Lease compliance - FASB ASC 842 - IFRS 16

New Lease Accounting Standards Compliance (FASB/IFRS)

By | Contract Lifecycle Management | No Comments

Lease accounting processes are now required to comply with new Accounting Standards Update (ASU) under the FASB 842(US) and IFRS 16(European) standards. This would fundamentally change the lease accounting practices in ways not seen in decades. First to be impacted are public entities (starting 1/1/2019) and then all entities public and private (starting 1/1/2020). They will be required to change the accounting for leased assets such as buildings, vehicles, furniture and fixtures, office equipment, rolling stock, aircraft and manufacturing equipment to name a few. Who in your or any organization has a definitive list of all leased assets? What about…

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CMMS Use Cases

Work Request – Work Order Processes for CMMS

By | Maintenance Management | No Comments

In day to day managing of the buildings, issues big and small are reported.  A CMMS needs to have the functionality to treat the reported problems appropriately based on their urgency, severity and other factors. It starts with someone calling in to report an issue or submitting it in a portal or by sending in an email.  Depending on how the maintenance group is setup in a company, a call center employee receives the reported issue and creates a service request in CMMS.  A service request is a simple object that captures the issue, the person who reported it, location…

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Penn South selects Axxerion CMMS

By | Maintenance Management | No Comments

January 2019 Penn South (www.pennsouth.coop) in Manhattan selects Axxerion CMMS after a thorough review of the systems in the market. Below is the announcement from the organization on their selection. “Penn South is a 15-building, 2,820 unit affordable housing cooperative located in three city blocks in the heart of New York City. The in-house management team has long been an industry-leader in adopting new technologies and implementing best practices and prides itself on providing high-quality service to its shareholders. Penn South recently signed an agreement with Axxerion and will be implementing the software over the coming months. The management staff…

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business team looking at axxerion software

CMMS with Integrated Emergency Notification

By | Maintenance Management | No Comments

In day to day management of real estate and properties, there are issues that need to be communicated to the occupants in a timely manner. There are cases when a scheduled repair such as a PM (preventive maintenance) work order on an elevator should be reported to the occupants. In other emergency cases, such as a case of broken main or an unfortunate case of a shooting in the vicinity, the residents need to be immediately alerted. During the day, the maintenance and emergency issues are reported to the maintenance groups and in off hours they are reported to the…

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handshake while handing over keys after signing contract

How to manage your keys, security and access using an IWMS?

By | IWMS, Property Management | No Comments

An Integrated Workplace Management System (IWMS) (or Computer Aided Facilities Management –  CAFM system) is expected to manage keys and access for employees and visitors including contractors. Setting up the locks, cylinders and keys The system needs to track the locks, cylinders and keys as types of assets. For each type, all the related attributes need to be collected as database fields and stored with the item. Attaching Locks to Areas and Assets Once you define a lock, you need to be able to assign it to an area, an asset or a vehicle. The assignment should be easy, and…

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industrial photo with axxerion software

What is the most efficient way to manage your CMMS customers and projects?

By | Maintenance Management | No Comments

As a maintenance service provider in HVAC, electrical, custodial and other disciplines, there are several considerations in selecting a CMMS. In this write up, I focus on setting up assets and their preventive and predictive maintenance. Setting up the service contracts and preventive maintenance schedules – As you sign up a client, you would need to setup a contract which indicates the services, costs and payments and a set of preventive maintenance activities that needs to be done, how often and by who. Client Assets – Clients, their buildings and assets need to be captured in the system. The buildings…

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business meeting/brainstorming

How to post a FASB (ASC 842) or IFRS 16 capitalized lease into a General Ledger

By | Contract Lifecycle Management | No Comments

There are two related accounting standard regulations for lease capitalization which will go into effect as of the beginning of 2019. One is ASC 842 which stands for Accounting Standard Codification Topic 842, Leases (ASC 842). ASC 842 is developed by FASB which stands for Financial Accounting Standards Board and used to be called FASB 13. ASC 842 follows the US GAAP. FASB and GASG (Governmental Accounting Standard Board) and a part of Financial Accounting Foundation (FAF) organization. ASC 842 applies to the companies in the United States. The other standard is the European counterpart of ASC 842 which is…

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business people gathered around desk

How to choose a Contract Lifecycle Management (CLM) software?

By | Contract Lifecycle Management | No Comments

Contracts and agreements are an important part of any company’s operations. Some address the legal obligations between the company and other parties and some relate to purchase/sale of products and services among other things. Since contracts are negotiated individually and changes are made on a case by case basis, they require legal reviews and management approvals.  Once a contract is in place, it needs to be monitored for compliance, expiration and renewals and triggered events as required. Amendments and subcontracts need to be generated as needed over the life of a contract. Despite the importance of the contract management process,…

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maintenance button on keyboard replacing enter/return

Going from paper-based maintenance management to automated work orders (CMMS)

By | Maintenance Management | No Comments

Axxerion converts clients from paper-based maintenance management and work order systems to complete CMMS automation resulting in significant savings. The paper-based work orders are inefficient and error prone. In a paper-based setup, work orders are generated either manually or through a system on a daily basis. They are then printed, stacked and separated in groups for technicians and vendors. This process already delays the distribution of work orders by at least a day. The technicians stop at the office in the morning and pick up their work orders and then stop back at the end of the day to drop…

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Fleet Maintenance Manager

What is a Fleet Management System and its benefits?

By | Fleet Management | No Comments

Many companies have vehicles for supporting their operations whether in CMMS or otherwise. In some cases some or all vehicles are an essential part of the business such as for service providers. Managing the vehicles manually is time consuming and error prone.  Therefore, it is important to deploy a system to handle the different facets of fleet management as described below. Vehicle acquisition and disposition – purchasing or leasing vehicles and also selling and/or returning vehicles is important to be tracked and reported. The system needs to carry the dates, parties involved and the financial transactions. Vehicle assignment and reassignment…

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