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

By | Uncategorized | 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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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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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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Integration of Contract Lifecycle Management and Electronic Signatures

By | Contract Lifecycle Management | No Comments

As the electronic signature solutions become more popular, there are questions regarding their integrity as stand-alone applications.  If the e-signature process is not integrated with the contract management process, what is the guarantee that someone has not intercepted an email and simply e-signed the document without the knowledge of the real signatory? In a well-integrated process, the integrity concerns are significantly diminished. As Axxerion has demonstrated with its integration with DocuSign, the contract management workflow guarantees that the approval process has been in place and documented before a document becomes available for e-signature. For example, as a services contract is…

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Four Key Steps In Searching For The Best CMMS

By | Maintenance Management | No Comments

If you are looking to start from scratch or considering changing your existing CMMS Software, there are four fundamental steps to take before starting your search. 1. Identify critical maintenance problems and define goals The future success of your CMMS Software indeed depends on your ability to acknowledge and recognize the most vital operational challenges and determine how success looks like. The reason behind this cliché statement is the comprehensive nature of CMMS Software, which can sidetrack you from the primary challenges. Here, at Axxerion, we recommend prioritizing the problems by their impact on your operations. Pick top 2 to…

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The best methods to use GPS with your CMMS

By | Maintenance Management | No Comments

With the availability of GPS (Global Positioning System), companies can now have better information and therefore control on where their resources are and review the history of activities together with their associated GPS. One method of setting up GPS as implemented in Axxerion, it to record a GPS coordinate with any action taken by a technician.  For example, when a technician clicks start work on the CMMS work order, the system records the action as well as the GPS of person’s position at the time. Another approach, as implemented in Axxerion, is to assign bar code or QR Code to…

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Flexibility in Service Requests Management for CMMS

By | Maintenance Management | No Comments

Many companies still operate without a Computerized Maintenance Management System (CMMS) and rely on emails for handling the service requests. When such a company  deploys a CMMS, it is usually a big change for the users who need to abandon their email-based service requests and learn how to log on to a new system for submitting their service requests . Axxerion has an Integrated Workplace Management System (IWMS/CAFM) with extensive Maintenance Management capabilities. One area that I would like to highlight is the flexibility in handling service requests by accommodating different user approaches in submitting service requests and helping them…

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Computerized Property Management for Owners and Operators

By | Property Management | No Comments

As a property owner and operator, you want to have a good handle on critical areas such as: Profit and loss for each property and the whole portfolio Occupancy and leases Proper reporting to your investors as applicable A lot of property managers deploy different point solutions to computerize the different aspect of their operations with a number of different programs. This includes stand-alone space management, lease management, financials and accounting as well as project management.  There are also a lot of Excel files floating around for different purposes. While this approach helps in each of the automated area, these islands…

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A property manager & space planner’s guide for setting up and using online floor plans

By | Maintenance Management, Property Management | No Comments

As a property manager/space planner you have perhaps experienced the need and importance of online floor plans for your day-to-day work. This capability has been available in some Integrated Workplace Management Systems (IWMS). However, there are issues with the traditional process of publishing drawings online in such systems. Overall, three groups of users would benefit from accessing the floor plans online. For property managers/space planners For employees For facility managers and service providers Every building starts with a set of drawings which are approved for construction by the planning organizations. When a construction is completed the final drawings are provides…

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