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Taming the Asset Inventory Challenge

How an asset inventory system can transform this previously nerve-wracking accounting challenge into simple child’s play.

November 6, 2008
Sponsored by Freudenberg IT

An asset inventory system can transform the previously nerve-wracking "asset inventory" accounting process into simple child’s play. An automated overall solution optimizes error-prone and extremely unprofitable workflows for capturing, reconciling and processing asset portfolios.

The advantages are numerous. Not only does it save CPAs and financial professionals time and money, but it also makes you completely flexible. It's up to you whether you decide on a universal census, on a specific cut-off date or carry out a rolling inventory at any time. The inventory is always simple, fast and ties up very few personnel. State-of-the-art technology and standardized interfaces enable you to optimally integrate the asset inventory system into your existing data processing system and organizational workflows. All the software and hardware required is naturally available in one stop.

An asset inventory system increases your inventory results’ timeliness, quality and significance. Quickly assigning new cost centers, business locations or rooms when relocating assets is no problem, meaning that you always have a simple and convenient overview of your fixed assets.

This also allows you to make reliable plans and calculations. For there’s one thing you should never forget: your asset inventory results determine your write-off options and thus, in turn, your profit.

How does the asset inventory system work? Simply and securely!

The system core is a user-friendly, intuitively operable Windows application on your PC, into which you import the asset master data of your asset management system.

Then things really take off!

You attach barcode labels containing the asset master data to all your assets. The thermo transfer printer needed to print the labels provided by Freudenberg IT (FIT). You then conveniently scan in your asset data using a handy little portable laser terminal — and you are completely free of transposed numbers. You can even annotate the data straight after scanning them in. The data transfer station delivered at the same time, transfers everything into your PC’s asset inventory system. It’s an absolute certainty that the keywords "asset inventory" immediately conjure up the following pictures: piles of files; all folders jam-packed with lists of never-ending figures set in columns; or employees with pencils and bulky lists scurrying from machine to machine and from PC to office chair jotting down every inventory number by hand, forgetting those transposed digits; or it makes you think of the time it will take to update each individual record in your SAP system at the end of it all.

Now you can view the inventory result at the press of a button. The software posts any differences and enables you to immediately revise the inventory data. If necessary, some cost centers and business locations can be changed quickly, the inventory data then released and retransferred back into the asset inventory system. And that’s it! This transfer is reliably and securely taken care of by the certified interface to SAP; after all, you don’t want any office chairs to be "brushed under the carpet." Every asset management system can be linked via the open interface on a file basis.

The asset inventory system developed and constantly improved by our company is well established on the market and has more than proven itself with renowned customers both at home and abroad. Our company, Freudenberg IT, manufactures the software for its successful system in-house, meaning that your individual requirements can be taken into consideration.

Heidelberger Druckmaschinen AG

Uwe Jüttner, Head of Asset Accounting
"Adopting the SAP-based Freudenberg IT asset inventory system has enabled us to reduce the time, personnel and financial resources usually required for the annual asset inventory by two-thirds. The quality of the asset management has been improved due to the perceptibly increased accuracy of the inventory results coupled with flawless documentation. The system has made a positive impression on us and will therefore be extended to other companies within the Heidelberg-Gruppe in the medium term."

Airbus

Günter Jörgens, Manager of Fixed Asset Accounting/Dieter Ippisch, Financials
"We were quickly persuaded by the professional and simple operation of Freudenberg IT’s asset inventory system. With this product, we were able to noticeably reduce the effort required for our asset inventory and at the same time increase quality. Today, we are using this software at different Airbus European locations."

Click here if have questions on the Freudenberg IT asset inventory system. We would be happy to give you a personal presentation of the product efficiency and benefits that the asset inventory system offers you, quickly and simply at your company’s location!

Read white paper (PDF). 

About Freudenberg IT

Freudenberg IT (FIT) provides IT services to small and medium-sized businesses, specializing in automotive supply, discrete manufacturing, logistics providers, roll-based industry and technical trade. As an international full-service IT provider, FIT implements, optimizes and operates IT systems in SAP environments. The Adicom Software Suite represents FIT's own MES solution (Manufacturing Execution System). FIT has 12 subsidiaries throughout Europe, the US and Asia. FIT is a successful IT spin-off of the Freudenberg Group and achieves about two-thirds of its sales on the external market.

For more information, visit Freudenberg IT.