Are you still using Excel to calculate asset depreciation? If yes, you’re probably experiencing discrepancies in your financial reporting. Excel can be a great tool, but using it for tracking fixed assets is the software equivalent of getting stuck in the past. In order to efficiently track and manage fixed assets, you need something more sophisticated.
That’s where Yardi’s Fixed Asset module comes in.
Yardi’s Fixed Asset module offers a proactive approach to asset management, allowing users to keep a full history of depreciation as assets age, are utilized, or discarded. With the ability to monitor assets from purchase order to final disposition, this system provides a comprehensive view of the asset lifecycle. It serves as a centralized database for all assets tied to a department or property, enabling comprehensive tracking of asset depreciation and lifecycle. It offers the flexibility of different depreciation methods for various asset types, and can provide valuable insights into asset management.
Expert support will ensure you get the full benefit of Yardi’s Fixed Asset module. To get started, you’ll need to:
- Identify what you want. The options to calculate depreciation in Fixed Assets are numerous. Because it’s possible to run multiple depreciation methods and depreciation books for the same asset, you can choose whatever combination of methods that work best for you. To fully leverage these options, you require a firm understanding of what you want and need.
- Keep your system organized. If your portfolio is scattered, it’s going to be challenging to access any meaningful information even when using a top of the line system like Yardi. Taking steps like tying assets and continuity schedules back to a specific place in the GL ensures that information is easily trackable and accessible.
- Set up reporting thoughtfully. If you wanted to, you could set Yardi up so that it tracks depreciation on every asset, down to your 30 year old office chairs. But is it helpful? To make reports meaningful, think about what information you will need to prioritize, and use to build your reports.
- Build a solid team. Optimizing Fixed Assets, or any Yardi module, is multifaceted. At minimum, you’ll need people who are experts at implementing fixed assets, and building custom reports. Including consultants from Lynx on your team allows you to have easy access to the expertise you need when you need it.
Setting up your Fixed Assets module correctly from the start will ensure that assets are tracked accurately, which prevents discrepancies in financial reporting and the headaches that go along with them. To learn more about how we can help, reach out.
