5 Key Benefits of Fixed Asset Management With Encompass Financials
Fixed asset management requires time and energy. Here are 5 ways Encompass Financials streamlines workflows to save time with automated reconciliations, AP integration, location tracking, and more.
December 19, 2022
Encompass Financials is a general ledger solution fully integrated with Encompass RAS, designed to create a seamless flow of information for accounting processes and financial reporting. Distributors using Encompass Financials have experienced significant time and money savings in addition to enhancing employee quality of life.
Here are 5 benefits of Encompass Financials that have helped distributors enhance their fixed asset management:
Fixed Asset Acquisition is Integrated in AP Module to Streamline Workflows
Too many accountants are still bound to the outdated process of paying for equipment in the AP cycle, only to manually create the equipment as a fixed asset in a separate workflow. Encompass Financials saves you time by eliminating that burden. When you enter the equipment in the AP module as a Fixed Asset Purchase, an asset record is automatically created, and depreciation is triggered based on custom settings.
Automated Depreciation Postings Save Time and Reduce Manual Error
The process of tracking depreciation with spreadsheets and manual journal entries wastes time and is susceptible to accounting errors. With Encompass Financials, depreciation rules only have to be determined once to automate depreciation postings.
Location Tracking Makes Annual Fixed Asset Audits Easy
Encompass Financials enables you to track e-tags, serial numbers, and locations, streamlining reconciliations between fixed asset records and your physical assets. Location tracking saves time and simplifies your end-of-year fixed asset audits.
Manage by Exception with Automated Fixed Asset and General Ledger Reconciliation
Manual reconciliation of your fixed asset listing eats up a lot of time. Encompass Financials has built-in sub-ledger reconciliation and automatically sends alerts when fixed asset listings and balance sheets are out of alignment, enabling you to more easily manage by exception.
Streamlined Disposal Workflow Assists With Financial Impairment and Gain/Loss Recognition
When disposing of an asset, the streamlined disposal workflow removes the fixed asset from your balance sheet and prompts a gain/loss calculation. The workflow aids in financial impairment and the recognition of a gain or loss on a sale. The automated gain/loss calculation provides data to simplify the management of taxable income through connections to fixed asset acquisition and disposal.
Distributors nationwide are benefitting from Encompass Financials. Learn how you can do the same. Speak with an Encompass team member today.