Assetic Accounting gives finance professionals who manage asset portfolios flexibility and control. It delivers improved transparency and insight at the level of detail that suits your organisation, enabling more efficient financial reporting and regulatory compliance. Assetic Accounting has been designed to support a range of accounting methods and works seamlessly with valuations data from Assetic Assets. Inbuilt asset transactions and workflows ensure reliability and efficiency in carrying out asset accounting.
Assetic Accounting offers the ability to perform asset accounting component level, ensuring you have the granularity you need. Depreciation patterns can be applied to individual asset components, and the written down value, accumulated depreciation, remaining asset life and other key measures are system-computed.
Assetic Accounting supports both fair value or historical cost methodologies, and also provides a range of depreciation methods including straight-line, reducing balance, sum of years, or a condition-based degradation profile. This means organisations can implement an asset management system without changing current accounting methods, and can choose to use a combination of methods should different asset categories be managed in different ways.
Integration with finance
Seamless integration with your finance system ensures both systems are operating at their most efficient, and reporting from the same data sets. Use Assetic Accounting as an asset sub-ledger and replicate your chart of accounts to enable seamless updates to your finance system. Assetic appreciates the need to export and import data efficiently and provides an in-built utility that allows import and export profiles to be saved and reused, using Microsoft Excel as the interface mechanism.
Assetic Accounting enables users to easily manage the complete asset life-cycle within a single integrated system. The system supports asset accountants with a range of workflow driven, pre-configured transactions including additions, depreciation, adjustments, capital expenditure, revaluation, impairment, disposal, indexation, and hold for sale. In order to maximise efficiency all transactions can be executed in bulk via Assetic’s inbuilt data exchange and transaction engine.
Asset management requires a blend of accounting and engineering disciplines. Assetic facilitates this by enabling engineers to maintain remaining useful life and replacement cost estimates in the specialised costings area of Assetic Assets and periodically review these estimates with asset accountants during revaluation periods. This information can be used by Assetic Accounting on an individual asset basis or by asset class.
Financial accounting for assets is often accompanied by complex reporting requirements. Assetic Accounting allows you to streamline regulatory compliance requirements, and delivers pre-configured reports that provide either summarised or detailed information. Key reports such as financial reconciliation can be processed in seconds, and the full suite includes movements, balance sheet, depreciation schedule, capital expenditure schedule and more. In addition, Assetic’s advanced reporting suite allows users to create customised reports and save them as a profile to be used in the future.