Asset accounting is complex and time-consuming process. Clavib had developed Fixed Assets Register System - FARS, which can reduce the complexity, increase productivity as well as accuracy in accounting of fixed assets. FARS asset management capabilities help organizations to effectively track, analyze, and utilize assets to the best possible extent.
- FARS can help to quickly and accurately record, track, depreciate, and analyze company's assets with minimal effort and gives the end users a tremendous flexibility, with multiple features and powerful reporting tools.
- FARS functionality allows the user to update and maintain records of the existing Fixed Assets of with an option to create and maintain new Assets.
- FARS keeps track of each Asset in different locations, its costs, calculate depreciation, disposals, gain / loss on sale of Asset
- FARS is very handy in maintaining accurate accounting on Fixed Assets.
- It is Highly Scalable, Efficient, and User Friendly Application, which will enhance overall productivity of the organization.
Hierarchy of location can be defined to pinpoint the exact physical location of any asset where as it enables to identify every asset according to plant / building / section hierarchy.
Assets can be classified according to the Category and Sub-category. It generates MIS reports based on any of these categories.
If details entered of all the major components that compromise the asset then tracking of all the activities at component level can be done. Example: If Computer as an asset compromise of CPU, Monitor and Keyboard as components, details of Monitor moment or retirement of CPU alone can be tracked by FARS.
Purchase Value Breakup
You can enter Multiple components that makes the final purchase value can be entered. The system will add these amounts and displays the final purchase value.
Multi Currency Support
Purchase value in any currency & system will display organizations functional currency.
Allows the User to compute asset depreciation by selecting either by Written Down Value (WDV) or Straight Line Method (SLM).
Personalized access permissions for every individual user can be build in system.
The Product is build using the contemporary technologies to accommodate any business process changes easily. It runs on a standalone PC or in a client server environment with equal power and ease.
What FARS Does?
- Capture details of each and every Asset unit by unit.
- FARS enables the user to create, update and maintain records of the existing Fixed Assets with an option to include New Assets.
- The system keeps track of each Asset of Company and its multi located branches. With tracking of Assets FARS also does costs, calculate depreciation [depreciation schedule & accumulated depreciation schedule], disposals, gain / loss on sale of Asset.
- Asset Acquisition
- Asset Categorization [Category & Sub-Category]
- Vendor details [Contractor, Manufacturer & Supplier]
- Purchase Order details
- Asset creation [With & Without Purchase Order]
- Asset creation for WIP [With & Without Purchase Order]
- Asset Management
- Asset Tracking
- Asset Depreciation Schedule
- Calculations & Reports
Advantages of FARS
- It maintains perfect accounting for Fixed Assets
- Helps to identify loss-making areas
- Gives complete control over physical assets spread across distributed location
- Handles multi-company Assets
- Manages leasing/hire purchase activities
- Gives info on maintenance expenditure
- Maintains history of assets from acquisition to retirement
- Takes care of statutory requirements like Depreciation, Insurance, and Companies Act etc.