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.
Making process changes and use of automation to collect and categorize asset consolidated information and provided the opportunity to give auditors controlled access to self-serve looking up information in the system. Providing this self-service saved staff time spent manually looking up and providing requested information.
Eliminated manual processes to collect and enter asset information. These changes provided the opportunity to use system automations to collect asset information throughout the year as part of day-to-day activities and acquisition of assets.
Through the use of process changes and system automations, asset information was kept current and accurate without manual processes. This allowed the Finance Department to generate asset reporting instantly, on demand, for over 2,400 assets.
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.
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