DataNub Asset audit tool helps to automate the asset audit being carried out in any organization.
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TABLE OF CONTENTS:
Key Takeaway
- Transform time-consuming and error-prone paper workflows with simple, configurable mobile apps that improve fixed asset accuracy on your financial statements by 99% and boost employee productivity by 40%
- Accurate reporting of fixed assets reduces procurement costs, insurance premiums and tax payments, all while gaining greater visibility into lost, stolen and retired asset data.
- Eliminate errors in data entry which may go unnoticed and cause financial reporting errors. Ensure proper audit trails and history for internal and external audits and reporting
Challenges
- Asset Audit is carried out offline using Excel, a manual process without any integration with ERP system.
- The Audit is carried out on a quarterly schedule and reconsolidation happens based on the results on quarterly basis, there is no real time integration with SAP system which makes over all process to run silos.
Initiative
The solution offers out-of-the-box integration with the SAP FICO-Asset Accounting module. Data can now be captured seamlessly using mobile devices and saved directly in SAP.
Solution
- The solution allows auditor to use QR code to scan the asset under consideration for audit.
- Key data of the asset are auto populated based on the information stored in asset master.
- Auditor validates the data and provides his confirmation of successful audit
- Reports are generated automatically and sent to corresponding asset owners / custodians.
Benefits
- Automated audit , hence more reliable
- Integrated solution, hence no excel files are required
- Improved accuracy of asset and asset value
Next Steps
- Customer would like to implement further solution to automate the process
Client remarks
DataNub Asset automation helped us to meet our management initiate of digitization and automation. It helps us to complete audit in 2 weeks otherwise would take 1 to 1.5 months of efforts
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