Fixed Asset Module

Enhance traceability of assets

General Description

The Fixed Asset Module is used to track all corporate assets at one place, following complete asset lifecycle, from the moment the asset is purchased up to the point of eliminating the asset from the asset directory, whether it’s sold, donated or written off.

The module has capability of keeping records of vast number of assets, which are first inserted in the module for evidence and activated when needed. For managing the economic value of the asset, the module supports diverse depreciation models such as linear depreciation, custom depreciation with option for complete adaptation of the depreciation plan based on client preferences or for small inventory the total asset value can be depreciated at once.

The module can be set to manage up to 5(five) parallel depreciation books (for e.g. for internal evidence Tax Book, books for official financial tracking for auditing purposes Accounting IFRS, tracking depreciation book per Government rules, etc.)

At the moment the asset is activated and the depreciation model is chosen, the system automatically generates depreciation plan, and posts the purchase value of the asset in General Ledger, recording it in the chosen depreciation book. If the client uses multiple depreciation books, the system can be adjusted to record transactions on all or only on some depreciation books when posting in General Ledger.

The accounts used for posting transactions from this module have an option for specification of mandatory dimensions to be filled, in order to be able to post in General Ledger (for e.g. department, project, vehicle, etc.) and which can be used in reports for analysis of assets per dimensions.

The module has DDC Object integrated in the asset definition which allows flexible specification of parameters on asset group level, from user side used for structured description of assets.

The module supports managing of depreciation plans and asset conditions from user side, including restructuring, revalorization and reconstruction of assets.

Generated depreciation plans can be restructured and with that the initial conditions can be modified, the depreciation period of the asset can be prolonged or diminished, based on client needs.

With the option for revalorization, the asset value can be increased or decreased following regulative changes for prescribed yearly depreciation, by revalorizing the remaining amount of the depreciation plan.

Reconstruction can be used to change the asset value based on internal changes of the asset by increasing its value in case the asset was repaired or new parts have been added to it, and by decreasing its value if the asset was subject to additional repairs or unexpected asset damage.

Assets can be allocated on particular employee and branch office, and if needed the module has an option for asset reallocation with which asset responsibilities can be transferred between employees.

The module supports establishing fixed asset inventory procedures based on client needs and periodic review of asset accuracy per branches to perform assessment of asset value, availability and quantity.

The module has an Integrated Task & Messaging Platform which allows instant generation of internal messages directly from asset navigation form and assignment of tasks and messages to individuals or group of employees, as well as Document Compliance Platform which allows attaching documents directly on the asset form.

Fixed assets can be analyzed in predefined, structured reports that provide detailed information about posted schedules and asset depreciation as well as in flexibly defined reports with the Dynamic Report Generator, based on client needs.

Key Features

  • Automated Asset WorkflowMonitor complete asset lifecycle from the moment of purchase until it is written-off, sold or removed in a predefined workflow and be able to better forecast organizational needs and create on-time purchase orders.

  • Structured Asset ReportingUse comprehensive reporting possibilities to see analytic preview of individual assets or asset groups, generate periodic depreciation reports in real time and gain maximum management visibility.

  • Adaptable Depreciation PlansFlexibly specify the depreciation for every asset by preparing custom depreciation rates in order to use the asset in the most effective way.

  • Multi-Book Functionality Manage multiple depreciation books in one system independently from one another and be able to specify different asset deprecation for every depreciation book you use and clearly determine which books to use when posting in General Ledger.

What
clients say
  • "It's an outstanding system. Having a full overview and control over the branch operations in due time is a huge advantage when corrective actions should take place. Before ASPEKT, it was difficult and lot of effort was invested, to analyze the performance and make conclusions that will lead to improving business processes." - Credit Director
  • "Before ASPEKT, I had to remember all loan conditions, criteria and other rules and I was continuously under pressure not to make any errors. I felt a huge relief when ASPEKT system was introduced, everything is now predefined: amount limitations, interest rates, provisions, etc., even the loan contract templates are automatically generated so no additional double-checking is needed." - Loan Officer
  • "With Aspekt Microfinance Software, we have complete control over the corporate portfolio. Our active portfolio is monitored accurately and we are able to make future assumptions based on historic data, making precise risk assessment." - Risk Manager
  • "Aspekt Microfinance Software helped me better manage my time. When I start in the morning, I can make a quick review for: status of open loan applications, loan disbursements, clients with payments due for the day, new loan in arrears, portfolio outstanding, etc. Everything can be found from one location, so I can efficiently prioritize daily tasks and coordinate other activities with my colleagues." - Loan Officer
  • "Administering one system, from one central location saved time, improved the control and security mechanisms of our IT Department. I’m more than glad to recommend this highly flexible solution to other companies." - System Administrator
  • "With the integrated functionalities and controlling procedures in Aspekt Microfinance Software, we could easily locate a breach of procedures and prevent frauds. The solution is adjusted to detect errors and inappropriate transactions." - Risk Manager
  • "Before ASPEKT, I couldn't monitor neither review my performance. I waited for my Branch Manager to receive reports from head office, to find out about exact number and amount of outstanding loans, PAR and delinquency, drop-outs etc. Now with Aspekt Microfinance Software, I can even predict my performance in near future." - Loan Officer
  • "Before ASPEKT, the field audit in a single branch could last for 4-5 days. Now, with ASPEKT I can do most of the preparation work in my office and be more efficient on the field." - Internal Audit
  • "I can't imagine that all client's information and records are at one place. Before ASPEKT it was extremely difficult to check the credit history of returned clients, and we could make mistakes and approve loans even to rejected clients. With ASPEKT we can also review the repayment history of clients coming from other branches." - Loan Officer
  • "Before ASPEKT, we didn't have reliable information to assess performance. We were overburden with forms and excel spreadsheets and no information on how other branches perform." - Branch Manager
  • "With Aspekt Microfinance Software we can efficiently and accurately control all cash transactions. Borrower's cash receipts are printed from the system only when payment transactions are entered by Loan Officers. This prevents from handing over the cash outside of branches." - Internal Audit
  • "I'm happy now that Loan Officers I'm supervising can spend much more time on a field with clients. Before ASPEKT, the manual administrative work occupied so much of their time so that they were unable to recruit new borrowers and reach the projected growth." - Branch Manager
  • "Once ASPEKT was introduced, our efficiency increased, allowing our MFI to grow by 50% with current human resources. Aspekt Microfinance Software contributes on replacing the manual and routine tasks, so that staff can spent more time on innovations and development." - CEO
  • "ASPEKT is not just a simple loan tracking software. I used to travel in every branch once per month to monitor and appraise each branch performance. Now, I can monitor the progress and identify weaknesses from distance." - Credit Director
  • "With this vendor, we didn’t receive just a system sophisticated to be administered independently from the vendor, we also got entire team that supports us in any situation and is more than happy to help us continuously improve our operations." - System Administrator
  • "Aspekt Microfinance Software as one integrated solution offers full coverage of MFI's business process. It's an excellent management tool that improves decision-making processes. The flexibility and adoptability perfectly match the dynamic environment in which our MFI operates." - CEO
  • "With the centralization of the data we got smart system that streamlines all financial activities we perform on a daily basis. Payment transactions are automatically posted in general ledger and our department is able to perform complex financial analysis, using customized financial reports." - Accounting Officer
  • "Aspekt Microfinance Software is very flexible and managed to fully incorporate our internal risk management policies and procedures. I can generate customized reports on clients and loan portfolio and closely monitor and analyze the credit risk before and after disbursements. The information from the system is the baseline for any improvements on risk policies and procedures I have recommended." - Risk Manager