Consulting Projects
Fixed asset management consulting projects vary from industry, size of organization, multi-state, multi-currency, and volume. Regardless, fixed assets should always be managed properly across the entire organization, throughout the full life-cycle; from budgeting all the way through disposal or sale.
Fixed Asset Discussion Points
Citrus fruits have many nuances; different sizes, colors, and variations of taste. Like fixed asset projects, there are many varieties to evaluate. How do you organize, track, automate, report, and keep communication between all departments involved? Is it automated? Is there approval workflow? Is everyone communicating?
Many different departments play a role in the life of a fixed asset: Engineering, Maintenance, Finance, FP&A, Tax, State, IT, Treasury, Capital Project Management, and more. A fixed asset management project should include everyone to ensure fixed assets are properly cared for from 'cradle to grave'.
The Top 15 Topics for Fixed Asset Projects:
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Budget forecasting and approval of capital projects
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Construction in Progress accounting - how is spend tracked
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Sub-ledger used: automated, spreadsheet, outsourced, variations
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Depreciation: GAAP, Federal Tax, State(s), ADS, Fx, other
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Componentization and discrete assets
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Asset activities: Disposals, Sale, and Transfer
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Asset adjustments: late invoicing, credits, impairments, cost allocation, cost segregation
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Reporting and integration
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Reconciliation with other business processes: GL, AP/PO, BI, and more
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Physical asset inventories: automated or manual
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Maintenance tracking
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Property Tax reporting
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Insurance and disaster recovery
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Audit and/or SOX compliancy
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Sales and Use Tax
Questions?