Tracking fixed assets is an important concern of every company, regardless of size. Fixed assets are defined as any ‘permanent’ object that a business uses internally including but not limited to computers, tools, software, or office equipment. While employees may utilize a specific tool or tools, the asset ultimately belongs to the company and must be returned. And therefore without an accurate method of keeping track of these assets it would be very easy for a company to lose control of them.
Traxx has functions suggested by some of the best fixed asset managers serving for companies like Bank of America, Honeywell, KPMG, E&Y, GE and ANZ. Tracking over a million assets, it is the highly perfected Fixed Asset Management Solution available.
Evolution is the best way to
TRAXX is the one of time-tested Asset
Management Systems with its first installation in 1999. This product is an evolution of over ten thousand man hours with feedbacks fromsome of the best asset managersserving for companies such as Bankof America, Honeywell, KPMG, E&Y,GE and ANZ.With over 400 installations today, it isa highly perfected AssetManagement Solution.
Latest browser based technologies, database optimisations and middle- ware tunings have made Traxx a highly efficient multiuser solution. Our team is consistently working on user friendliness and implementing look and feel changes making it a pleasant experience for Traxx users. Our Education and Training team spent hours in developing and delivering courses to help our users understand all the features of Traxx in limited time. Utilising state-of-the-art handheld technology to capture quality asset inventory data and creating a vehicle for more efficient cycle inventory by tagging all assets with a barcode or RFID label.
With corporate governance regulations including Sarbanes-Oxley (SOX) now demanding ever increasing levels of accountability from finance department, it has never been more important to have a fixed asset solution that can assist companies in meeting these regulations. Traxx is a specialised Asset Management System which provides a long term solution to Sarbanes- Oxley compliance issues relating to fixed assets. Providing users with a system that can control and track changes to an asset throughout its life-cycle from the moment it is entered into the system. Traxx assists financial professionals in complying with the Sarbanes-Oxley act, eliminating the use of spreadsheets altogether.
Traxx has the facility to provide full audit trail for all assets. The audit file holds a history of all user actions. It shows which records were amended with the before and after detail, giving the user a transparent view of every asset and therefore tightening internal controls.
At any time, a balance sheet report can be produced providing a summary of an organisation’s assets, tightening controls where there is a susceptibility to loss due to error or fraud resulting in true representation of fixed assets on Balance Sheet.
With the elimination of deficiencies and weaknesses, Traxx enables auditors to do their job quickly and efficiently in a shorter time period. Inclusion of latest technologies in software and scanning hardware with efficient integration makes asset audits accurate and quick.
Lack of accurate information means lack of transparency and inability to manage risks. If you know what you’ve got, what it is being used for, how much its worth and what its costing you, then you are in a position to anticipate, weigh up options, and proactively make informed business decisions based on real information. TRAXX asset management system provides elaborate data on assets and asset usage to support informed business decisions.
Starting with the requirement to show a clear audit trail, the trend is for standardisation, regulation and compliance with international accounting standards. For bigger companies, corporate governance legislation such as Sarbanes- Oxley(SOX) has become a major issue. Asset management is an essential element in regulation and compliance Compliance means being in a state of keeping to established guidelines or legislation (or working towards being in that state) In recent years, finance professionals and managers have had to cope with an awful lot of new guidelines and legislation! IFRS stands for International Financial Reporting Standards. The move to international accounting standards is being driven by globalisation and the breaking down of national barriers. IFRS currently applies to companies listed on EU stock exchanges. But it won’t stop there! The International Accounting Standards Board (IASB) has published a draft document on IFRS for small and medium enterprises. It is clear that IFRS will be the standard for all companies within the next few years.
IFRS and asset management
Just some of the IFRS requirements for asset management.
•More analysis of fixed assets
•A different means of depreciation for finance leases and restatement for property
•Open and customizable depreciation methods
•Apply depreciation, revaluation and/or impairment to categories, subcategories or components of assets
•Manage different valuations and processing for a given asset in parallel
•Provide complete audit trail
The best way to cut costs is to stop spending money that you don’t need to. Here are some of the ways in which you may be spending money unnecessarily:
•Buying things you don’t need because you already have them
•Paying insurance premiums on non- existent items
•‘Losing’ equipment because of lax security •Paying maintenance and licensing charges on software which is no longer installed
•Paying lease penalties because leased equipment is not properly controlled
Independent research has estimated that many companies are overspending by at least 20% because of under-utilisation, inefficient maintenance and petty theft of their assets. Asset management is the key to expenditure control.
Meet statutory requirements.
The law requires you to keep accurate accounts and to produce a balance sheet and P&L atleastThe law requires you to keep accurate accounts and to produce a balance sheet and P&L atleast annually. This means you must have some way of working out the value of your fixed assets – their cost and their depreciation. Straightforward and accurate statutory reporting is a major benefit of asset management.
Most organisations are dependent for their day to day running on their IT assets – the hardware, software and systems which make up their IT infrastructure. But IT equipment can easily get out of control. Controlling your IT assets means that you can: •Identify the physical location of your IT assets – no matter how many times they are moved around. •Identify all hardware and software changes over the life of a PC. •Ensure that your organisation is legally compliant with software licensing •Verify maintenance contracts and insurance . •Monitor and record IT equipment which has been scrapped or replaced •Determine if you have the appropriate hardware configuration to support new software upgrades. •Maintain a comprehensive audit trail IT asset management substantially lowers the costs of your IT installation and makes sure it runs efficiently.
Our flagship Fixed Asset Inventory and Reconciliation service is a comprehensive approach that cleanses and fortifies your fixed asset register to establish a stronger foundation for effective fixed asset management. In addition, fixed asset inventory and reconciliation services provide the necessary data visibility to avoid the risk of non-compliance with financial, tax and regulatory issues.
We physically verify and brand your asset with Unique Asset Id (UAID) by means of barcode or RFID tags. These tags can be in compliance with requirements of various authorities like STPI or SEZ. We tag the locations like workstations, cubicles and conference rooms. This enables locating and grouping of assets based on location hierarchy.
RCS provides superior baseline asset inventory & tagging services to organizations across all industries as the first step to implement Enterprise Asset Management. The asset inventory data becomes the foundation for efforts to limit capital spending, optimally utilize capital assets, mitigate maintenance & repair expense, and control a variety of other operational aspects of physical assets.
A leader in IT Asset Inventory services, RCS delivers baseline inventory projects with superior quality, in a concise timeframe, and with minimal disruption to your operations environment. The baseline inventory data delivered is highly accurate and complete. In addition, unique asset tag numbers (e.g. barcode, RFID, etc.) are affixed to each asset and correlated to the asset records to further enhance the effectiveness of managing assets. RCS’s highly developed processes and understanding of the political and workplace issues leads to unparalleled customer satisfaction..