and provides his confirmation of successful audit
- Reports are generated automatically and sent to corresponding asset owners / custodians.
Benefits
- Automated audit , hence more reliable
- Integrated solution, hence no excel files are required
- Improved accuracy of asset and asset value
Next Steps
- Customer would like to implement further solution to automate the process
Client remarks
- DataNub Asset automation helped us to meet our management initiate of digitization and automation. It helps us to complete audit in 2 weeks otherwise would take 1 to 1.5 months of efforts
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