IWMS/CMMS/EAM Integration

Integrated Asset, Maintenance and Property Management

By | Contract Lifecycle Management, IWMS, Maintenance Management, Property Management | No Comments

Companies need to manage their properties and keep track of their assets for depreciation and maintenance.  This is traditionally done in a disjointed manner requiring several steps to transfer the data from one system to another.  This process is time consuming and error prone.  It also promotes “islands of automation” as they would need to develop and maintain expertise in different programs. A comprehensive IWMS needs to address asset management and depreciation, maintenance and capital improvement and property management and financials in a uniform and integrated manner. Asset Management (EAM) Hard assets and capital improvements have been traditionally depreciated in…

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Accounts Payable process

Accounts Payable Management for Properties, Maintenance and Contracts

By | Contract Lifecycle Management, IWMS, Maintenance Management, Property Management | No Comments

As property and maintenance managers, you would need to have a good handle on your vendors and suppliers and to make sure their invoices are properly processed and paid timely.  Traditionally companies have disjointed systems and groups for handling the accounts payable. This results in errors and extra manpower for managing the incoming invoices including getting the necessary backgrounds and approvals. A comprehensive IWMS, property and maintenance management system needs to include strong financials and effective processes and screens for managing the accounts payables functions. In such a case, the management of AP invoices is more efficient and with less…

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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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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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Professional Handshake

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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Business Contract

Managing Consultant Contracts – How to get a handle on it!

By | Contract Lifecycle Management | No Comments

Many companies use consultants for a variety of projects and tasks.  Consultants may be teams from the larger consulting companies all the way to individuals working as single-person consultants. The consulting work may be done on the premises or off site at the consultants offices or a combination of the two approaches.  While consultants play vital roles for many companies, traditionally they do pose their own set of unique issues and challenges for the finance, legal and human resources departments as explained below.  Taking advantage of some of the new contract lifecycle management technologies would help alleviate many of these…

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