MarkView for Asset Management Review

Datasheet:
MarkView for Asset Management Review

Managing fixed assets is one of Finance’s most document intensive functions. Backup documentation such as invoices, purchase orders, contracts and RFPs is required for many accounting tasks related to fixed assets:

Review of capital spending requests and expenditures in accordance with company policies, budget availability and GAAP (Generally Accepted Accounting Principles).
Managing and administering the tracking, reporting, analysis and accounting of fixed asset activities.
Collecting, reviewing, processing and tracking fixed asset acquisition requests, purchases, capitalizations, transfers, adjustments, reclassifications, retirements, capital improvement project (CIP) activities, etc.
Distribution of monthly management reports related to capital projects and fixed asset activity.
Reconciliation of monthly/quarterly/annual fixed asset activities and balances to the General Ledger (GL).
Facilitating, conducting and reconciling fixed asset physical inventories.
Supporting financial analysts, the tax department and auditors by providing requested fixed asset information.

To optimize these activities, most large organizations have deployed an ERP Assets module that records structured information such as asset type, number, cost, capitalization, location, assignment and maintenance schedules. The challenge for daily Fixed Asset activities is that backup documentation is frequently needed but is housed separately from the ERP data, typically in filing cabinets. It is costly to file, retrieve, copy, mail, fax and generally handle these paper documents as part of managing the lifecycle of a Fixed Asset.

MarkView for Asset Management Review manages all asset related documents by integrating them seamlessly with the asset record. Documents such as the original invoice, warranty, maintenance contract, maintenance record, insurance contract, lease, power requirements, an image of the asset, and other associated documents are instantly available from the asset record in the ERP system.

Automatically Associating Invoice Documents

Asset invoices are handled automatically to ensure the proper association of invoice documents to asset records as the posted invoice transactions are transferred into the ERP Assets module. MarkView for Asset Management Review transparently manages invoice documents as the invoice transactions are consolidated/split during the transfer process, which is typically driven off GL distribution account codes. All electronic invoices associated with corresponding invoice records are attached to the asset record. In the case where multiple invoice records are merged in the process, more than one invoice image may be attached to an asset record. Also, in the case of invoice splitting, invoices are managed so that they are associated with all the correct fixed asset records. This seamless integration of invoice documents eliminates the need for the copying and/or packaging of invoices for future reference or having to go back to AP for research of the original AP documents.

Single Step Fixed Asset Record Indexing

MarkView for Asset Management Review also provides a single step indexing process to establish new asset records from non-invoice documents. Through the ERP Assets Workbench, the next document is retrieved from an asset entry queue. With the document visible in a browser, the asset record can be indexed. When the record is saved, the document is permanently associated with the asset record.

For documents and existing records, MarkView for Asset Management Review creates a bar code cover page; the document is faxed to the MarkView system and permanently associated with the asset record. If backup documentation has already been associated with a GL record, MarkView for Asset Management Review provides a tool to attach that same backup to an existing asset record. Alternatively, the solution can be configured to ensure a GL record with an attachment sends the attachment to an entry queue based on GL account code criteria.

Complete Audit Trails

MarkView for Asset Management Review provides a complete audit trail for the asset lifecycle. This history, combined with web-based self-service access to all fixed asset information, both structured record data and unstructured documents, provides for more efficient internal and external audits.

The Benefits of Automating Asset Management

Smoother Audits – With all fixed asset backup documentation available online from within the ERP fixed asset module, internal and external audits are done in less time with fewer people affected.
Lower Cost Audits – The MarkView for Asset Management Review self-service interface enables outside auditors to work faster and results in lower audit costs over time.
Faster Audits – Instant access to supporting documents speeds the auditing process. Delays due to missing documents are eliminated.
Lower Administrative Costs – Document transportation costs are eliminated, as are the costs of physical storage space: office space, filing cabinets, offsite storage, microfiche equipment, etc. Clerical time is no longer spent looking for lost or misfiled documents.
More Productive Accounting Staff – MarkView for Asset Management Review’s self-service capabilities reduce inquiries to Accounting, enabling Accounting to work on other tasks.
Improved Control and Compliance – With workflow enforcing accountability and all actions being automatically recorded in an audit trail, Accounting can better enforce compliance with corporate standards and legal regulations such as Sarbanes-Oxley.
Leverage Existing ERP Investments – Accounting continues to use their existing ERP interface and tools, assuring rapid adoption of the optimized processes and reducing training time.
More Accurate Financial Reporting – MarkView for Asset Management Review’s "single source of the truth" approach featuring seamless integration with the ERP system prevents financial data discrepancies and increases financial reporting accuracy.

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Datasheet: MarkView for Asset Management Review