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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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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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