Local software development specialist idu Software has reinforced its domination of the budget and forecasting software market with the release of its Assets Management module as part of the idu-Concept suite of budgeting, forecasting and reporting products.
Recognised as the de facto leader in the budget and forecasting space in South Africa, idu-Concept has revolutionised the budget process for organisations across all industry sectors, enabling cost centre managers and sales teams to build reliable forecasts. Building on this base idu Software has focused its recent module around the next user requirement, asset management.
Typically the asset register is the responsibility of the finance department where one or two individuals have access to the register, and exposure to the remote user is normally limited to a periodic asset spot check.
The nature of a spot check is not to count every asset but rather to select a sample to verify. Samples, however, tend to present more problems than resolutions, with many asset counts highlighting significant issues around asset management. Often the asset count erroneously highlights assets as missing, when in fact they have been moved to other cost centres without having been recorded accurately in the asset register in the finance department.
idu Software MD Kevin Phillips says this problem highlights two key components to successful asset management at grass roots level: asset verification and timely, accurate record-keeping.
“The Assets Management module of idu-Concept is designed to facilitate and streamline the monitoring, verification and management of fixed assets by delivering a user-friendly front-end to the asset register,” says Phillips.
The module, which accommodates multiple companies, asset books, cost centres and asset hierarchies, allows cost centre managers to see the assets allocated to their respective cost centres without having to access the asset register itself.
The Web-based nature of the user interface in conjunction with an integrated e-mail environment notifies managers of new assets that have been assigned to their cost centre, enabling its allocation to a specific location and person who will be responsible for it.
The module provides the system administrator with a powerful, user-friendly generic toolkit to manage assets and their allocation within the organisation.
To address the key issue of asset verification the system includes a periodic asset verification function that allows the administrator to set a regular cycle for verification (for example, annually or every nine months).
If assets have not been verified within the specified period, the system allows the administrator to e-mail asset verification reminders to users.
“Successful implementation of this module will reduce the need for asset counts which are time consuming and expensive, and often limit the asset spot checks. Once the system is in place and properly managed, internal and external auditors have a reliable toolset to improve confidence in the asset values reported by the asset register whilst at the same time reducing the amount of physical asset counting,” says Phillips.
The system replaces paper-based record-keeping with an automated, electronic system to record asset disposals and transfers.
While the system enables the initiation of asset disposal or transfer to other cost centres, the actual update or recording of the asset transfer or disposal is done exclusively by the custodian of the asset register in finance.
To streamline this process, all required transactions are reduced to e-mails directed to finance for action, improving the reliability and timeliness of record keeping around the asset register.
“The idu-Concept Assets Management module does not replace the fixed asset register, but rather makes the register visibly accessible to all non-financial users within the organisation,” says Phillips.
“The module does for assets what idu-Concept Financial Reporting module does for the general ledger - it allows non-financial managers visibility for stock checking purposes, while restricting full access.”
The new module is already being utilised by Metropolitan, UNISA and Strategic Logistical Alliance.
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