Looking for a Better Way to Manage Your Bank’s Fixed Assets?
Banks and credit unions are turning to automated fixed assets management to increase efficiency, save time and money, and streamline accounting workflow.
In the accounting world, effectively tracking and managing fixed assets is critical to the economic stability and growth of a financial institution. But these tasks also require a lot of time and resources that accounting professionals could otherwise leverage toward achieving more strategic goals for the FI.
Just as with accounts payable automation, banks and credit unions can realize tremendous benefit from automating fixed assets management. Fortunately, implementing this type of system for tracking and maintaining your FI’s complete book and asset schedule doesn’t have to be cumbersome or time-consuming.
The best automation app solution for fixed assets allows you to track assets and manage costs within a fully-automated system, which reduces time-consuming re-keying of information. You shouldn’t settle for anything less than an automated application that offers the ability to sell, dispose and track assets, and interface with the GL, tax reporting, depreciation forecasting and complete integration with AP.
Here are some of the main benefits of automating fixed assets management.
Time & Cost Savings with Fixed Assets Management Automation
Accounting professionals are generally asked to spend too much of their workweek on manual (and oftentimes redundant) tasks that get in the way of being able to serve the FI in more meaningful ways. Automation directly addresses this pain point by saving time. It also offers meaningful savings in both capital and operating expenditures.
Less time dedicated to menial tasks equals greater opportunity to provide value to the bank and advance your own career. It’s time to shift from manual tasks to a more strategic mindset. Instead of tracking fixed assets on an Excel spreadsheet, automation allows you to easily run monthly depreciation entries, automatically integrate all of the information into the core system, and then pull customized reports based on your unique needs.
Integration with Core System and AP Streamlines Fixed Assets Management
Increasing efficiencies and eliminating redundancies are key to FI growth and profitability. Automated fixed assets management allows for straight-line, full-month depreciation that takes the amount scheduled and creates debits and credits that get entered into your core system. Finally, you can reduce, if not eliminate, all of that time spent on manual depreciation entries to the GL.
Full integration with your AP system means that all fixed assets that are entered come from an invoice generated by AP. An import feature captures the invoice information and image when the invoice is paid, at which point you are able to complete the setup for the fixed asset.
Greater Control of Tracking & Managing Fixed Assets
After an invoice is paid through your automated AP system, the invoice information and image are captured in the fixed assets software. At that point, you can complete the entry of the fixed asset. Enter fixed asset descriptions, set up custom tax depreciations and input depreciation information for the GL, such as accounts, in-service date and asset cost.
The best fixed assets management automation app also provides class defaults to facilitate both GL and tax assignments. It gives you the ability to update cost, next depreciation amount and accumulated depreciation at any point in an asset’s life. On top of that, you can run projection reports for monthly and quarterly budgeting and forecasting.
This heightened level of control helps you strategically manage your fixed assets and easily measure and monitor lifecycle costs. You’ll have a clear picture of what net fixed assets you have on the books, at any time. Take greater control of your bank’s bottom line and create an efficient system for tracking, managing and reporting fixed assets with the click of a button.
Ease of Compliance and Reporting with Fixed Assets Automation
Perhaps the greatest benefit of automating fixed assets management is how much it simplifies compliance and tax reporting. Accounting professionals across the board understand the importance of compliance, and also how much time is required to get it all right.
With automated fixed assets management, you can set class defaults to facilitate GL and tax assignments, and interface directly to the GL for posting depreciation and disposals. The optimal solution will offer GAAP, Federal, AMT and State depreciation methods. It should also automatically generate IRS Form 4562 and be Publication 946 compliant.
With flexible reporting by class, location, GL and other custom selections, you’ll enjoy full visibility and control, and be able to run projection reports by month and year.
Contact us today to learn how BankTEL is helping banks and credit unions achieve growth and profitability with an automated solution for fixed assets management.