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Case Study :Fichtner Consulting Engineers
Objective: To track the
Fixed Assets purchased over a period of 10 years.
To also structure the Fixed Assets management of
our company.
Industry: Engineering
consulting firm
Challenge: The fixed
assets of the organization were spread across four
floors in the corporate head office. The assets
were purchased over a period of 10 years and the
fixed assets data were present in dispersed
fashion across various departments. While the
assets were present in the organization, the exact
quantity and the location were not clearly known.
Spreadsheet was being used to capture the
information about their fixed assets. As the
assets were not clearly captured, the annual
verification of the assets was not being carried
out periodically. The challenge was to track all
the fixed assets, segregate the assets into proper
categories and verify the accounting information
with respect to the Purchase information. An
additional challenge was to calculate the
depreciation and up to-date the records as per
their books
Solution: Trends and the
tracking team together offered the appropriate
solution to the business challenges. Trends
deployed a team of tracking experts in verifying
the fixed assets of Fichtener. The complete list
of assets were drawn up by physical verification
of the assets. The Fixed assets were then verified
with the purchase records of the company and
recommendations were made to identify the assets
to the correct groups. The Fixed assets data was
then imported to the Smart Assets™ software.
Subsequently the depreciation reports and other
reports including the verification report were
handed over to the concerned authorities. The
Fixed Assets were bar-coded and bar code labels
affixed to the respective assets.
Result :Trends has offered
a comprehensive solution to enable Fichtner to
track, manage and depreciate the fixed assets.
Fichtner now has a complete control of the
manageability of the assets, including the
movement of the assets. The finance department of
Fichtner is now able to take all reports on
depreciation within a day.
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Case Study: World
Vision India
Objective: To track,
estimate the quantity of fixed assets lying in
more than 100 locations of World Vision India, a
charitable organization.
Industry: A charitable
organization with over 100 locations involved in
organizing projects on health, education and
social projects for deprived
children.
Challenge: World Vision
India has their offices in over 100 locations. The
locations are classified and sub-classified as
Project Management offices and ADP's (Associate
development partner). The ADP's are located
throughout India, in metropolitan cities, suburbs
and rural areas. The objective of the ADP's is to
manage the charitable projects based on the need
in the respective area. The projects are being
funded by World Vision and Fixed Assets are also
deployed by World Vision.
The Challenges faced
were that the fixed assets were deployed at many
remote locations.
After the completion of
the projects
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The
Fixed Assets were either returned to the ADP
or |
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Transferred to another ADP |
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Gifted
to the project. |
Under these
circumstances, a clear verification and audit
needed to be done to identify the fixed assets to
each ADP and its project. A check needed to be
done if any assets were transferred, or were
gifted off or disposed.
Solution: World Vision is
a charitable organization, with over 100 offices
spread across India. World Vision is a
non-profitable organization, which assists many
charitable projects, by deploying their assets and
resources to these offices and the projects. Mr.
Sam Nirmal, CFO, and Mr. Victor Immanuel had
explained that the projects, which used these
assets, transferred their assets, once the project
was completed to the Branch offices or to other
projects. The physical challenge is in tracking
the assets to the location. A major hindrance
faced by them was that the offices and the
projects were located in all the four corners of
India. World Vision commissioned Trends Infonet
with the task of undertaking a physical audit in
all the locations and implementing the software in
all the locations of World Vision. The initial
data was provided by World vision and the Tracking
experts verified the data with the help of the
local officers of World Vision. The data was
classified into assets bought, sold and
transferred to other projects and locations. These
data is subsequently being verified with the
purchase information. Currently the implementation
of the Fixed Assets is under progress.
Result: The
physical audit of the fixed assets is completed in
some locations and the update of the fixed assets
data has been done.
The physical audit of
the remaining locations is under progress.
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Case Study: Vijaya
Hospital
Objective: To identify the
fixed assets bought in their three hospitals and
to clearly identify the assets lying in each
department.
Industry: A
multi-specialty hospital, encompassing 3 hospital
specialties in health care.
Challenge: Vijaya
Hospital, Vijaya Health Center and Vijaya Heart
Foundation are the three different hospitals under
the Vijaya Umbrella. The Fixed assets for all the
three hospitals were being bought by the
respective hospitals. As the three hospitals were
located very near to each other, the fixed assets
were shared by each hospital based on the urgency
in each department. However, since there was no
system to track the movement, it was difficult to
trace an asset to its current location.
Considerable time was lost in search of the asset.
There was an urgent need to identify the
assets to the different departments in each
hospital and also track the movement of the asset.
The hospital staff being currently
deployed in their routine duties, the data
available in Spreadsheet needed to be imported to
the software.
Solution: Trends offered a
workable solution to solve the above problem.
Trends deployed its team to solve the business
challenges.
The data of the Fixed Assets
was available in spreadsheet. The available data
was checked with the purchase information. The
Fixed assets were positioned to the respective
departments. The asset codification was done as
per the recommendations of the client and the same
was codified for easy identification of the
assets.
The data was imported to the
software from the spreadsheet, and many reports
were submitted in a hard copy format to the
clients.
Result: The information on
the fixed assets, department wise is now available
to the Hospital. By using Smart Assets™, the
calculation of depreciation is also easier, and
the Finance department of Vijaya Hospital will
spend less time on depreciation calculation. The
most effective result was that , they were able to
identify and re-deploy a life saving equipment in
the case of an emergency quickly.
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Case Study: Ford
Business Center
Objective: To manage the
fixed assets in a structured manner and to take
reports on depreciation for Indian system as well
as for US GAAP.
Industry: Car
manufacturing industry
Challenge: Ford Business
center is the Chennai office of Ford Motor Company
, USA. They use spreadsheet to manage the huge
asset base of their company. Ford Business center
also submits monthly depreciation reports to their
USA office using GAAP system. The requirement was
to install a structured software to enable them to
submit their monthly/annual reports on time.
Solution: Smart Assets™ was installed in Ford Business
Center. A combined team of Ford's personnel and
our personnel moved their data from Spreadsheet to
the software. Provision was also made to enable
Ford Business Center, to depreciate the assets
under the GAAP system and also submit the reports
as per the Indian laws also.
Result: Using Smart
Assets™ , Ford Business center is now able to take
periodical reports in the shortest period of
time.
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Case Study: Stedman
Pharmaceuticals
Objective: To manage the
fixed assets in a structured manner and to take
reports on depreciation for Indian system using
the provisions under Act 53.
Industry: Pharmaceutical
manufacturing Industry
Challenge: Stedman
Pharmaceuticals is a company manufacturing
medicines. They have assets in their corporate
office as well as their manufacturing facility.
Being a manufacturing industry they had the
provision for claiming depreciation under Act 53
and provision for claims under MODVAT/ CENVAT.
Solution: Smart Assets™ was installed in Stedman
Pharmaceuticals. The fixed assets data, which was
available in a spreadsheet format, was imported
into the Smart Assets™. Smart Assets™ has a built
in feature to calculate depreciation under Act 53
and also calculate depreciation for assets bought
with Modvat.
Result: Stedman is using
Smart Assets™ to calculate depreciation for all
their fixed assets, in an error free manner.
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Case Study: R K
Swamy BBDO
Objective: To manage the
dispersed fixed assets in a structured manner and
to calculate depreciation.
Industry: Advertising
Industry
Challenge: R K Swamy BBDO
is a prestigious advertising company with many
branches in India. The current method of tracking
their fixed assets and calculation of depreciation
was by using spreadsheet. The requirement was to
manage the fixed assets through software for
better management, easier control and quicker
depreciation calculation.
Solution: The data from
all the locations was obtained in a spreadsheet
format. The data was then consolidated and
structured to logical groups. The client was more
interested in tracking the information of the
assets only from a specific period. The client
provided the opening value of each asset, which
has been depreciated over a period of time. The
data was entered into Smart Assets™ asset import
template as desired by the client. The fixed
assets data was then imported into the Smart
Assets™. All mandatory reports were handed over as
per the requirement of the client.
Result: The Smart Assets™
software , helps them in accurately mange their
assets and offer a better control of their assets. |
