Streamlining Fixed Assets Management for Fast Food Chains

Managing Fixed Assets with Sage Intacct

Managing your fixed assets and calculating depreciation correctly is crucial for any business, especially fast food restaurants with numerous assets like kitchen equipment and POS systems.

Fixed Assets are assets which have been purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

Fixed asset management software is a game-changer for companies with many assets spread across locations, as it helps you to track and maintain them all efficiently and accurately.

In this article, we’ll explore the SIG Fixed Asset module for Sage Intacct.

Fixed Asset Management Common Challenges

Managing your fixed assets manually can be incredibly time consuming. Tracking the condition, depreciation and value of your assets can be especially difficult for those with varying lifespans or usage patterns.

Common issues with manual fixed asset management include:

• Long hours spent updating asset registers
• Incomplete or outdated asset information
• Data scattered across different locations
• Difficulty tracking maintenance and warranties
• Miscalculating depreciation and valuations
• Time-consuming month end processing

Using a fixed asset management solution provides the tools to accurately track and manage the lifecycle of your fixed assets.

Sage Intacct SIG Fixed Assets Module

There are a few fixed asset management solutions which integrate with Sage Intacct, including Sage Fixed Assets Management and SIG Fixed Assets Module.

The SIG Fixed Assets module integrates with your Accounts Payable and Purchasing, creating a central place for you to manage and track your assets from acquisition to depreciation and disposal.

Key features:

• Automated, recurring depreciation entries
• Storage of insurance/warranty details and maintenance logs
• Complete lifecycle visibility by tracing GL transactions back to the original asset record
• A single view of depreciation, additions and disposals across the whole organisation
• All your information is stored safely in the cloud and accessible from anywhere

Project Spotlight: Fast Food Chain

We worked with a well-known multinational fast food chain with over 28,500 assets across the country to implement the SIG Fixed Assets module.

Traditionally, they relied on spreadsheets to manage their assets, followed by manual journal postings. This method was prone to typos, incorrect formulas and other errors – common pitfalls of spreadsheet-based asset management.

Integrating the SIG Fixed Assets module has enabled them to bring the whole process online and post depreciations in a matter of minutes.

Their new setup has functionalities that spreadsheets can’t easily provide, such as adding pictures and supporting documents. They’re also now able to report on how asset-related costs are distributed per location by tagging assets with dimensions.

This project has revolutionised how they handle their extensive asset portfolio, helping them to save time and prepare for opening new restaurants (and acquiring new assets) in the future!

Sage Intacct Consultants

If you want to streamline your asset management with a system that fully integrates with your accounting software, get in touch with us today. Our team will advise you on the best solution for your needs.

To find out more about Sage Intacct and SIG Fixed Assets, complete the enquiry form.