SAMEX Fixed Asset Management
Fixed Assets are the essential resources for an Enterprise to run. A robust Fixed Asset Management (FAM) model can streamline the enterprise financial management as well as resource allocation. However, a majority of enterprise has a sub-par FAM model and its effectiveness could not meet up with the management need in this information era.
These enterprises still uses pen and paper or spreadsheet program for FAM. This outdated management can lower FAM efficiency and costs waste of resources and essentially harm the enterprise financially.
Fundamental Knowledge for Enterprise on Asset Management
- As Fixed Asset purchase are usually not for future resell, therefore underuse, missing or damage will be a waste of resource and money for the enterprise
- Effective maintenance can slow down the depreciation of assets. As depreciation of assets can be controlled, the enterprise should treat the asset depreciation costs as a budget control
- Some enterprises outsource the asset management like they outsource the responsibility in entirety
- Information management on the asset lifecycle should record asset codes, break-down and maintenance records, and repair costs
- Enterprise Asset Management (EAM) should be for the corporate governance, not merely for any specific personnel. Asset lifecycle encompasses many parts, for instance, transfer, loan and disposal, all require dedicated reasonable approval process. The efficiency and control of each part must be ensured.
As a professional consultant firm for EAM, SAMEX helps numerous clients to deal with these problems. Experience tells us that, FAM department of all large enterprises need a common information management platform. On the platform, both management department and their outsourced companies can discharge their daily business tasks and duties. This platform should double as a management system for operation, as well as a source of information to the managerial staff. Besides, as a benchmark platform to evaluate vendor performances, the platform should be able to include these outsourced vendors into current operation and management model. We should even provide a portal platform for our enterprise and asset owner to understand their assets’ status and KPI through this portal. In FAM sense, it’s best to have a unified management platform, on which these performance indicators should be available: KPI, SLA, overall operation efficiency and economic benefits management.
Features of the SAMEX FAM Solution
- Asset number, description, current location, asset classification, responsible department, responsible staff, user, serial number, installation date, purchase date, asset specifications (brand/make, model name, model number, color, capacity etc). Different specification sets can be applied to different assets.
- Customizable, unlimited levels of hierarchical classification, with detailed properties. e.g. a Photocopier can be classified as GeneralAsset/OfficeAsset/ElectronicAppliance/Photocopier, a conference room table can thus be classified as GeneralAsset/OfficeAsset/OfficeFurniture/Table/ConferenceTable.
- Record and track the status change of the asset: Inactive, In Use, Idle, Leased, Disposed, and Written Off, etc.
- Record the operation status of the asset, for instance: running or stopped
- When connected to asset’s meter, real time update of readings can be monitored.
- Meter readings can be set as a criterion for calculating depreciation. (units-of-output depreciation)
- Attachments can be linked to assets, any quantity and type of attachment can be allowed, e.g.: asset pictures, operation manual etc.
- Supports Mobile Terminal application, information can be updated to Asset Catalog automatically
- Register new asset – If a new asset was found during cycle count, the information can be input by the Mobile Terminal, including asset code (generated instantly), input of serial number, location, specifications. Print barcodes using the Mobile Terminal with a portable label printer on the go.
- Fixed asset information update – if a change of location or status (damaged, not working etc) is found during stocktaking, the asset information can be updated with the Mobile Terminal on site instantly. If illegal transfer was detected, user can opt to generate a transfer approval application through the system
- Supports 1R barcode, QR Code and RFID
- Reprint labels – If an active barcode/QR code label was found worn, damaged or lost during stocktaking, simply print the new barcode on the go with the Mobile Terminal
- Write RFID tags on the go – If an active RFID tag was found damaged or lost during stocktaking, the Mobile Terminal is capable to write the asset info into a new RFID tag, replacing the old one on the go
- Automatic saving of cycle count history, available for user to query at any time
Transfer / Relocate
- Supports Mobile Terminal, information can be updated to Asset Catalog automatically
- Asset transfer approval – Enterprise can customize their approval process in the Workflow Designer
- Asset transfer – Toggles whether individual asset could be transferred directly, if negative, an application must be submitted to obtain the necessary approval. For the transferal between two sites, approval must be sought through an application, the asset should be transferred upon approval only.
- Transfer between different sites, or between different teams or responsible staff
- Each asset’s transfer history is automatically recorded and can be retrieved or searched at any time
- Batch transaction and subsequent updates
Asset Leasing / Rental
- Support Mobile Terminal, the information will be updated automatically to Asset Catalog
- Asset leasing application – Enterprise can customize their approval process in the Workflow Designer
- Asset leasing – Toggle whether the asset is allowed to be leased out directly, if negative, application should be submitted. Leasing between two sites must be by application, and the asset should release upon approval.
- Supports the leasing of multiple assets in one leasing application – ideal for batch operation for the Enterprise.
- Each asset’s lease history is automatically recorded and can be retrieved or searched at any time
Depreciation / Re-valuation
For the calculation of depreciation of the assets:
- Supports five depreciation methods: straight-line depreciation, units-of-output depreciation, declining balance method, double declining balance method, sum-of-years-digits method
- Supports different depreciation calculation algorithms applicable to each Site and/or to each asset
- Automatic trigger depreciation in weekly, monthly, quarterly, bi-annually or annually manner
- Annual automatic depreciation can be applied by natural year or financial year, the cost in depreciation will be automatically reflected in the respective financial balance
- Depreciation history is automatically saved and available for users to query at any time
- Asset depreciation is tasked and run in background. The system will automatically apply the depreciation using the asset’s depreciation setting, and return the calculated new value back to the Asset Catalog.
For the disposal of assets:
- Asset Disposal application – Enterprise can customize their asset disposal approval process in the Workflow Designer
- Asset disposal – remaining value will be automatically calculated and vested into related financial subject
- Batch disposal
Mining Reporting Tools
- Asset Cycle Discrepancy Report, Asset List Report
- Asset Cycle Count, Transfer, Loan Report
- Develop new reports with export to Excel function
Label Creation and Printing
- Design your own labels with customizable shape, size and barcode content
- Batch barcode printing in SAMEX system, directly print labels to your Bluetooth label printer by Mobile Terminal
- Supports most label printers, including Bluetooth label printers
- Supports Bluetooth mobile barcode label printer for maximum portability
- Supports 1R barcode, QR Code and RFID. Some enterprise can adopt both for both machine and human reading.
- Mobile Terminal (Windows CE, Pocket PC, Windows Mobile) recommended for data collection
Other auto-executed functions
Asset depreciation and relevant email alert will be processed automatically in SAMEX System, but there’s more – our system has the built-in Task Scheduler and Auto Reminder function for a more comprehensive support to your Enterprise:
- Task Scheduler – Trigger depreciate calculation time, such as monthly depreciation or annual depreciation
- Auto Reminder – In SAMEX System, whenever there is a need for the system to send a reminder, it can be set in the Auto Reminder application. For example, the Auto Reminder is handy: when it is about time for asset cycle count, the responsible personnel should be allocated the time for the tasks; and when some discrepancy was found during the cycle count for asset of certain importance level or strategic level, the management should be alerted. The notification will be sent by e-mail by default, and plugins for WhatsApp and WeChat will be launched. The system allows management users to customize the e-mail templates for different situations.
Batch import/export/update of data
One of the popular features of SAMEX is the spreadsheet support. For every application (and every form), SAMEX provides convenient support to data import, export and batch update to and from the most common spreadsheet format – MS Excel (97-2003). Users can define the Target Object for the data import/update, or the Source Object to export data for the system to generate an Excel .xls file. With this feature, Enterprise can carry out batch data import, export and update with ease.
- Multi-site Administration – suitable for Groups. Assets from different sites can be managed using the same system, the users belonging to a site can work within their site independently, while the managerial can monitor and compare the performances.
- Language Administration – the System is bundled with English and Chinese (Traditional, Simplified) language packs, individual users are able to use their preferred language for the interface.
- Graphic Workflow Designer – Modify workflows on transfer, rental, disposal etc. and/or adding e-mail notifications managerial user for approval.
- System Designer – User can change system UI and logic, for example, modification of fields on Asset Catalog
- System Privilege Configuration – Configure system users and their privilege, for example, the Site they belong to. Also, the access right to specific reports can be set here.
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