Now there’s a simpler way to manage all of your fixed assets
Tracking, managing and optimizing data about fixed assets, from creation to retirement, can be an ongoing challenge. PowerPlan’s Fixed Asset Suite was purpose-built to enhance the information in any ERP or EAM system. The integrated solution automates specialized accounting activities, including tasks associated with creations, approvals and calculations, which can help you reduce errors, lower operating costs and improve cash flow. Whether it’s with a single product or the entire suite, timely notifications simplify the process, alerting your project managers and accounting teams when projects close and assets are created.
The PowerPlan Fixed Assets suite integrates with your current accounting systems to provide a robust range of capabilities that optimize your assets and improve your overall corporate performance.
- Accelerate Month-End by integrating with your existing ERP, EAM and other financial systems helps reduce the timeline for month-end close.
- Automated asset accounting streamlines workflows, and reduces labor costs and the potential for errors in key activities, including asset creation, depreciation analysis, calculation of interest and overhead, forecasting, retirement processes and more.
- Full documentation of all asset accounting data provides a robust audit trail to support deductions.
- Continuing property ledger (CPR) supports all types of location and property structures. Fixed Assets maintains a full audit trail for all property, plant and equipment transactions. The CPR links directly into the book depreciation ledger, creates all necessary tax and ledger entries, and maintains multiple books for each asset.
- Book depreciation is automatically calculated using different methodologies while maintaining balances for GAAP, IFRS and regulatory jurisdictions.
- Asset creation doesn’t happen in the same structure that accounting expects. PowerPlan handles the norm and the exceptions with the field. Unitization of work orders can be done at any time of the month, and if late charges are received, they will be automatically unitized to the same assets.
Advanced Project Accounting
The Advanced Project Accounting module eliminates manual processes, reduces execution times and increases accuracy to produce better returns on projects of all sizes.
- Seamless integration with A/R streamlines the flow of data from assets to accounting. Every step in the bill/refund workflow is integrated, from initial creation through ongoing monitoring and final resolution.
- Automated workflows eliminate data entry errors and streamline creations, calculations and approvals.
- Automated receivables tracked by work order or customer, and ensure accuracy with complete documentation, bill support and audit trail.
- Refundable contracts to a third party are handled from setup and calculation to tracking, review and reporting.
- Reimbursable processing includes setup, calculation, tracking, billing and reporting of reimbursable projects or work orders (e.g. developers, DOT or damage claims).
- Flexible structure accommodates all contract and project types, as well as different rules for calculation, review, limits, frequency and deposits. The module also provides for the recovery of non-capitalized overheads and tax gross ups.
- Timely alerts notify project managers when projects close and assets are automatically created.
Workflow Process Automation
Workflow Process Automation allows users to make recurring processes more controlled and consistent for accurate, reliable results. It allows users to create and schedule processes based on data availability and desired delivery time of results, eliminating the need for constant monitoring, including weekends and overnight, and manual intervention.
- Streamline financial closing process and improve accuracy by automating repetitive tasks
- Standardize workflows for recurring processes that display status and dependencies, and automatically kickoff steps when data is available
- Program decisions with pre-determined variance thresholds that keep your processes moving and alert you if something needs to be addressed
- Provide transparency for auditors with documentation that shows every step and change to your workflow, simplifying SOC compliance
- Maintain visibility throughout processes with overnight queries and scheduled reports that can be shared via excel or PDF
The Depreciation Studies module provides a full set of industry standard statistical tools used in forecasting asset service lives, salvage and removal costs, as well as in calculating annual depreciation accrual rates and determining reserve adequacy. It is currently used by asset-intensive companies across a wide range of industries, state commissions as well as industry consultants.
- Automatic workflow documentation improves process clarity and simplifies analysis of current depreciation rates and their associated curves and lives.
- Intuitive configuration tools allow all parameters and account characteristics to be stored in the system and linked to the study.
- Improved cost management can be achieved by more thorough depreciation analysis, enabling you to initiate rate cases more strategically.
- Automated processes and graphics reduce data preparation time and enhance study quality.
- Complete integration of all components of a study (service life analysis, salvage analysis, depreciation calculations, etc.) facilitates all types of analysis.
- Flexible data structure can run multiple analyses with data modifications and/or alternate parameters.
- Rigorous methodology enables you to improve IFRS compliance and increase planning for future rate changes.