Sage 200 Integration

Sage 200 Integration with FMIS

FMIS now offers Enterprise Asset Management for Sage 200 users including seamless integration.

Fixed Asset Forecasts

Fixed Assets Forecasts

Having the right tools for fixed assets forecasts could save thousands of pounds, improve accuracy and free up time for your staff.

cloud vs on-premise

Cloud vs On-premise

Simple, quick and affordable – cloud hosting offers an attractive alternative to going on-premise, but is it right for you? Here is what you need to know.

Ghost assets

Ghost Assets

Ghost assets increase expenses, reduce productivity and exist in almost every company. Here is how to identify them, remove them and prevent them recurring.

Barcodes vs RFID in asset tracking

Barcodes vs RFID in Asset Tracking

Quickly understand the pro’s and con’s of using Barcode and RFID technology for asset tracking & management. Compare the costs, hardware and applications.

Lean Asset Management

Lean asset management in manufacturing

Why lean asset management in manufacturing works back to front and how it cuts out the seven types of waste in the production process.

Renewable energy asset management

Making renewable energy work

Why good asset management is key to making renewable energy a cost effective alternative to non-renewables.

Effective software integration projects

6 steps to a successful software integration

Successful software integrations can cut costs and save time. Find out how to manage your project effectively from start to finish.

3 Asset management project killers

The 3 big asset management project killers and how to avoid them

Game Over - 3 Asset management project killers

How to avoid the most common mistakes that will derail your project

Sam was enthusiastic and friendly as she told me about her project to look for a new asset management system. Her company had built the current system in-house, but as they grew they realised they needed something a bit more comprehensive. It sounded like a great project, but being new to asset management software I didn’t see the warning signs.

Fast-forward 9 months and Sam sounded a lot less enthusiastic and I felt the same. Despite all the initial enthusiasm, and a lot of work, we were still no closer to deciding if the project would go ahead. Where did it all go so wrong?

Looking back, we made three simple mistakes that can derail any asset management project before it even gets going:

1) Resources

Sam’s title should have been a red flag – “Project Support”. It was not her fault, but she did not have the experience or authority to drive through a project this big. When a project does not have an internal project sponsor or ‘champion’ with the authority to agree or veto changes, they usually just get passed on to the potential supplier as an additional feature request.

The lack of a clear, well thought through and targeted project specification increases the risk of an overly complex solution that is delivered late and over budget. The worst case  scenario is that the project gets bogged down through a lack of direction and multiple layers of complexity. It eventually gets shelved without ever being delivered, but still at a significant cost to the client.

CHECKLIST

 Plan for the project sponsor to be actively involved
 Ensure the sponsor has the authority to agree the scope and specifications
Establish the budget early on to avoid shocks at a later date

2) Planning

George Harrison’s lyrics to ‘Any Road‘ could have been the theme for this project – “If you don’t know where you’re going, any road will take you there”. Asset management systems can cover anything from purchasing through production and sales orders, as well as depreciation, tracking and maintenance.

Typically, asset management projects will involve finance, operations and IT as a minimum, so the potential for scope creep is a big risk. Sam’s task was to find the best system, except no one really knew what that looked like.

CHECKLIST

Establish a cross functional project team before you start
List your must-haves and nice-to-haves for any potential supplier
Agree scenarios for suppliers to show you rather than a generic demo

3) Integration

When I asked Sam which finance package her company used, she sounded a bit surprised and asked why I needed to know. It had not occurred to her that any asset she managed would need to be loaded from somewhere and its value posted back.

A recent survey by the Access Group estimates that almost half of employees in the UK waste 3 hours a day or more on inefficient systems. A lack of integration can wipe out the savings that your new system is intended to deliver.

CHECKLIST

Map the asset life cycle to see how and where each stage will be recorded
Check what software integration each supplier provides
Record all your interfaces centrally for future upgrades or new software

For more information on getting asset management systems right, have a read of the 10 Steps Guide to Asset Management.

Scotland - simpler fixed assets | FMIS

Simpler together? Fixed assets in a new Scotland

Scotland - simpler fixed asset tracking | FMIS

3 big changes an independent Scotland would make to fixed asset management

Whether you agree with the Better Together campaign or not, one thing is clear, from an accounting point of view it would certainly be simpler to stay together. Much has been made of big banks such as the Royal Bank of Scotland’s proposed move out of Scotland if there is a yes vote, but the impact for many smaller businesses will be significant as well. Overnight, businesses across the country could become multi-nationals just by virtue of having a branch in Scotland.

Victoria Stanley, Senior Consultant at FMIS, talks about 3 key issues that will need to be considered by fixed asset accountants and management teams in the event of an independent Scotland.

Multi-currency

Bank of England governor Mark Carney and leading figures in Downing Street have made it clear that a straightforward currency union is unlikely. A new Scottish currency could create the need for valuing assets in multiple currencies. For firms using simple Excel based registers or even some off the shelf products, this would be a big challenge.

Multi-company

Having business units in different countries can mean the creation of multiple companies within a group. In addition to the initial complexities of restructuring a business, the changes will need to be reflected in a company’s asset register as well. Simple fixed asset actions like moving an item from one branch to another will now require an inter-company transfer and all the assets will need allocating to one of the companies. Again this is going to get complex when working with a spreadsheet or basic asset management system.

Tax-rules

The SNP has certainly positioned itself as a left of centre party, and as the Guardian points out, a new government would need to fund the creation of new systems and structures, all of which seems to point to increasing not decreasing taxes. Different tax rules mean that assets will need to be treated differently depending on where they are.

Where to now?

At the time of writing, the outcome of the vote is too close to call and any changes may take months or years to come into full effect. The reality is, however, that an independent Scotland would mean significant changes to how businesses record their fixed assets and the nice simple spreadsheet is unlikely to be an option.

FMIS asset management software is multi-company, multi-currency and flexible enough to handle international tax reporting requirements. For more information on FMIS Fixed Assets and other products, please see our product pages or contact one of the team directly at sales@fmis.co.uk or on +44 (0) 1227 773003.