Managing Fixed Assets: The Old Way vs. The New Way with Vision 7.5
Deltek is excited to introduce the new Vision Asset Management module in Vision 7.5. So, I’m sure you’re asking what does this do and how will it make my life easier? The best way to answer this is to compare what most firms do today to manage fixed assets and compare it to the functionality of the new Vision Asset Management module.
The Old Way
The old way of managing fixed assets is typically broken up into three separate processes:
Let’s start with the purchase of capital assets. This usually starts by someone requesting or acquiring a new asset for business operations. Let’s use a laptop as an example. The process starts by specifying, purchasing, receiving and putting the laptop into use.
Now, independent of the purchase of the noted laptop, someone in accounting receives an invoice for five laptop computers. Accounting now needs to confirm the purchase, properly code the voucher to the general ledger and add the purchase to a spreadsheet or third-party software that is not integrated to Vision. This item will be depreciated until a decision is made to clean up the account for items that no longer exist, which requires reconciling Vision to the spreadsheet or other software.
The third process is how the operations managers will use the asset, like how will IT allocate the five laptops to individual employees. Typically, this is also managed in a third-party software application or separate spreadsheet that is not connected to the accounting system or process.
As you can see, none of the three processes to manage the asset are connected.
The New Way with Vision 7.5
Professional services firms need one integrated, streamlined way to manage fixed assets across the firm. The new way for professional services firms is with the Vision Asset Management Module.
The new way of managing fixed assets has a three-part integrated processes:
- Purchase (Vision Purchasing and Asset Management)
- GL / Accounting (Vision Accounting and Asset Management)
- Operations (Vision Asset Management)
Vision Purchasing allows the company to streamline the procure-to-pay process in one application. When a purchase order is committed, an asset is automatically created in the Equipment Info Center, so there is no need to re-key asset information into another system or spreadsheet.
Whether the asset was created from Vision Purchasing or automatically created from an AP voucher, the asset information is conveniently in one place and accounting can now set up the asset for depreciation processing whether in the GL book or any additional book that may be required. Depreciation processing at this point becomes a simple click and run process each month. Vision Asset Management is the sub-ledger so all asset transactions including disposals, transfers, and splits are managed within the module. There is no longer a need to manually enter journal entries for any of these processes.
Let’s now talk about Operations. Things like IT assigning the asset to an employee, location or both; managers being able to quickly and easily determining an asset’s financial performance; and status update using Asset Review. All this real time information comes from data already within Vision assigned to the asset.
In summary, Vision Asset Management connects three separate processes to minimize data entry and maximize your ability to make informed decisions about existing assets and future asset purchases. To learn more, sign up for the webinar below or contact your account manager or Vision partner so you can see why Vision Asset Management is the new way to manage fixed assets.
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