The world is developing at a fast pace. As technology advances it becomes ever more important that the management of assets keep up. One needs to take a fresh approach to assets management. Constantly assessing what tools are available to aid us and how can they best be used to bring the most cost effective and efficient way of managing assets. The better you manage your assets, the better you can achieve your mandate.
Asset management entails the safeguarding of assets as well as the extraction of their full potential. Assets when properly considered, maintained, and utilised aid us to achieve fanatic feats. We just need to look around to immediately note what we can achieve when we have the right tools in the right hands. Like the construction of the building you are in or transporting people into space. With asset management the goal is to reach the sweet spot in a Venn Diagram where you are keeping costs low, using the latest technology, and are utilising the most relevant assets. This allows for efficient and effective asset management.
The latest developments with regards to Infrastructure Assets SMART Systems, Drones, IoT (internet of things), and BIG Data has helped us take asset management to the next level. These terms can be daunting at first, but we get to understand what they mean and how they can be best used to assist us, we find that their potential is vast. For example, we can make use of Drones to perform verifications. Drones can go places that are not easily accessible or safe for humans to go. With the correct software you can use the Drone to automatically assess what it has verified and propose possible impairments. With IoT sensors you can equip assets with sensors that provide you with live information about assets. You can be anywhere in the world and know if your asset has moved or if the water level in a dam is too low. With live data you can also plot your assets on a map and quickly assess, which areas you have neglected when it comes to maintenance. With this information you can effectively plan the next maintenance roll out.
The world is advancing at a fast pace when it comes to managing our assets. One aspect that will always remain is the complete and accurate reporting of our assets. It is crucial to advance with the times but to also remain relevant to our clients. We must be practical in our approach to finding solutions for our clients. As not two clients are the same, we tailor our solution per client. Below is more about CCG Systems and how we are currently most effectively assisting clients with Fixed Asset Reporting.
CCG SYSTEMS, YOUR ONE STOP FOR SOLUTIONS
CCG Systems (Pty) Ltd, is an Information Systems, Communications and Technology company, specialising in the Supply, Development and Implementation of Systems including Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Performance Management System (PMS), Asset Management, Human Resource Systems, Document Management, Mobile Apps, etc., in both the Public and Private Sector. We are currently providing Services to Municipalities, Water Boards, Government Departments, Public Entities, Constitutional Entities, and Private Companies. With a presence in every province in South Africa.
INTRODUCING ON AMS TEAMS
The Assets Management and Software (AMS) team at CCG Systems has relevant, appropriate, and extensive experience in the compilation and implementations of Fixed Asset Registers. The Compilation of Fixed Asset Registers refer to producing compliant asset registers and ensuring that they are audit ready. Implementation is where we introduce and fully set up Asset Management Software. We also offer Accounting Support which entails assisting clients to produce audit ready financial statements by performing internal controls that allow us to achieve this.
As an organisation we have over 18 years of experience. Our Asset Management pool has a good mix of Chartered Accountants, Professional Accountants and Qualified Engineers.
WINS FOR AMS TEAMS
We have assisted several entities in preparing for the annual audit and clearing audit. Most of these entities’ opinions improved from Disclaimers/Adverse Opinions to Qualified and Unqualified Opinions. This has been achieved by a combination of Passion and Skill within our Asset Management Team. Our Asset Management Software System has assisted clients in maintaining better records, meet compliance requirements, and make audits seamless.
Through our experience, we have noticed that the major issues that face Fixed Assets are the lack of consistent required skills in relevant positions which leads to a break down in internal controls. Once the internal controls break down it becomes difficult to produce a credible register that not only passes audit but also provides valuable information in the Maintenance and Management of Assets. The number one internal control that is often forgone, is performing monthly reconciliations between the Fixed Asset Register and the financial system, as well as resolving discrepancies.
We have taken an interest in leaving each of our clients better than the way we found them. We have an on-the-job skills development approach, where we identify areas that require upskilling and we ensure that with our interaction with the client, we address any gaps as best as we can. This is in addition to providing our core services that require us to document and maintaining support for all updates made to the registers, and the financial system.
The above scenario is a common theme with new clients that we take on board. We have learnt how to handle numerous types of issues and prescribe a plan that, if followed, will improve the status of assets. If you are having difficulty with your Fixed Assets reporting, we recommend CCG Systems.
By SIPHOKAZI NXELE and ZYANGO KUMALINGA
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