asset accounting was never so simple robotics - asset... · 2019-06-24 · with built-in workflow...
Post on 16-Mar-2020
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A major challenge for industries dealing with a high volume of tangible investment is to be able to record their assets in a timely manner following accounting rules and allocating the assets to the right project. Asset acquisition and creation goes through many steps before it appears on your balance sheet and eventually in your P&L through depreciation.
Asset acquisition and creation usually starts with a plan to build or acquire a large project or requisition for smaller items such as laptops or desks. It requires multiple touch points, approvals and entry of different types of information in different applications.
Redwood provides ready-to-use robots that can perform these activities within different
applications, including MS Excel, with built-in workflow for acquiring the necessary approvals. Once approved, Redwood’s robots can create the necessary asset master data and enter asset records in the underlying ERP or asset management applications. Robots can also perform the required reconciliation and depreciation as part of the closing cycle.
ASSETACCOUNTING
ASSET ACCOUNTING WAS NEVER SO SIMPLE
A car component manufacturer with global operations found itself challenged when it came to asset accounting. The organization performed a projects and assets creation process thousands of times per year. These processes spread across multiple countries, multiple entities and multiple business units. The process typically consumed significant resources in the shared services center, retained organization and in the factory plants.
ROBOTS DRIVE SUCCESS
PLANBUDGET
APPROVAL
END TO END ROBOTICS
ASSET MANAGEMENT CYCLE
REQUISITION ASSET CREATION
Often used Excel or a template
Emailed for approval
Check budget, perhaps in
planning app
Create asset in ERP or project
Capitalise asset according to
agreed milestone
Run depreciation in ERP prior to GL
close
Raise PO in ERP
ASSET CAPITALISATION
ASSET RECONCILIATION
Reconcile projects or Asset Ledger to ensure
all assets are booked
DEPRECIATION
OUTSTANDING ASSETS ASSISTANCERedwood provides a catalog of thousands of ready-to-use robotic activities that understand financial processes.They come with pre-built connections to underlying ERPs such as SAP, Oracle and PeopleSoft, as well as other required applications, such as MS Office products and data warehouse applications. This powerful combination allows you to robotize an entire process or an entire function. We’d be glad to explain how we can help your business.
ERP ERPERP
ERP
ERPERP ERP
ROBO
TISE
D
4. Send an e-mail to the assets back o�ce
teams to correct
10. In case of inconsistent amounts e-mail to the assets
back o�ce
6. Send e-mail to the assets back o�ce teams to correct
11. Activate thebudget
12. Populate assetsInformation
ERP
13. Send a final summary e-mail to confirm the project has been created
7. Activate theProject
8. Set the budgetin ERP
2. Import data toERP
1. User receivesthe instruction tocreate the project
3. Error in thelog file
5. Error when opening project
13. Checkconsistency between
budget ERP
FOR MORE DETAILS, CONTACT YOUR REDWOOD REPRESENTATIVEOR VISIT WWW.REDWOOD.COM
THE PAINProjects and assets creation required:
Labor-intensive manipulation of a large volume of data, resulting in a high risk of human error. Projects and assets creation involved up to 26 people, distributed across the organization, in any given month. A complex communication cycle with many stakeholders, that involved work across multiple systems, platforms and time zones.
THE CUREAfter robotization with Redwood Robotics™ solutions, there was a 90% reduction in manual effort in this process alone.
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