Finance Department staff spent significant time and manual effort managing thousands of fixed assets. In order to track their fixed assets, Finance Department staff had to manually center, on average, 550 new fixed asset records each year. The entry of these assets took 160 hours, or 4 full weeks of staff effort.
In addition, the existing system was unable to provide the City's required reporting as well as the audit reports. This resulted in staff having to generate multiple exports of the information they could get from the system and consolidating them into a spreadsheet. The spreadsheet allowed for adding depreciation, creating formulas to calculate asset valuation, and formatting the spreadsheet into a readable report. This was done for 2,400 assets resulting in a cumbersome, laborious process that was prone to errors.
STRATEGY
Based on the volume of assets and the reporting processes being manual, Baecore Group needed to identify a way to allow the City’s fixed asset system in a manner that would automate reporting. Baecore met with the Finance Department staff to review their processes and the necessary reporting. After reviewing the functionality of the fixed asset system, Baecore Group identified process changes that would allow the City to automate the identification and entry of new assets, allowing them to be maintained within the system as well as provide the flexibility to create required reports. Baecore and the Finance Department worked together to implement the recommended changes resulting in eliminating the manual effort to enter, maintain and create reports for fixed assets.
CHANGE
- Establish an expense account for the City’s fixed asset purchases
- Identified fields to capture all needed information for audit report
- Setup automation to automatically flag requisitions as fixed assets for review by the Finance Department staff
- Modified setup options in the purchasing and fixed asset program to collect and report on the required information.
RESULTS – Work Reduction 186 hr/yr – 4.6 weeks of staff time saved
- Saved 20 hours of staff time through elimination of the need for Finance Department staff to manually search for and identify fixed assets in the system
- 80% reduction in manual entry (128 hours or 3 weeks annually) by the Finance Department staff using automation to create fixed asset records
- Eliminated 37.5 hours in manual effort by the Finance Department staff to generate the audit report
Baecore Group
684 S. Barrington Road
Suite 329
Streamwood, Il 60107
877-BAECORE
847-585-1486
About Baecore Group
Our personnel are local government specialists. We are dedicated professionals that can bring knowledge, experience, and perspective gained from working exclusively in the public sector across a variety of organizations and throughout all departments.
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