“After listening to our BarCloud customers, we knew the depreciation feature would enhance the overall accountability in regards to asset tracking," says Elie Jean Touma, CEO of ASAP Systems.
San Jose, CA (PRWEB) April 15, 2014
BarCloud now enables users to calculate the depreciation of assets based on business models and accounting practices. The asset tracking software’s user-friendly interface makes it easy for customers to navigate through the process with just a few clicks.
Through the initial dashboard of depreciation settings, users can choose exactly how they want to depreciate their assets. This includes inputting the acquisition date, fiscal year, reporting period, and calculation period.
In addition, the system gives users the flexibility to use either the straight-line, double decline, or sum of years depreciation methods. Based on these preferences, BarCloud’s depreciation table provides a preview of the calculation results for users to examine the differences in each option and choose the most appropriate.
“After listening to our BarCloud customers, we knew the depreciation feature would enhance the overall accountability in regards to asset tracking. By providing a complete report, users see the depreciation over an assets’ useful life, adjustments to its book value, and the depreciation expense,” says Elie Jean Touma, CEO of ASAP Systems.
The new functionality offers value to users when dealing with financial audits and loan applications with the ability to compile accurate records on total asset value. This acquired information would also benefit companies in case a catastrophe occurs that affects the condition of their assets. In that case, the asset depreciation records could be used to verify the value of assets involved in insurance claims and quickly get the business back up and running.
Ultimately, BarCloud’s depreciation module saves businesses money with regards to the purchasing and disposal of assets and conveniently packages asset tracking data for finance purposes.
About ASAP Systems
ASAP Systems is a market leader in inventory management and asset tracking systems that uses barcode and RFID technology with Motorola barcode scanners, smartphones, and tablets. We help improve profitability by eliminating manual data entry, paper files, and forms and by automating record keeping. With our inventory and asset software, businesses know 24/7 how and where assets and inventory are received, stored, used and disposed of in the warehouse, in the field, and in the office.